EE US Savings Bonds

[teddy062]

How do I report bond interest that was reported in prior years

[LindaBelmont]

First, enter the 1099-INT exactly as you received it - be sure and put the savings bond interest in box 3 (not box 1). Then go to the next screen.

It will ask if any of the uncommon situations occur

check yes I need to adjust the taxable amount and go to the next screen

Enter the adjustment amount and check the box that says savings bond interest previously reported.

See screen shot

[teddy062]

We did all that.  However Turbo Tax keeps giving the transaction an error cde saying the program does not support this transaction.  Happens in premiere and deluxe versions.

[LindaBelmont]

I just tried it in Premier desktop and Deluxe online and it worked without error for me in both cases.  I am going to ask other Superusers if they have any suggestions.

[VolvoGirl]

Exactly when does it say it is an error?  I entered it in Online Premier and didn't get any errors.  But I didn't go all the way though review and file.

[teddy062]

It says error when we pull up the interest form from the tool bar. The program refuses to efile unless the interest is added back in.

[teddy062]

we opted for other reason for the adjustment and turbo tax removed the error code

[teddy062]

We finally figured it out  The program will not accept two uncommon situations (the other being MD taxability).  We selected adjust the taxable amount only and let the MD module handle the savings bond exemption.

[LindaBelmont]

Thanks for the update. I am glad you figured it out. And I learned something also.

[teddy062]

Thanks for your input.  Good to know we wern't nuts.

[esai21]

Thank you for mentioning this!  This is happening to me in TT Deluxe 2022 with savings bond interest reported at maturity in 2020  but not cashed in until 2021 - and I needed to adjust the 2021 1099-Int.  I used 'other' and it worked!