My wife cashed a savings bond last year. It was co-owned by her great aunt and her (unbeknownst to her until recently, her great aunt had put my wife's name on it also). Her great aunt had passed away and my wife's cousin gave this bond to her. From what I understand, this means that she had become the sole owner at the time her great aunt had died.
"Two people are named on the bond and one dies The surviving person becomes the owner as if the survivor had been the only owner from the date we issued the bond." https://www.treasurydirect.gov/savings-bonds/manage-bonds/death-of-owner/
Now I want to report this interest on taxes. From what I read on Turbotax community posts, you report this as a regular 1099-INT, and you choose "I'll type it in myself" and then also choose "My form has info in more than just box 1 (this is uncommon)" so that you can enter it properly in Box 3 as savings bond interest, because this isn't taxable by states.
The problem is when I do this, I enter US Savings Bond for "Received from", I enter 0 for Box 1, and I enter the interest amount for Box 3, and then hit Continue, and "none of these apply", and finish out of this... it shows "You haven't entered anything", and has no amount(s) showing at all there, including nothing under US Treasury Interest. It's like I didn't enter anything. If I redo it and "add interest income" again, nothing is saved there.
It looks like something is going wrong here. How do I continue?
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Thanks for your reply. I followed the instructions at your link. I am using TurboTax desktop for Windows, not the online version. I can go to the 1099-INT summary screen, but there is no trash icon. It looks like it's starting new with nothing entered yet.
Oooh I closed Turbotax, reopened, it did another update. And this time when I tried entering the 1099-INT info, it accepted it. It changed my refund at the top, and it went to a new screen asking if the savings bond had a FEIN. And when I finished that bit, it actually showed the amount in the table under US Treasury Interest.
It looks like closing and reopening Turbotax fixed the problem.
Oh also, now I see the donation showing up actually several times. I had to go back and delete the duplicates.
Yes, your wife would be the sole owner after the death of her great aunt. You are doing the entry correctly. First delete the entry completely by using the link below.
You'll need to delete this form 1099-INT.
In this situation, after deleting the form and before re-entry please try clearing the cookies and cache. It handles many issues that seem nonsensical on a regular basis.
Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.
Once this is complete open your return and enter your form. If you are still having the same experience, please consider the following.
If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help. If you would like to do this, here are the instructions:
TurboTax Online:
Go to the black panel on the left side of your program and select Tax Tools.
TurboTax CD/Download:
If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
Hmm, it's doing something similar with donations. I'm trying to enter a cash donation, and the amount shows as 0 after I finish entering it. It actually shows the charity name I entered, but the amount is 0.00 instead of the amount I entered.
Thanks for your reply. I followed the instructions at your link. I am using TurboTax desktop for Windows, not the online version. I can go to the 1099-INT summary screen, but there is no trash icon. It looks like it's starting new with nothing entered yet.
Oooh I closed Turbotax, reopened, it did another update. And this time when I tried entering the 1099-INT info, it accepted it. It changed my refund at the top, and it went to a new screen asking if the savings bond had a FEIN. And when I finished that bit, it actually showed the amount in the table under US Treasury Interest.
It looks like closing and reopening Turbotax fixed the problem.
Oh also, now I see the donation showing up actually several times. I had to go back and delete the duplicates.
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