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Interest and dividends

Enter U.S. obligations and exempt interest for state return processing

Follow these steps to enter information for U.S. obligations and exempt interest so that the state application makes the correct adjustment.
Use the
Interest income
 and
Dividend income
 statement windows of the
B&D
,
K1
,
K1T
, and
8814
 screens.
Do the following to enter any portion of income attributable to U.S. government obligations:
  1. Enter the tax-exempt percentage or amount in the US Ob $ or % column.
  2. This percentage applies only to amounts in the regular (not tax-exempt) column of the
    Interest income
     and
    Dividend income
     statement windows.
Do the following to enter the total tax-exempt interest and dividend income:
  1. Enter the total amount, including interest or dividend income from private activity bonds, in the correct column of the
    Interest income
     and
    Dividend income
     statement windows.
  2. If any portion of the income is state tax-exempt, enter the tax-exempt percentage in the In-State Muni $ or % column.
  3. This percentage applies only to amounts in the Tax-exempt column of the
    Interest income
     and
    Dividend income
     statement windows.
Do the following to enter Series EE or I bond interest eligible for the Form 8815 exclusion:
  1. Enter
    7
     in the Type Code column of the
    B&D
     screen.
  2. The US Ob % column defaults automatically to 100.00 (100 percent) when you enter
    7
     in the Type Code column.
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