Skip to main content
March 5, 2025
Question

Tax-Exempt Interest on Line 2a

  • March 5, 2025
  • 1 reply
  • 0 views

Does TurboTax have a worksheet to show their calculations for deriving at the number entered on Line 2a?

    1 reply

    SteamTrain
    Employee
    March 6, 2025

    Line 2a on the form 1040??

     

    Yes...a Schedule B worksheet.........see it in Forms Mode for the Desktop software users.

     

    Usually it is the total of all 1099-INT box 8 minus box 12 values

    ..PLUS all the box 12 values on any 1099-DIV forms

    ....PLUS, (more rarely) box 11 values from any 1099-OID forms

     

    (have heard that there might be some $$ also added from K-1 forms, but I know nothing about those)

    _____________

    a big BUT though...BUT, what doesn't show is that the value on line 2a can be a bit smaller than that total, if you bought some individual bonds during the year, and reported the accrued interest that you paid to the seller of the bond.   (Special steps are required to get that accrued interest o be represented properly)

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*