See the instructions below to report and excluded your Series EE interest.
You report Savings Bond interest from 1099-INT as interest income.
- Select Federal Taxes tab
- Select Wages & Income
- Choose I'll choose what to work on
- Select Interest and Dividends
- Locate the option Interest on 1099INT and click the Start /Update button
- Select "Yes" Did you receive any interest income?
- On the "Let Us Enter Your 1099-INT" screen, scroll down and press "I'll type it in myself"
- On the "Let's get the details from your 1099-INT or brokerage statement" screen, be sure to check the checkbox for "My form has info in more than just box 1 (this is uncommon)"
- Enter in the Savings Bond interest into Box 3
- You can now add Box 3 interest from your savings bonds.
- Continue along with answering the questions in the following screens and pressing "Continue"
- If you reach the "Did you cash any Series EE or I U.S. savings bonds?" screen, press "Yes" if you did
- On the "Did you use your U.S. savings bonds to pay for higher education expenses?" screen, press "Yes" if you used your savings bonds for educational costs
- If you qualify, TurboTax will help you to record your exclusion of savings bond interest for Form 8815 on a series of screens.
The question "Did you cash any Series EE or I U.S. savings bonds?" Should appear on the page after the "Here's your 1099-INT Info" summary page (see below).
If you are not seeing the question, please double-check your entries by selecting Edit next to the Savings Bond Interest entry. Be sure you entered an amount in Box 3 for Interest on U.S. Savings Bonds. If you did enter an amount in Box 3 and the question is not triggered, please delete the savings bond entry (using the trash can next to 'Edit') and re-enter the info.