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March 31, 2020
Question

Wisconsin return/wisconsin & federal exempt interest income

  • March 31, 2020
  • 1 reply
  • 0 views

It appears that Turbo Tax for Wisconsin return allocates bond premium (interest offset) based on % of Wisconsin muni bond interest. However, my 1099-int has no bond premium for the Wisconsin muni bonds. This means the add back on Wi form 1 for Wisconsin bond interest (that is state and federal exempt) is improperly reduced when bond premium is allocated to WI bonds. Is there a work around? 

    1 reply

    March 31, 2020

    I suggest you go back through your entry in the federal section of TurboTax and make sure you didn't indicate for any of the questions that there was bond interest from Wisconsin bonds.

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