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Where in TurboTax 1099-INT do I enter "Bond Premium Covere Lots" and "Bond Premium Noncovered Lots" information?

 
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2 Replies

Where in TurboTax 1099-INT do I enter "Bond Premium Covere Lots" and "Bond Premium Noncovered Lots" information?

The is no actual designation....but can be entered separately on your 1099-INT

1) First..you need to make sure that the broker is or is not including all of the amortized premiums from the non-covered bonds along with the covered ones in boxes 11, (or 12, or 13,you never said what bond-type) .  Some brokers will include it in those box totals if they have enough information anyhow...covered or not.

2) IF...IF your total covered+non-Covered amortized premium amount is not in box 11, (or 12, or 13), and the amount there is just from the covered bonds.  Then finish filling out that page....(as shown on your paper form 1099-INT)..and then 

...2a)  "Continue" to the next page "Tells us if any of these uncommon situations apply" .  and you check the box "We need to adjust the taxable amount"

...2b)...(might be intervening pages to answer)..but you will get one titled "Report Interest Adjustment"...and on that page, you can put in your non-covered bond amortized premium amount....but again..only if not already in the box 11, (or 12, or 13) amount on the main form page...

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Where in TurboTax 1099-INT do I enter "Bond Premium Covere Lots" and "Bond Premium Noncovered Lots" information?

Steam Train - I have the same issue with Turbo Tax year after year. My 1099 already includes the “Covered Bond Premium” amount, as well as the “Interest paid at Purchase”. There is no additional room for any “Non-Covered Bond Premium” on any of the forms, or in the easy-step. I have complained about this year after year to no avail. 

 

Your answer works OK if there is no prepaid interest, but entering Non-Covered Premium as you describe wipes out the Interest paid at Purchase. Turbo-Tax programmers seem to be unconcerned with this simple entry which anyone with bond holdings will have. I still don’t know how to enter the money.

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