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Should the 1099-int interest income (copy b) show the income received from cashing in savings bonds in box 1 and the interest earned in box 3?
example is a $50 bond earns interest over time and when cashed in you receive $63 for the bond. the interest earned is $13. The $50 goes in box 1 and the interest should go in box 3 right?
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June 4, 2019
8:51 PM
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Get your taxes done using TurboTax
Box 1 of your 1099-INT is for regular interest.
Box 3 is for savings bond interest.
In your example, box 1 should be zero, and box 3 $13.
June 4, 2019
8:52 PM