MN savings bond interest 2023

Forum|Forum|3 years ago
March 22, 2023
2 replies
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I cannot find where you indicate that US Savings Bond interest needs to be adjusted on MN return. It appears that in previous versions, you may indicate this on Federal input.

SteamTrain

Level 15

Yes.....in the Federal area, you input a 1099-INT, from the US Treasury, with box 3 having the $$ amount for the Savings bond interest.

That $$ amount, entered that way, should end up getting removed from MN income automatically.

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

HelenC12

Level 15

To review/edit your 1099-INT:

In TurboTax, type 1099-int in the search box and click on the Jump to 1099-int.
On the Your investments and savings screen, scroll down to the 1099-INT and Edit/Review.
On the Let's get the info from your 1099-INT screen, under Box 1 - Interest income, put a check mark in My form has info in other boxes (this is uncommon). You'll be able to enter Tax-exempt interest in Box 8.
Continue through the interview. On the Tell us more about your tax-exempt interest screen, enter Minnesota from the drop down menu and Continue through the onscreen interview until complete.

On your MN state income tax return, the tax exempt interest will transfer to Form M1 Line 7 Subtractions from line 32 of Schedule M1M and line 21 of Schedule M1MB.