federal home loan bond interest

Forum|Forum|4 months ago
February 23, 2026
1 reply
4 views

I have a broker 1099 INT with box 1 interest income from a federal home loan bank bond which i believe is federal agency bond and state and local tax exempt similar to treasury bond interest. Does anyone get these wrong from the broker is there a way to adjust it lacerte without putting on the treasury interest line. I'm going to ask for a corrected 1099 but in the meantime or if the broker just won't make the change how can I adjust this in lacerte so its fed taxable and state and local tax free?

Lacerte Tax

Best answer by PhoebeRoberts

Every state treats that one differently, I think. I just enter the stuff that counts as treasury interest as treasury interest. The Federal presentation is the same, so no mismatch issue, and my state doesn't match against 1099s (which is good, because treasury divs are always a calculated number not a 1099 amount).

PhoebeRoberts

Answer

Intuit Community Champion

Every state treats that one differently, I think. I just enter the stuff that counts as treasury interest as treasury interest. The Federal presentation is the same, so no mismatch issue, and my state doesn't match against 1099s (which is good, because treasury divs are always a calculated number not a 1099 amount).

G

gn86_2Author

Level 4

seems like the only way to avoid any future problems is to keep in box 1 interest income to match the 1099 then adjust it as a subtraction/reduction of federal income on the state return so the numbers match the 1099 from the broker

PhoebeRoberts

Intuit Community Champion

That's exactly the presentation I get on the state returns I do when I enter it directly as treasury interest. Your state may vary!

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded