Investors & landlords
It depends. You can enter the US Treasury Bond as follows and the interest will be reduced on line 2b of your 1040. You would need to remove the previous entry under Less Common Income - either way achieves the correct result for your taxable income.
- Open your TurboTax Return
- Search (upper right) > type 1099int > click the Jump to.. link > click on the 1099-INT and Edit
- Enter or confirm your Box 2 and Box 12 amounts > Continue
- Select 'I need to adjust the interest reported on my form.' on the 'Do any of these uncommon situations apply?'
- Enter your amount from Box 12 and select the reason for adjustment > Continue
- Complete the entry and then you can use Preview My 1040 to review
