Why does TT interest and dividend section on state return show different amounts for total interest and total state bank interest?

Forum|Forum|2 years ago
January 19, 2024
2 replies
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Does it matter if TT shows total state bank interest different amount than total bank interest?

TurboTax Deluxe Online

Best answer by SteamTrain

Yep....depends on the state.

1) A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2) If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.

Mike9241

Every state has different rules so we need to know the state.

SteamTrainAnswer

Employee

Yep....depends on the state.

1) A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2) If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.

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