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North Carolina muni bond interest add back

Level 2

Has anyone noticed that North Carolina will not add back non-NC muni dividends unless it is entered on the interest screen?  It also appears that it is also not handling US Bond interest correctly either for NC. NC has updated their forms this year and there no longer is a generic add back field so cannot use that option.

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4 Replies 4

Yes....I've noticed the first issue.  My client was below the filing threshold and I thought this may have something to do with it.  Thank you for sharing!

 

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Level 2

This also appears to be happening with US bonds too.

Level 1

I have contacted Lacerte about this and they are supposed to be working on it. however, I don't think they know the complexity of this problem. They will also need to add lines in the modifications screen for interest income from obligations of states other than NC (addition) and interest income from obligations of the US or US possessions (deduction) so we can add these items coming from K-1's. I hope they are seeing this and will fix everything because I am sitting on returns waiting for this fix.

Level 2

Thank you for your reply.  I am hoping this will be resolved quickly.

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