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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am having trouble recording interest on my Mass. return.

Resolved Question:

I am having trouble recording interest on my Mass. return. I want to show MA bank interest at 5a and interest and dividend income at line 20. What is the best way to correct my MA form?

Many thanks,

George
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello George,

 

What program are you using to fill out your MA return? I am not sure why you are having trouble filling out those particular parts of the form? Are you doing this using Turbo Tax or another tax software or are you simply trying to fill out the forms on your own?

 

 

 

 



Edited by Merlo on 8/2/2010 at 4:15 PM EST
Customer: replied 4 years ago.
MERLO, I AM USING TURBOTAX. WHEN DATA IS TRANSFERRED FROM FED RETURN 2009 TO MASS RETURN, MA INTEREST IS NOT BEING RECORDED AT MA LINE 5 (MA BANK INTEREST), WHERE I WOULD RECEIVE A JOINT EXEMPTION OF $200.00. INSTEAD IT IS BEING REPORTED AT LINE 20 WHERE I DO NOT GET $200 EXEMPTION.

WOULD YOU RECOMEND I GO BACK TO FERDERAL RETURN AND TRY EDITING INTEREST INCOME?

THANKS, GEORGE
Expert:  Merlo replied 4 years ago.

Hello again George,

 

Yes, I believe that may be where the problem is. When you filled out the information for your federal return on interest earned, Turbo Tax would have asked you for information you received on each 1099-INT form. On the very next screen it asks the following question:

 

Do Any of These Apply? Interest from MA bank

Select any that apply:
Box 1 interest may require special handling because I file taxes in Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Oklahoma, Tennessee or West Virginia. Explain This
Select a state and type of interest maine bond interest included in federal income maryland nontaxable interest taxable to federal massachusetts bank interest new Hampshire nontaxable interest taxable to federal new Jersey nontaxable interest taxable to federal oklahoma bank interest tennessee nontaxable interest taxable to federal west Virginia bond interest included in federal income
I need to adjust the amount. Explain This
State income taxes were withheld on this interest.
None of the above apply in my situation.

 

On that screen you should have checked off Box 1 to indicate you live in a state where the interest requires special handling.

 

I think if you go back to that part of the Turbo Tax interview and check that box, this will correct your problem.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you George

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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