Pennsylvania Form PA-40 A (PA Schedule A - Interest Income) (2024)

PA Schedule A - Interest Income
2023 PA Schedule A - Interest Income (Form and Instructions) (PA-40 A)
IMPORTANT: FILL IN FORM MUST BE DOWNLOADED ONTO YOUR COMPUTER PRIOR TO COMPLETING2301210056PA SCHEDULE AInterest IncomePA-40 A (EX) 03-23 (FI)PA Department of RevenueSTART2023OFFICIAL USE ONLYName (if filing jointly, use name shown first on the PA-40)Social Security Number (shown first)➜CAUTION: Federal and PA rules for taxable interest income are different. Read the instructions.If your total PA-taxable interest income (taxpayer, spouse and/or joint) is equal to the amount reported on your federal return and you haveno amounts for Lines 2 through 15 (not including subtotal Lines 4 and 10) of PA Schedule A, you must report your income on Line 2of the PA-40, but you do not have to submit PA Schedule A. If there are any amounts (taxpayer, spouse and/or joint) for any of theLines 2 through 15 (not including subtotal Lines 4 and 10) of the schedule, you must complete and submit PA Schedule A with yourPA-40. A taxpayer and spouse must complete separate schedules to report their income if any amounts are reported on Lines 2 through15 (not including subtotal Lines 4 and 10) of Schedule A. However, if all the income is earned on a joint basis, one schedule may becompleted. Complete the oval to indicate whether the income included on the schedule is from the taxpayer, spouse or joint. If a separatePA Schedule A is prepared for a taxpayer and spouse, include only the taxpayer or spouse share of the income for each line.PA SCHEDULE A - PA-Taxable Interest IncomeTaxpayerSpouse(See the instructions.)Joint1. $1. Interest income reported on your federal return. See instructions.2. $2. Tax-exempt interest income included in Line 2a of your federal return.3. Other addition adjustments. See instructions.3. $Description:4. $4. Add Lines 1, 2 and 3.5. Interest income from federal Schedule(s) K-1. See instructions.5. $6. Interest income from direct obligations of the Commonwealth of Pennsylvaniaand/or its municipalities.6. $7. Interest income from direct obligations of the U.S. government.7. $8. Other reduction adjustments. See instructions.8. $Description:9. $9. Add Lines 5, 6, 7 and 8.10. $10. Subtract Line 9 from Line 4.11. Distributions from Life Insurance, Annuity or Endowment Contracts included infederal taxable income.11. $12. Distributions from Charitable Gift Annuities included in federal taxable income.12. $13. Distributions from IRC Section 529 Qualified Tuition Programs fornon-educational purposes.13. $14. Distributions from Health/Medical Savings Accounts included in federaltaxable income.14. $15. Interest income from PA S corporations and partnership(s), reported on yourPA Schedule(s) RK-1 or federal Schedule(s) K-1.15. $16. Total PA-Taxable Interest Income. Add Lines 10 through 15. Enter on Line 2 of your PA-40.2301210056Reset Entire FormTOP OF PAGE16. $2301210056NEXT PAGEPRINT2023Instructions for PA-40 Schedule AInterest IncomePA-40 A (EX) IN 03-23GENERAL INFORMATIONPURPOSE OF SCHEDULEUse PA-40 Schedule A to report the amount of interest income earned and reported for federal income tax purposesfrom:● Bank deposits;● Savings and loan associations;● Credit unions;● Bonds;● Certificates of deposit;● Interest bearing checking accounts;● Interest on state, federal, local and foreign tax refunds;● Mutual savings banks and cooperative banks;● GNMA and FNMA certificates and other obligations thatare guaranteed by the U.S. government (but not directobligations of the U.S. government);● Obligations of other states and countries; and● Other deposits, investments, and obligations.PA-40 Schedule A also adjusts the federal income to determine the PA-taxable interest income by reporting incomeand adjustments from:● Tax-exempt bonds for other states’ obligations;● Direct obligation of the U.S. government;● 529 plan distributions for non-educational purposes;● Distributions from life insurance and endowment contracts;● Taxable distributions from Medical/ Health Savings accounts; and● Various other increase and decrease adjustments included