Looking for a Pennsylvania Tax Forms And Templates? Download it for free!

reported in Line 1 of federal Schedule B

LINE 11

LINE INSTRUCTIONS

from federal Schedule(s) K-1.

IMPORTANT: If a separate

Enter amounts reported on federal

LINE 6

PA-40 Schedule A is prepared for

Form 1099-R with Box 7 codes 1, 2, 3,

a taxpayer and spouse, include only

4 or 7 that also include code D.

the taxpayer or spouse share of the

Enter the amount of tax-exempt interest

interest income for each line.

from direct obligations of the Common-

LINE 12

wealth of Pennsylvania and/or direct

LINE 1

obligations of political subdivisions of

Enter the amount of charitable gift

Pennsylvania. Include on this line any

annuity income taxable for federal

Enter the amount of interest income

interest income from obligations issued

income tax purposes.

reported on Line 8a of the federal

by the commonwealth, a public authority,

return. If filing a joint return and are

commission, board or other agency

LINE 13

required to show the interest income

created by the commonwealth or polit-

for a taxpayer and spouse separately,

ical subdivision of the commonwealth.

Enter the amount of any distributions

enter only the taxpayer or spouse’s

portion of the interest income reported

from IRC Section 529 plans that are for

LINE 7

on Line 8b of the federal return. If a

non-educational purposes. The cost

federal return is not required to be

recovery method must be used to

Enter the amount of any interest

filed, see the instructions for Line 3.

determine the taxable amount for

income from direct obligations of the

contributions made in tax years 2005

LINE 2

U.S. Government (U.S. Treasury Bonds,

and earlier. The total amount of distri-

Notes, Bills, Certificates and Savings

butions claimed as deductions for tax

Bonds). Do not include amounts from

Enter the total amount of tax-exempt

years 2006 and later is taxable.

interest income included in Line 8b of

US obligations reported on federal

the federal Form 1040, or Form 1040A.

Schedule K-1(s) or on Line 3 of federal

LINE 14

Schedule B in this amount.

CAUTION: Do not include the

amount of exempt-interest

Enter the amount of any distributions

LINE 8

dividends included in Line 8b of the

from Health/Medical Savings accounts

federal return in this amount.

included as Other income on Line 21

Enter any other adjustments that

of federal Form 1040.

decrease PA interest income and

LINE 3

provide a description of the amounts.

LINE 15

Examples include, but are not limited

Enter any other adjustments for items

that increase PA-taxable interest

to: interest income earned while a

Enter the amount of interest income

income and provide a description of the

nonresident; interest on installment

from PA S corporations and partner-

amounts. Examples of deductions from

obligations that are included as gain on

ships. Include the amounts reported

federal interest income that must be

the sale of property for PA purposes;

from all PA Schedule(s) RK-1, or federal

added back include, but are not limited

forfeited interest penalty; interest

to: self-charged interest; amortization

Schedule(s) K-1 if an RK-1 is not

income from an irrevocable federal

of bond premium; nominee interest; or

provided. Include any U.S. govern-

grantor trust that is required to file a

expenses incurred to realize interest

ment interest from federal Schedule(s)

PA-41, Fiduciary Income Tax Return;

income.

K-1, where PA Schedule(s) RK-1 is/are

and amortization of bond premium. An

not provided, on Line 8 of PA-40

IMPORTANT: If a federal return

example of the description for interest

Schedule A.

is not required to be filed, enter

income earned while a nonresident

on this line the amount of any interest

would be “Non-Residency Period Inter-

LINE 16

income reported in Box 1 of all federal

est”. Do not include expenses incurred

Forms 1099-INT, Interest Income, as

to realize interest income. Include a

well as any other federally taxable

Add the amounts on Lines 10 through

statement providing the descriptions

interest income received from all

16 and enter the result.

and amounts if more than one type of

sources including, but not limited to,

adjustment is included in the amount

This amount cannot be a negative

U.S. government interest or interest

reported for this line.

from federal Schedule K-1s.

number. If the result is negative,

an amount has not been included on

LINE 9

LINE 4

an addition line or excess adjustments

have been recorded.

Add the amounts on Lines 5 through 8

Add the amounts on Lines 1 through 3

Include the total from Line 16 (or the

and enter the result.

combined Line 16 amounts for

LINE 10

taxpayer and spouse using the

LINE 5

Married, Filing Jointly filing status) on

Subtract the amount on Line 9 from the

Line 2 of the PA-40, Personal income

Enter the total amount of interest

income included in the amounts

amount on Line 4 and enter the result.

Tax Return.

Instructions For Pa-40 Schedule A - Interest Income - Pennsylvania Department Of Revenue - 2016 Page 2

Related Articles

Related forms

Related Categories