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February 8, 2024
Question

Why doesn't the tax exempt interest for Guam, and other non-US entities transfer over to Schedule M of my IL tax return. In years past it did.

  • February 8, 2024
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1 reply

February 15, 2024

Follow these steps to report Guam bond interest on the Illinois state tax return.

 

In the Illinois state tax return, at the screen Exempt Interest Income, it states:

 

Your federal return shows interest that is exempt from federal tax.  However, Illinois only allows specific types of interest from state and local government obligations to be exempt from Illinois income tax.

 

Click  Continue.

At the screen, Select the type of interest income, click on Non-US Government Bonds.

Click Continue.

At the screen Enter Non-US Government Bonds, enter the Guam Bond Interest.  Click Continue.

 

 

 

 

 

 

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