Now, what TTX doesn't allow for, in preparing NC tax returns, is for $$ in box 1 of a 1099-INT that come from individual US "Agency" Bonds you might own. Those $$ are not savings bonds, and are not US Treasury Bonds/notes and thus do not show in box 3.
For those, you'd just add a line to that NC Sched S in Forms Mode...TTX does allow it (but I don't know if you can still file if you do....I have one TVA bond, but don't bother trying to add it in since it would only save me a few $$ in NC taxes, and I'm not ready to push the issue.
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These are the US "Agency" bonds, where interest may show up in box 1 of a 1099-INT...that could be allowed to be subtracted from NC income....but that doesn't mean you actually own any:
(Item #1 on the list end up in box 8 of a 1099-INT and are dealt with there....the rest of the Agency $$ end up in box 1, and those require special treatment )
"In addition, the following are other current examples of issuers of bonds, notes or other direct obligations from which interest received is deducted from either federal taxable income or adjusted gross income , as appropriate:
1) Guam, Puerto Rico, or Virgin Islands
2) A Federal Land Bank
3) A Federal Home Loan Bank
4) A Farm Credit Bank
5) Export-Import Bank of the United States
6) Tennessee Valley Authority
7) Banks for Cooperatives
😎 Production Credit Associations
9) Commodity Credit Corporation
10) Federal Deposit Insurance Corporation
11) Federal Financing Bank
12) General Insurance Fund
13)United State Post Office
14)Resolution Funding Corporation
15) Financing Corporation (chartered by the Federal Housing Finance Agency)"
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
