RalphH1
Expert Alumni

Get your taxes done using TurboTax

As Lisa3588 and others said, this is a matter of just checking the “My form has info in more than just box 1” box, and then the regular box 1 interest income becomes irrelevant and you’re able to enter your box 3 savings bonds and treasury interest.

 

Also (just in case this is relevant), you’ll notice as you proceed from that screen that the program will ask if they were “EE” or “I” savings bonds. If they were, and they were used for higher education expenses, they could be non-taxable (as discussed by the IRS here).

 

The TurboTax program helps you sort this out, but if you reach a screen where it’s asking for your actual education expenses and benefits, keep in mind that any amounts you enter here (to exclude the bonds from taxation) can’t be used for an “American Opportunity Credit” (which is generally much larger than the tax on those bonds). So it’s normally advisable only to enter amounts that are left over after you’ve maximized that credit. Thanks bri71390!

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