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You report Savings Bond interest from 1099-INT as interest income.
1. Select Federal tab
2. Select Wages & Income
3. Choose I'll choose what to work on
4. Select Interest and Dividends
5. Locate the option Interest on 1099INT and click the Start /Update button
6. Select "Yes" Did you receive any interest income?
7. On the "Let Us Enter Your 1099-INT" screen, scroll down and press "I'll type it in myself"
8. On the "Let's get the details from your 1099-INT or brokerage statement" screen, be sure to check the checkbox for "My form has info in more than just box 1 (this is uncommon)" (Refer to the attached image)
9. Enter in the Savings Bond interest into Box 3
10. You can now add Box 3 interest from your savings bonds.
11. Continue along with answering the questions in the following screens and pressing "Continue"
12. If you reach the "Did you cash any Series EE or I U.S. savings bonds?" screen, press "Yes" if you did
13. On the "Did you use your U.S. savings bonds to pay for higher education expenses?" screen, press "Yes" if you used your savings bonds for educational costs
14. If you qualify, TurboTax will help you to record your exclusion of savings bond interest for Form 8815 on a series of screens
You report Savings Bond interest from 1099-INT as interest income.
1. Select Federal tab
2. Select Wages & Income
3. Choose I'll choose what to work on
4. Select Interest and Dividends
5. Locate the option Interest on 1099INT and click the Start /Update button
6. Select "Yes" Did you receive any interest income?
7. On the "Let Us Enter Your 1099-INT" screen, scroll down and press "I'll type it in myself"
8. On the "Let's get the details from your 1099-INT or brokerage statement" screen, be sure to check the checkbox for "My form has info in more than just box 1 (this is uncommon)" (Refer to the attached image)
9. Enter in the Savings Bond interest into Box 3
10. You can now add Box 3 interest from your savings bonds.
11. Continue along with answering the questions in the following screens and pressing "Continue"
12. If you reach the "Did you cash any Series EE or I U.S. savings bonds?" screen, press "Yes" if you did
13. On the "Did you use your U.S. savings bonds to pay for higher education expenses?" screen, press "Yes" if you used your savings bonds for educational costs
14. If you qualify, TurboTax will help you to record your exclusion of savings bond interest for Form 8815 on a series of screens
I followed the instructions, but now TT said I had 11 areas to update....it took me to a form to enter certain information about the bonds and I have no clue if I entered the correct information! (I'm doing this for my elderly folks). I entered what I thought was the correct answers, but then their return amount went up, a lot! I would have expected with getting interest on the savings bond, the return amount would have down down.
I'm so confused.
Pamela
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