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March 10, 2021
Question

I'm stuck on this excludible interest income. Its telling me that "other excludable interest income has been entered". I don't know how to fix this.

  • March 10, 2021
  • 1 reply
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It says i need to explain

1 reply

ReneeM7122
March 10, 2021

Take a look at Box 3 of your 1099-B.  This is the box that reports income that is excludable.  Is there something in that box?

 

Taxation of interest

When you receive a 1099-INT, you’ll need to understand what each box of the form is reporting, so that you can report your interest on the appropriate lines of your tax return:

  • Box 1 of the 1099-INT reports all taxable interest you receive, such as your earnings from a savings account.
  • Box 2 reports interest penalties you’re charged for withdrawing money from an account before the maturity date.
  • Box 3 reports interest earned on U.S. savings bonds or Treasury notes, bills or bonds. However, some of this may be tax-exempt.
  • Box 4 reports any federal tax withheld on your interest income by the payer.
  • Box 8 relates to interest-bearing investments you hold with state and local governments, such as municipal bonds.

Here is a TurboTax article about retirement income.