in the following instructions.Refer to the PA Personal Income Tax Guide – Interest section for additional information.RECORDING DOLLAR AMOUNTSShow money amounts in whole-dollars only. Eliminate anyamount less than $0.50 and increase any amount that is$0.50 or more to the next highest dollar.If there are no amounts on Lines 2 through 15 (not includingsubtotal Lines 4 and 10), do not complete and include PA40 Schedule A with the PA-40. However, the amount of interest income received must be reported on Line 2 of thePA-40. Nonresident taxpayers are not required to completePA-40 Schedule A.Separate schedules must be completed for a taxpayer andspouse if either has income on Lines 2 through 15 (not including subtotal Lines 4 and 10). Both schedules must becompleted and included even if only one had amounts onthose lines. A joint PA-40 Schedule A may be completed onlyif all amounts of interest income are earned on a joint basis.If some income is earned on a joint basis while other incomeis not, the joint income must be split and the taxpayer andspouse must report their separate share of the income fromthe jointly owned accounts on each PA-40 Schedule A.An amended PA Schedule A must be included with SchedulePA-40 X if increases or decreases in income amounts on PASchedule A are discovered after an original or other amendedreturn is filed with the department. Section III on Page 2 ofSchedule PA-40 X must be completed to explain any increaseor decrease to the amount of interest income reported on anamended PA-40, Personal Income Tax Return.SCHEDULE INSTRUCTIONSIDENTIFICATION INFORMATIONNAMEEnter the name of the taxpayer. If a jointly filed return, enter thename of the primary taxpayer (name shown first on the PA-40,Personal Income Tax Return). Enter the primary taxpayer’sname when reporting the interest income for the spouse.SOCIAL SECURITY NUMBEREnter the Social Security number (SSN) of the taxpayer.Enter the primary taxpayer’s SSN also when reporting interest income for the spouse.TAXPAYER OVALComplete the taxpayer oval to indicate the interest incomereported is from the taxpayer whose name appears on thename line.WHO MUST COMPLETESPOUSE OVALComplete the spouse oval to indicate the interest income reported was earned by the spouse listed on a PA-40, Personal Income Tax Return, filed using the Married, FilingJointly filing status.PA resident and part-year resident taxpayers must completeand include PA-40 Schedule A with an originally filed PA-40,Personal Income Tax Return, if there are any amounts onLines 2 through 15 (not including subtotal Lines 4 and 10).JOINT OVALComplete the joint oval if all the interest income reported bythe taxpayer and spouse is earned and being reported on ajoint basis.www.revenue.pa.govPREVIOUS PAGEPA-40 ANEXT PAGE1NOTE: Do not use the joint oval to report joint interestincome if any interest income is earned by the taxpayer and/or spouse separately. In such cases, the joint income must be split and the taxpayer and spouse must showthe separate share of the joint interest income on the separate PA-40 Schedule A prepared for each.tions of the Commonwealth of Pennsylvania and/or directobligations of political subdivisions of Pennsylvania. Includeon this line any interest income from obligations issued bythe commonwealth, a public authority, commission, boardor other agency created by the commonwealth or politicalsubdivision of the commonwealth.LINE INSTRUCTIONSLINE 7IMPORTANT: If a separate PA-40 Schedule A is prepared for a taxpayer and spouse, include only the taxpayer or spouse share of the interest income for each line.Enter the amount of any interest income from direct obligations of the U.S. Government (U.S. Treasury Bonds, Notes,Bills, Certificates and Savings Bonds). Do not includeamounts from US obligations reported on federal ScheduleK-1(s) or on Line 3 of federal Schedule B in this amount.See the REV-1643, Tax-Exempt Obligations for Pennsylvania Personal Income Tax Purposes, for additional information.LINE 1Enter the amount of interest income reported on Line 2b ofthe federal return. If filing a joint return and are required toshow the interest income