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Form 1099-INT

I received a Form 1099 from the US Treasury for the interest on my treasury obligations.  The amount of the bond premium (Box 12) is greater than that of the interest (Box 3).  Your instructions say to reduce the bond premium amount to the interest amount and report the excess on Schedule A.  Where on that schedule is this difference entered?

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1 Reply
JulieS
Employee Tax Expert

Form 1099-INT

Yes, excess amortizable bond premium can be entered as a Miscellaneous Itemized deduction in TurboTax. Here 's how to find that:

 

 

  1. Open your return.
  2. Select Federal, then Deductions & Credits.
  3. Select Start or Edit, to the right of Other Deductible Expenses (under Other Deductions and Credits).
  4. Answer the first and second question No.
  5. Answer Yes to Did you have any of these other expenses?
  6. Enter your interest in the last box under Amortizable bond premiums.

 

Note: Because this becomes part of your itemized deductions, subject to limitations, this entry may not impact your tax due or refund. 


 

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