On the 1099 INT I have tax exempt interest on line 8
I also have Bond premium on tax exempt bonds on line 13
I know where line 8 goes but does line 13 get reported anywhere on the 1040?
From FreeTaxUSA.Com, when clicking for help on 1099-Int Line 13:
On Saturday, April 9, 2022 at 9:28:57 AM UTC-5, mooga...@gmail.com wrote:year.
On the 1099 INT I have tax exempt interest on line 8...
From FreeTaxUSA.Com, when clicking for help on 1099-Int Line 13:
<i>If you pay a premium to buy a bond, the premium is part of your cost basis in the bond. You can choose to amortize the bond premium.
This generally means that each year, over the life of the bond, you use a part of the bond premium to reduce the amount of interest included in your income. If you make this choice, you must reduce your basis in the bond by the amortization for the
You can also choose to not amortize the bond premium and just have the cost basis in the bond remain the same.
On 4/9/2022 12:05 PM, honda....@gmail.com wrote:year.
On Saturday, April 9, 2022 at 9:28:57 AM UTC-5, mooga...@gmail.com wrote:
On the 1099 INT I have tax exempt interest on line 8...
From FreeTaxUSA.Com, when clicking for help on 1099-Int Line 13:
<i>If you pay a premium to buy a bond, the premium is part of your cost basis in the bond. You can choose to amortize the bond premium.
This generally means that each year, over the life of the bond, you use a part of the bond premium to reduce the amount of interest included in your income. If you make this choice, you must reduce your basis in the bond by the amortization for the
You can also choose to not amortize the bond premium and just have the cost basis in the bond remain the same.For tax-exempt interest, there is no choice.
From Pub 550: "If the bond yields tax-exempt interest, you must
amortize the premium." https://www.irs.gov/publications/p550#en_US_2021_publink100010250
Sysop: | Keyop |
---|---|
Location: | Huddersfield, West Yorkshire, UK |
Users: | 285 |
Nodes: | 16 (2 / 14) |
Uptime: | 72:18:00 |
Calls: | 6,489 |
Calls today: | 2 |
Files: | 12,096 |
Messages: | 5,275,731 |