Tax exempt interest income can be found on IRS Form 1040-line 2a. If married, and you and your spouse filed separate tax returns, enter the total amount of your combined tax-exempt interest income.
What is line 2 on tax form?
Line 2 has two parts, one for tax-exempt interest (mainly municipal bonds) and one for taxable interest. Taxable interest includes income from a 1099-INT or 1099-OID. You will need to attach Schedule B if you had $1,500 or more of taxable interest or ordinary dividends. Line 3 is where you list income from dividends.
What is Schedule 2 line 2 on tax form 1040?
Schedule 2: Supporting documentation for tax form 1040 if box 11b is checked. This Schedule is used to report additional taxes owed such as the alternative minimum tax, self-employment tax, or household employment taxes.
How do I report bond premium on my taxes?
Subtract the bond premium amortization from your interest income from these bonds. Report the bond’s interest on Schedule B (Form 1040A or 1040), line 1. Under your last entry on line 1, put a subtotal of all interest listed on line 1. Below this subtotal, print “ABP Adjustment,” and the total interest you received.
How do I report bond premium on tax-exempt interest?
However, if you acquired a tax-exempt bond at a premium, only report the net amount of tax-exempt interest on line 2a of your Form 1040 or 1040-SR (that is, the excess of the tax-exempt interest received during the year over the amortized bond premium for the year).
Does everyone have Schedule 2 tax form?
Form 1040 Schedule 2 includes two parts: “Tax” and “Other Taxes.” Taxpayers who need to complete this form include: High-income taxpayers who owe alternative minimum tax (AMT) … Taxpayers who owe taxes in addition to standard income taxes such as self-employment taxes.
Is Schedule 1 the same as 1040?
Schedule 1 is a tax form that you need to attach to your federal tax return — IRS Form 1040 — if you have certain types of income or if you have certain expenses that the federal government allows you to exclude from your taxable income. … (These three types of income are written directly on Form 1040.)
What is Form 1040-Line 14 minus Schedule 2-line 2?
Income tax paid is the total amount of IRS Form 1040-line 14 minus Schedule 2-line 2. … If your parents filed separate tax returns, subtract line 2 of Schedule 2 from line 14 of IRS Form 1040 on both tax returns, add those two figures together, and enter the result.
How do I find my schedule 1 on 1040?
During tax year 2018 Adjustments to Income were listed on Schedule 1 Lines 23 through 33 and attached to Form 1040. During the 2019 tax year, Adjustments to Income are listed on Schedule 1 lines 10 through 20 and will be attached to Form 1040 or Form 1040-SR.
Where do I report OID interest on 1040?
Box 11 contains the Tax-exempt obligation or debt instrument Original Issue Discount amount. Generally this is reported as tax-exempt interest on the tax return on Form 1040, Line 8b.
Where do you report interest income on 1040?
Interest income must be documented on B on Form 1040 of the tax return.
How do I report interest income?
Reporting interest income on your tax return
Taxable and tax-exempt interest is reported on Form 1099-INT, part of your consolidated tax reporting statement from Fidelity. Even if you do not receive Form 1099-INT from other sources, you must report any taxable interest income on your tax return.