Good Morning Lacerte Community,
I hope this message finds everyone well.
I have a consolidated 1099 and need help accounting for the following tax items in Lacerte.
My first question concerns where to INPUT the following information in Lacerte?
(1) Tax-exempt interest
(2) Tax-Exempt Accrued Interest Paid (where do I input this in Lacerte?)
(3) Bond Premium on Tax-Exempt Interest (where do I input this in Lacerte?)
My second question is how the items listed above affect the total amount of Tax-Exempt Interest reported on Form 1040 and PA 40 (the Pennsylvania State Income Tax Return)?
(a) Does Bond Premium on Tax-Exempt Interest reduce the Total Tax Exempt Interest reported on Form 1040, Line 2a?
(b) How does Tax-Exempt Accrued Interest affect the total number of Tax-Exempt Interest paid on Form 1040, Line 2a?
(c) Does Bond Premium on Tax-Exempt Interest reduce the Total Tax Exempt Interest reported on the State Earned Income Tax Return PA 40, Schedule A, Line 6?
(d) How does Tax-Exempt Accrued Interest affect the total number of Tax-Exempt interest reported on the State Earned Income Tax Return PA 40, Schedule A, Line 6?
I know that everyone on here are busy so thank you in advance for your help and your time.
Respectfully,
RPTax
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