Am wondering if others have encountered a problem with the amortizable bond premium on treasury obligations (1099-INT, box 12). In TurboTax Deluxe 2020. System used: MAC Big Sur. For 2019 there was no problem: T.T. simply recognized the Box 12 value and generated the bond premium deduction on Schedule B. (Selecting “need to adjust the taxable amount” was optional.)
For 2020, my experience: In the FORMS list, the relevant INT record is flagged, and the Box 12 value is highlighted and ignored—no deduction is produced. It did no good to try to “coax” T.T., in the INT input window for the relevant TIPS item, by clicking on “need to adjust the taxable amount” and entering the amount. The T.T. “Federal Review” step also disregards what T.T. views as an “anomaly.”
But if the amount is moved to Box 11, the deduction on Schedule B is produced. That happened whether of not “need to adjust the taxable amount” also was selected, in which case one can choose “ I amortized a premium I paid on a treasury obligation.” But I wish Box 12 was recognized!
