Hello,
I'm entering my 1099 from TreasuryDirect.gov. It has only my T.I.P.S. information:
Box 3 (savings bonds and Treasury interest): $6.62
Box 12 (bond premium on Treasury obligations): $60.37
All other boxes are $0 or empty
I entered these amounts in the correct boxes in TurboTax, but when I'm almost done, its "smart check" runs, and shows this error message:
"Schedule B Form 1099-INT (TreasuryDirect) The 'bond premium adjustment' of $60.37 is greater than the related Box 3 'interest on savings bonds and Treasury obligations' of $6.62. You must reduce the bond premium amount reported to the amount of Box 3, and report any excess on Schedule A"
Huuuuh!? Wow the government makes me feel dumb :(
a) Should I change box 12 to $6.62 even though the form I received from the Treasury says $60.37 ?
b) Where in Schedule A should the excess be entered?
c) Should the difference $53.75 (= $60.37 - $6.62) be entered as a positive or negative number in Schedule A ?
Any help on how to enter this information correctly will be greatly appreciated
Best regards,
Nick
