To record your
Savings Bond interest
- Log on and continue your
return then
- Press the TurboTax "Search" button near the top
right of your screen
- Type "1099-int" into the TurboTax
search box
- Select "Jump to
1099-int"
from the dropdown list of results
- If you reach the "Here's
the interest we have so far" screen, click "Add
interest income"
- On the "Let
Us Enter Your 1099-INT" screen, scroll down and press "I'll type
it in myself"
- 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)
- You can now add Box 3
interest from your savings bonds.
- Continue along with answering
the questions in the following screens and pressing "Continue"
- If you reach the "Did
you cash any Series EE or I U.S. savings bonds?" screen, press "Yes" if you did
- 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
- If you qualify, TurboTax will
help you to record your exclusion of savings bond interest for Form 8815
on a series of screens
Read more about Form
1099-INT below:
Form 1099-INT is used to report interest
income from banks, brokerages, and other financial institutions. These
earnings are always reportable and are usually (but not always) taxable.
Although 1099-INT forms are not required to be issued for
amounts less $10, you're still supposed to report the interest on your
return.