for a taxpayer and spouse separately, enter only the taxpayer or spouse’s portion of the interest income reported on Line 2b of the federal return. If afederal return is not required to be filed, see the instructionsfor Line 3.LINE 2Enter the total amount of tax-exempt interest income included in Line 2a of federal Form 1040.CAUTION: Do not include the amount of exempt-interest dividends included in Line 2a of the federal return in this amount. See the instructions for PA-40 ScheduleB.LINE 3Enter any other adjustments for items that increase PA-taxable interest income and provide a description of theamounts. Examples of additions to or deductions from federal interest income that must be added back include, butare not limited to: taxable distributions from PA ABLE Savings Program Fund accounts; self-charged interest; amortization of bond premium; nominee interest; or expensesincurred to realize interest income.IMPORTANT: If a federal return is not required to befiled, enter on this line the amount of any interest income reported in Box 1 of all federal Forms 1099-INT, Interest Income, as well as any other federally taxable interestincome received from all sources including, but not limitedto, U.S. government interest or interest from federal Schedule K-1s.LINE 4Add the amounts on Lines 1 through 3 and enter the result.LINE 5Enter the total amount of interest income included in theamounts reported in Line 1 of federal Schedule B from federal Schedule(s) K-1.LINE 6Enter the amount of tax-exempt interest from direct obliga2PA-40 APREVIOUS PAGELINE 8Enter any other adjustments that decrease PA interest income and provide a description of the amounts. Examplesinclude, but are not limited to: interest income earned whilea nonresident; interest on installment obligations that are included as gain on the sale of property for PA purposes; forfeited interest penalty; interest income from an irrevocablefederal grantor trust that is required to file a PA-41, FiduciaryIncome Tax Return; and amortization of bond premium. Anexample of the description for interest income earned whilea nonresident would be “Non-Residency Period Interest”.Do not include expenses incurred to realize interest income.Include a statement providing the descriptions and amountsif more than one type of adjustment is included in theamount reported for this line.LINE 9Add the amounts on Lines 5 through 8 and enter the result.LINE 10Subtract the amount on Line 9 from the amount on Line 4and enter the result.LINE 11Enter amounts reported on federal Form 1099-R with Box 7codes 1, 2, 3, 4, or 7 or C that also include code D.LINE 12Enter the amount of charitable gift annuity income taxablefor federal income tax purposes.LINE 13Enter the amount of any distributions from IRC Section 529plans that are for non-educational purposes. The cost recovery method must be used to determine the taxableamount for contributions made in tax years 2005 and earlier.The total amount of distributions claimed as deductions fortax years 2006 and later is taxable.www.revenue.pa.govNEXT PAGELINE 14LINE 16Enter the amount of any distributions from Health/MedicalSavings accounts included as Other income on federal Form1040, Schedule 1.Add the amounts on Lines 10 through 16 and enter the result.LINE 15Enter the amount of interest income from PA S corporationsand partnerships. Include the amounts reported from all PASchedule(s) RK-1, or federal Schedule(s) K-1 if an RK-1 isnot provided. Include any U.S. government interest from federal Schedule(s) K-1, where PA Schedule(s) RK-1 is/are notprovided, on Line 8 of PA-40 Schedule A.www.revenue.pa.govPREVIOUS PAGEThis amount cannot be a negative number. If the resultis negative, an amount has not been included on anaddition line or excess adjustments have been recorded.Include the total from Line 16 (or the combined Line 16amounts for taxpayer and spouse using the Married, FilingJointly filing status) on Line 2 of the PA-40, Personal IncomeTax Return.PA-40 ARETURN TO FORM3

Extracted from PDF file 2023-pennsylvania-form-pa-40-a.pdf, last modified October 2011

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