Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
JB7
Level 2

Incorrect 1099-INT for EE Savings Bond interest from bank - what to do

I sold EE savings bonds in July 2020 to cover my son's college expenses. These included bonds issued in his name and bonds issued in my name with him as the beneficiary. The proceeds were put in my checking account. (My understanding is that I pay the taxes for those bonds where I am the owner, and he pays the taxes for bonds where he is the owner.)

 

So the 1099-INTs I received today show that *all* of the interest from both his bonds and mine were credited to my 1099-INT. A call to the bank revealed that all thw interest went to my 1099-INT since the proceeds went into my account. This may have some impact on my taxes and his. Although it would be easier just to roll with the 1099-INTs I just got, I'm almost sure that's not the correct answer. So do I put the correct numbers in TT for both returns and ignore the 1099-INTs, or do I have to go back to the bank and argue that I need corrected forms?

2 Replies
MarilynG1
Expert Alumni

Incorrect 1099-INT for EE Savings Bond interest from bank - what to do

You may be able to exclude Savings Bond Interest from income if used for Education Expenses.

 

You would need to claim your son's Education Expenses on your return. 

 

Click this link for more info on Savings Bonds for Education.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
JB7
Level 2

Incorrect 1099-INT for EE Savings Bond interest from bank - what to do

Yes, i am hoping to do that, so it is important that the the interest from my son's bonds and my bonds are allocated correctly.

 

Note that I have reached out to the bank to investigate this issue and hopefully issue corrected 1099-INT forms.

Dynamic AdsDynamic Ads
Privacy Settings
v