topic How do I report exclusion of interest from series EE savings bonds? in Get your taxes done using TurboTax

How do I report exclusion of interest from series EE savings bonds?

cddeer — Sat, 01 Jun 2019 17:54:09 GMT

See the instructions below to report and excluded your Se...

DawnC0 — Sat, 01 Jun 2019 17:54:10 GMT

See the instructions below to report and excluded your Series EE interest.

You report Savings Bond interest from 1099-INT as interest income.

Select Federal Taxes tab
Select Wages & Income
Choose I'll choose what to work on
Select Interest and Dividends
Locate the option Interest on 1099INT and click the Start /Update button
Select "Yes" Did you receive any 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)"
Enter in the Savings Bond interest into Box 3
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.

Re: See the instructions below to report and excluded your Se...

cbusa — Mon, 30 Dec 2019 18:29:07 GMT

I followed the above but am not getting the promptDid you cash any Series EE or I U.S. savings bonds?

Re: See the instructions below to report and excluded your Se...

BarbL — Tue, 31 Dec 2019 17:36:20 GMT

The question "Did you cash any Series EE or I U.S. savings bonds?" Should appear on the page after the "Here's your 1099-INT Info" summary page (see below).

If you are not seeing the question, please double-check your entries by selecting Edit next to the Savings Bond Interest entry. Be sure you entered an amount in Box 3 for Interest on U.S. Savings Bonds. If you did enter an amount in Box 3 and the question is not triggered, please delete the savings bond entry (using the trash can next to 'Edit') and re-enter the info.

Re: See the instructions below to report and excluded your Se...

One Hanson Pharmacy — Wed, 23 Feb 2022 22:33:43 GMT

my exclusion from my income for interest for my I-bonds used fully for higher education is less than the actual interest that was used. eg. Turbo tax said my exclusion was 1,188 but the interest from the bond was 1519 and I used all from tuition for my son. So why the discrepancy?

Re: See the instructions below to report and excluded your Se...

JulieS — Wed, 23 Feb 2022 23:18:01 GMT

Starting in 2021, there is a phase out of this exclusion based on income.

If your modified adjusted gross income is more than $83,200 if single, or $124,800 if married filing jointly, your exclusion will be limited.