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INT 2 1 Bank Franchise Tax Schedule BF Form

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all right for this video we want to have a quick look at a form 1099 int for the 2023 calendar year and how this interest income gets reported on the form 1040 so this is going to be a very simple example we've got a 1099 int here and the only income item is reported in box one so all the remaining boxes don't have any values entered so we've got the 1099 int we've got the sample form 1040 here with the schedule B and then we have the instructions for the schedule b as well now the regular interest income that we have reported in box one here is just subject to your ordinary federal income tax so whatever marginal rate you're paying is what you're going to pay taxes on now if you see an item down here in box eight for tax exempt interest that gets treated a little differently or if you have interest from US savings bonds or treasuries those would be subject to federal income tax but not state income taxes tax exempt interest would be exempt from federal taxes but might be taxable in yo

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