1040 tax exempt interest doesn't check with data?

Forum|Forum|2 years ago
March 9, 2024
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Turbo taxes 1040 line 2a tax-esempt value does not match data. Off by exactly $76 Is there an issue, or what am I missing?

TurboTax Online

Best answer by SteamTrain

High or low?

IF High, then the $$ come from both 1099-INT (box 8 ) and 1099-DIV (box 12) forms...occasionally forms K-1 too.

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IF low (#1), then any $$ in box 13 of any 1099-INT will reduce the amount that ends up on line 2a of the 1040.

IF Low (#2), if you bought a specific Muni bond in 2023, that you paid some accrued interest to the seller...and you entered that during the entry of the 1099-INT...then that also subtracts from the final total .

SteamTrainAnswer

Employee

High or low?

IF High, then the $$ come from both 1099-INT (box 8 ) and 1099-DIV (box 12) forms...occasionally forms K-1 too.

_______

IF low (#1), then any $$ in box 13 of any 1099-INT will reduce the amount that ends up on line 2a of the 1040.

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

cubmyers2Author

Thanks, I learned something new today.

The line 2a is lower than my calculation by $76.00. Checking all my 1099s, I found one value in line 13 of $83.00. Now my calculation is $7.00 lower than that in 2a. No K-1 or obvious interest to the seller.

So I'll assume TurboTax has done the calculation correct at this time. Thanks again for that information.