Bond Premium = 1099-INT

[Mitzy20]

I have a bond premium on a 1099-INT. This is the only bond premium that I have for 2025. When I look at the 1099-INT Schedule B worksheet, I see the correct bond premium amount of 579.49. However when I look at Schedule B itself, I see a larger negative number (-1,158.98) listed as "ABP Adjustment". Where would this larger number be coming from?  

[VolvoGirl]

Uh, did you notice that 1,158.98 is 579.49 x 2?   Did you enter the 1099 twice?  Or maybe manually entered it and imported it?  

[Mitzy20]

Uh - No, VolvoGirl, I did not import 1099-INT nor did I enter it twice. I entered it once. When I look at the 1099-INT I see the correct 1099-INT amount (under Schedule B) of 579.49 listed ONCE with a code of B (amoritize bond premium ABP). Other suggestions to fix? Delete the 1099-INT and re-enter?

[Mitzy20 · Accepted solution]

VolvoGirl - The TurboTax instructions are misleading. I entered the bond premium in the 1099-INT screen.  After I hit  continue, another screen is presented that asks "Do any of these uncommon situations exist?" When you click "learn more", the instructions say "Here are some common reasons why an interest amount may need an adjustment". One of the items listed is:

Amortization of a Bond Premium: If you pay more for a bond than its face value, the excess is called a premium. You may be able to subtract part of this premium from your interest each year.

So BOTTOM LINE - the above indicates that the tax payer should specify the bond premium here again. Hence the doubling of the bond premium on Schedule B. This is the answer - not input of the 1099-INT twice or manually importing it. Turbo tax needs to modify the language in this popup to save others from the same confusion. Thanks.

[VolvoGirl]

Glad you figured it out.  The premium was entered twice.  I’ll have to check a return I’m working on.   I don’t remember that screen.