Feature suggestion - allow gov't obligation adjustments to 1099-INT input

BillA
BillA Member Posts: 7 Level 2
in Filing my taxes

I had interest for a US gov't obligation that wasn't US Treasury related. It was included in Box 1 of my 1099-INT. This interest is state tax deductible, but there was no way on either the 1099-INT input screen or the state tax adjustments screen to designate it as so.

Note that the 1099-DIV input screen DOES have a question and subsequent amount input to accommodate this situation for dividends.

Please add this capability, or a generic "adjustment" capability, to the 1099-INT or state adjustments screen so this situation can be accommodated.

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Comments

  • KeriC
    KeriC FreeTaxUSA Agent Posts: 222

    @BillA Thanks so much for your feedback! I have shared this feedback with our product development team. We hope to be able to support this in the future.

  • BillA
    BillA Member Posts: 7 Level 2

    This is how TurboTax handles it:

    When you complete the state interview in TurboTax, you are asked a series of questions about any items that need to be treated differently or allocated among different states. In the California interview, on the page "Here's the income that California handles differently", under Investments, select Start or Revisit next to "Interest and Dividends Adjustment".

    On the next page, several items are listed. If none of those apply, select Continue.

    Another screen appears (see screenshot) that allows you to enter any interest item that needs to be added to or subtracted from California income. You can enter "Farm Credit Bank" in the Description and the amount under Subtraction.

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