Minnesota Bond Premium Adjustment

Error: Schedule M1M - sum of line 1 & line 2 doesn't match Form 1040 line 2a.

The difference is $7k and is the amount of Bond Premium for Tax Exempt Bond

Schedule M1M Line 1 = Tax Exempt Interest

Schedule M1M Line 2 = Exempt-Interest Dividends

Form 1040 Line 2a = Tax Exempt Interest + Exempt-Interest Dividends - Bond Premium for Tax Exempt Bond

Where do I report on the Minnesota return the Bond Premium to make these numbers equal?

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Best answer by DENNYCARR

I've been reporting it that way since a little bit before dirt and I'm still walking the streets a free man 😉

Fair enough.

Level 15

I always just enter tax exempt dividends as tax exempt interest.

Slava Ukraini!

Level 4

Do mean that you report 1099-DIV Box 12 Exempt-Interest Dividends under 1099-INT Box 8 Tax Exempt Interest on the Federal Schedule B?

Doesn't that create another error because I would now be misreporting the 1099-DIV/INT?

Level 15

I've been reporting it that way since a little bit before dirt and I'm still walking the streets a free man 😉

Slava Ukraini!

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