I have Forms 1099-INT which have amounts in Box 11 (Bond premium), but no entries in Box 1 (Interest income); TurboTax won't accept this, so what do I do?

[Mike-McD-]

The premiums were on 4 bonds, 3 domestic and 1 foreign, if it makes any difference.

[Anita01]

What do mean by won't accept it, are you getting an error message somewhere?

[Mike-McD-]

It flags the 1099s as "Not Done", and when I get to the final check for errors, it says an entry in Box 11 must have an entry in Box1.

[CheriS]

Greetings, this question has been restored. Apologies for the inconvenience.

[CheriS]

Recovered again. Don't know why it keeps getting archived.

[Devin]

You may want to check with whoever issued the 1099-INT because it doesn't make sense to have an amount in Box 11 but not Box 1. Generally (and I'm simplifying things here because the rules around bond income can be very complex), the amount in Box 11 is telling you how much of the interest in Box 1 can be reduced because it represents a return of the price you paid to purchase the bond. If there is no amount in Box 1, then Box 11 doesn't seem to serve much purpose.

There are some reasons that could maybe explain this, but they go deep into the weeds of complex bond income reporting rules. Since Box 11 is simply a reduction in taxable income, the IRS will have no problem if you simply omit this from your taxes. And unless it's a very large amount in Box 11, the amount of extra tax you might pay by omitting this reduction is probably not worth the hassle you'd have to go through to find out why this interest is reporting a reduction to interest but no actual interest.