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New Member
posted Mar 7, 2024 7:54:51 AM

How do i make the section 1278(b) election in Turbotax Premier software?

This election is necessary for 1099-INT box 10, when buying market discount bonds per IRS publication 550.

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3 Replies
Level 15
Mar 7, 2024 9:39:53 AM

Turbotax does not have that election. so you have to provide the info mentioned in pub 550 and attach it to your return which will require filling by mail

 

New Member
Mar 7, 2024 10:10:25 AM

Thank you for your response.  Doesn't make sense to me that turbotax doesn't make that election available and frustrating to have to paper file instead of efiling.  Investment support was the reason why I purchased turbotax premier.  Is there anything in the help section of turbotax that would indicate this?  I have spent a lot of time researching this before I made it to the turbotax community.  

Expert Alumni
Mar 8, 2024 10:07:54 AM

Here is where you find this information: Are there any personal (individual) tax situations or calculations that TurboTax doesn't handle?

 

This specific issue is the first item listed.