Monday, July 26, 2010
What is a Tax Exempt Interest and requirement to report?
Exempt Interest is that Interest income which is exempt from income tax under the law. If you received any tax-exempt interest, such as from municipal bonds, each payer should send you a Form 1099-INT. Your tax-exempt interest, plus any exempt-interest dividends from a mutual fund or other regulated investment company, should be included in box 8 of Form 1099-INT. Enter the total Tax Exempt Interest on the space indicated in the form
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