"Fix error" message on savings bonds on Form 8815. (solved)

[tomes001]

Original post:  

The "Fix errors" screen says:

"Check This Entry

Form 8815: Paper series EE U.S. savings bonds is too large. The amount should not be greater than the total proceeds shown on line 5. 

Line A       8,300" (8300 is highlighted as incorrect)

The amount highlighted as incorrect is for "face value of all paper series EE U.S. savings bonds issued after 1989 that you cashed during 2018."

The amount on line 5 is 24,694.

[tomes001 · Accepted solution]

Found the problem. Need to take the difference between "Amount" (for example $177) and "Reportable Proceeds" (for example $127) to determine original cost of the bond (for example $177 - $127 = $50) and then, since the old fashioned paper bonds had face values of double what they cost, double the $50 to get the face value of $100. Then the amounts on form 8815 will match the amounts reported by TreasuryDirect on Form 1099.

[lc33439]

make sure there is not a check in the excluded interest box. To avoid the error.

[joereedy]

did this get answered?  Not getting past this error.

[jgarbacz]

I'm not getting past this either.  What did you do?

[joereedy]

called support.  Not sure I totally get it but. Seems like the bonds performed so well....it out calculated TT.  The T Rep recommneded changing the smartsheet calc on Form 8815 box A to just about 50% of the interest earned even tho I know the face value of my bonds....TT doesn't take it even if it is correct.  Just keep increasing that number until it takes.  I had to increase that number about30%. If this is not helpful, call support, she was going to document it in the Knowledge Base.  Good Luck.