I inherited a savings bond from my Mother who passed away in 2019. I cashed it out in 2022 and received a 1099-INT from the treasury for the interest.
On my Mom’s last tax return for 2019 I listed the interest that had accrued up to the date of her death and paid the taxes due on that. I listed the bond numbers detail and interest on schedule B of that return.
In 2022 Turbo tax Premier I entered the Treasury 1099-INT for $3147 with an adjustment of $2540 for the accrued interest she had already paid the tax on earlier. I put the adjustment in the questions subsequent to entering the 1099-INT when it asks the question about it. I assumed that this adjustment was exactly what that question was for, but it seems to do nothing at all to reduce the taxable amount. Form 1040 line 2b still lists $3147 as taxable interest, which is incorrect.
What am I doing wrong, or does Turbo Tax have a calculation problem?
