What is the purpose of Line 8b (tax-exempt interest) on Form 1040?
Under some circumstances, "tax exempt interest" still results in some tax.
by Judy - 16 hours ago
because it can be considered in other aspects of your tax return that you are not aware of
by tro - 16 hours ago
It actually has an effect on the total tax. Non-taxable income can actually determine the percentage of other income that is taxed (ie. social security) and can lower tax credits (ie. Earned Income Tax Credit).
by shoredude2 - 16 hours ago
The information is required to compute taxable portion of social security and various other items that are affected by actual dollar amounts recieved.
by acmeraven - 16 hours ago
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