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Level 2
April 2, 2023
Question

Philadelphia PA School Tax Form - taxable interest adjustment needed

  • April 2, 2023
  • 2 replies
  • 24 views

The taxable interest for Philly school tax excludes interest from (a) banking/money market, (b) direct Fed Gov't obligations, (c) bonds/debt obligations for PA and political subdivisions. 

HOWEVER, I see no way to exclude these interest items from total taxable federal/PA interest so it doesn't carry over to the Philly school tax form.  Any ideas?

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2 replies

sjrcpa
Level 15
April 2, 2023

 Which of the 3 do you have?

The more I know the more I don’t know.
STWAuthor
Level 2
April 2, 2023

Bank interest

Accountant-Man
Level 13
April 2, 2023

If none of the interest income is taxable to Philly,  just enter zero on the school tax form.

0.

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