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The Law is an Ass....
Apr. 14th, 2010 01:32 pm1099-INT, Boxes 8 and 9. Oh, my.
Yes, if you know your Dickens, you know this to be true. I realize that probably only [Bad username or site: @ livejournal.com] might understand this question, but TurboTax wants me to list the percentage of EVERY SINGLE STATE my tax-exempt bond interest (Box 8, $111.32) comes from. It wants the 1099-INT broken down into my state as one listing, and all the others as another listing -- with separate INTs for each state? WTF?
This will probably take me an hour, and will put me into hysterics. I have kept my books all my life, and done my taxes all my life, even through the worst of the Lyme. This has defeated me. (Well, this and the "What percentage of the $xxxx did you pay the $2.72 foreign tax on, and which country/ies did you pay it to"? NOT Cuba, Korea etc.! I don't know, and I'm not asking for credit, so let's just MOVE ON, DAMMIT.) I'm going to have to get an accountant. Which is crazy for someone who hasn't worked in 3 years for medical reasons.
But there you are.
Surely, this can't be correct, or people would be burning their TurboTax in effigy.
Come to think of it, I like that idea. Shall we have a bonfire after the taxes go through?
ANSWER, I THINK:
Not sure if the question I posted to TurboTax went through, since it does not show up under My Q&A. But, this seems to satisfy the form. So -- for desperate people Googling this topic: Yes, you do look up your own state, and calculate the state percentage of both your Tax-Exempt Interest AND your Private Activity Bond Interest. You separate these from the main number. You put your state for the smaller percentage, and then give it the amount of interest, and then EITHER The percentage or amount of the private activity bond interest. Then, the remainder of the original Box 8 Interest will go under Multiple State sources IN THE DROP-DOWN BOX THAT ALSO HOLDS ALL THE STATE NAMES. (I used the actual name of my brokerage for the Multiple state entry, and the name of the bond fund for my state percentage.) DO NOT ALSO CHECK THE BOX THAT SAYS INTEREST FROM MULTIPLE STATES. That is where the nightmare starts. Only check that if you need a second, or third separate INT listing, because you have residency in other states as well.
At the end, your interest should add back up to what was originally shown in box 8 of your 1099-INT. Or it did in my case.
I call this portion finished. On to Schedule C.
I may still get an accountant.
Yes, if you know your Dickens, you know this to be true. I realize that probably only [Bad username or site: @ livejournal.com] might understand this question, but TurboTax wants me to list the percentage of EVERY SINGLE STATE my tax-exempt bond interest (Box 8, $111.32) comes from. It wants the 1099-INT broken down into my state as one listing, and all the others as another listing -- with separate INTs for each state? WTF?
This will probably take me an hour, and will put me into hysterics. I have kept my books all my life, and done my taxes all my life, even through the worst of the Lyme. This has defeated me. (Well, this and the "What percentage of the $xxxx did you pay the $2.72 foreign tax on, and which country/ies did you pay it to"? NOT Cuba, Korea etc.! I don't know, and I'm not asking for credit, so let's just MOVE ON, DAMMIT.) I'm going to have to get an accountant. Which is crazy for someone who hasn't worked in 3 years for medical reasons.
But there you are.
Surely, this can't be correct, or people would be burning their TurboTax in effigy.
Come to think of it, I like that idea. Shall we have a bonfire after the taxes go through?
ANSWER, I THINK:
Not sure if the question I posted to TurboTax went through, since it does not show up under My Q&A. But, this seems to satisfy the form. So -- for desperate people Googling this topic: Yes, you do look up your own state, and calculate the state percentage of both your Tax-Exempt Interest AND your Private Activity Bond Interest. You separate these from the main number. You put your state for the smaller percentage, and then give it the amount of interest, and then EITHER The percentage or amount of the private activity bond interest. Then, the remainder of the original Box 8 Interest will go under Multiple State sources IN THE DROP-DOWN BOX THAT ALSO HOLDS ALL THE STATE NAMES. (I used the actual name of my brokerage for the Multiple state entry, and the name of the bond fund for my state percentage.) DO NOT ALSO CHECK THE BOX THAT SAYS INTEREST FROM MULTIPLE STATES. That is where the nightmare starts. Only check that if you need a second, or third separate INT listing, because you have residency in other states as well.
At the end, your interest should add back up to what was originally shown in box 8 of your 1099-INT. Or it did in my case.
I call this portion finished. On to Schedule C.
I may still get an accountant.
