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ProSeries Frequently Asked Questions

Entering Tax-Exempt Interest

Products Affected:

• ProSeries/1040
• ProSeries Express/1040
• ProSeries Basic/1040

For Tax Year 2006, the IRS changed Form 1099-INT to add Box 8 for Tax-Exempt Interest. (See the instructions for Form 1099-INT).

On Schedule B, enter the Tax-Exempt Interest in the column Box 8 Tax-exempt Interest and the two letter state abbreviation in the State ID column. See the Tax Help for Schedule B for information on the State ID.

Enter the amount of Private Activity Bond Interest included in Box 8 in the column Box 9 Private Activity Bond. The amount entered in Box 9 will flow to Form 6251, line 11. Note: If the percent of private activity bond interest is entered on the Additional Interest Information, line C, the amount in Box 9 will be replaced by the result of Box 8 times the percentage entered.

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