Hal_Al
Level 15

Get your taxes done using TurboTax

Enter the 1099-INT at the the interest income section. TurboTax (TT) will detect that it is savings bond interest and ask about education expenses. Be sure the interest is entered in box 3 (check that your 1099-Int has more than just a box 1).

 

At the screen "Tell us if any of these uncommon situations apply"", do NOT check the box "I need to adjust the taxable amount".  Click yes when asked if you used your bonds to pay for higher education expenses (the fine print tells your 529 counts). At the "Report educational expenses and benefits" screen, enter the amount of the 529 contribution as "Qualified higher educational expenses paid in 2023". At the "Additional Bond Information" screen, you enter the cashed bonds info.

 

You may need to combine the two 1099-INTs into one entry (if you got 2 separate 1099-INTs).