topic Interest on EE savings bonds tax deductible in CT in Get your taxes done using TurboTax

Interest on EE savings bonds tax deductible in CT

bubba253 — Tue, 04 Jun 2019 19:45:29 GMT

I believe Interest on EE savings bonds are non-taxable income in CT. So, I am trying to understand how do I answer the following questions? Was any of the interest income from US Obligations, State Gov or Municipalities that are not taxable in CT? Do I answer yes or no?

First, enter savings bond interest on your federal return...

CarolC — Tue, 04 Jun 2019 19:45:30 GMT

First, enter savings bond interest on your federal return. This is entered in Box 3 of the 1099-INT section in TurboTax. Since states do not tax interest earned from savings bonds, TurboTax will automatically exclude the interest from your CT taxable income.

You can answer Yes to the question Was any of the interest income from US Obligations, State Gov or Municipalities that are not taxable in CT?

Re: First, enter savings bond interest on your federal return...

Jenn988 — Fri, 05 Mar 2021 17:23:41 GMT

But what do you put in the box for Income Interest Adjustment?

Re: First, enter savings bond interest on your federal return...

JamesG1 — Wed, 10 Mar 2021 23:18:06 GMT

@Jenn988

Are you referring to the screen Do any of these uncommon situations apply?

Are you reporting nominee interest? Nominee interest is when some or all of the interest belongs to someone else, but the entire amount was reported under your Social Security number. This includes interest belonging to your child but reported under your ID number.