From IRS Form 8815, Line 14 "Excludable savings bond interest. Subtract line 13 from line 8. Enter the result here and on Schedule B (Form 1040), line 3" This value cannot be entered directly, because it must be a calculated total derived from your entries/totals on lines 13 and 8.
Line 6 can only be entered following an entry on Line 5.
To navigate to the interview screens to enter this information,
- Select Federal Taxes > Wages & Income > I'll choose what I wok on
- On the Income Summary, in the Interest and Dividends section, select Start/Revisit box next to Interest on 1099-INT
- If you haven't entered any interest income yet you will see the screen, Did you receive any interest income? Click the Yes box.
- On the Choose your bank or brokerage screen, click on the I'll type it in myself box.
- If you've already entered interest, you will see Here's the interest we have so far. Click Edit next to your entry for the bonds.
- [or Add interest income if the interest in the table is not the bond interest.]
- On the next screen, Let's get your 1099-INT or brokerage statement details, click the box My form has info in more than just box 1 (this is uncommon).
- Enter the bond interest in box 3 and click Continue.
- Continue answering questions through the interview screens to enter all necessary data for the form.
TurboTax will automatically generate and populate the calculations on Form 8815 for you.
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