topic Interest On U.S. Savings 1099 in Retirement tax questions

Interest On U.S. Savings 1099

Dsf4man — Tue, 03 Feb 2026 10:13:32 GMT

Turbotax has box 1 for interest but my 1099 for Treasury Direct shows all interest in Box 3, but when I enter that amount in Turbotax, it returns 0. Does this amount belong in Box 1 of TurboTax

Re: Interest On U.S. Savings 1099

AmyC — Mon, 17 Feb 2025 23:34:22 GMT

No, you must enter it in box 3. Do you see form 8815 in your return? You may qualify to have the interest excluded.

Form 8815

If you cashed series EE or I U.S. savings bonds this year that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds. Use Form 8815 to figure the amount of any interest you may exclude.

To print or view your forms:

In desktop, switch to Forms Mode.
For online:
1. On the left side, select Tax Tools
2. Select Print center
3. Select Print, save or preview this year's return
4. If you have not paid, select pay now.

Re: Interest On U.S. Savings 1099

Dsf4man — Mon, 17 Feb 2025 23:45:10 GMT

The only form I have from Department of the Treasury, Bureau of the Fiscal Service,TreasuryDirect®Form 1099 2024. Are suggesting at I enter the amount in Box 3 and not Box 1 and it will generate in data on a Tax Sheet within Turbo Tax on form 8815 automatically?

Re: Interest On U.S. Savings 1099

Dsf4man — Tue, 18 Feb 2025 11:22:54 GMT

No I cashed in i (eye) bonds

Re: Interest On U.S. Savings 1099

Dsf4man — Tue, 18 Feb 2025 11:42:05 GMT

I see where you included the bonds that I have - ibonds. So this form 8815, will Turbo Tax do it provided that I just enter the interest in Box 3, or is this a form that I must complete?

Re: Interest On U.S. Savings 1099

AnnetteB6 — Tue, 18 Feb 2025 15:32:40 GMT

If you used the proceeds from cashing your Series I savings bonds to pay for qualified education expense, then you would file Form 8815 as part of your return.

After you have entered the interest income from the savings bonds in the Form 1099-INT section, there will be a follow-up question that asks if you cashed either Series I or Series EE bonds. If you answer 'yes', then the next question is whether you used the money to pay for higher education expenses. If the answer is 'yes', that is when Form 8815 will be included as part of your return. You will see a series of other questions to answer which will fill out the form for you.

@Dsf4man

Re: Interest On U.S. Savings 1099

Dsf4man — Thu, 20 Feb 2025 11:27:56 GMT

Thanks..I answered those question and it didn't affect my balance so thought I must have been doing something wrong.