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2 Answers

1040 form line 8b Tax Exempt Interest?

Asked by: megan 1344 views YA Discussion

If I have some interest that is tax exempt, does that change the value in line 22 for total income?
Thanks in advance for your help

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2 Answers

  1. the tax lady on Sep 14, 2011 Reply

    Follow the form. If you have any social security benefits, interest on 8b can affect the amount that is taxable, which in turn would affect the total for line 22.

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  2. Wayne Z on Sep 14, 2011 Reply

    Not normally.

    Do you have any taxable Social Security? Tax exempt interest may increase the percent of Social Security that is taxed.

    Are you subject to AMT? If so, any Tax Exempt interest from Private Activity Bonds is added back for AMT purposes.

    With taxes, sometimes there are just no easy Yes or No answers.

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