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New Member
posted Jun 4, 2019 1:41:28 PM

I cashed in US Saving bonds this year and got a 1099 INT from the bank . Where do I enter this info in turbo tax . The 1099INT says Box 3 for the amount but turbo tax s

0 4 4214
4 Replies
New Member
Jun 4, 2019 1:41:29 PM

You report Savings Bond interest from 1099-INT as interest income.  

1. Select Federal Taxes tab 

2. Select Wages & Income

3. Choose I'll choose what to work on 

4. Select Interest and Dividends

5. Locate the option Interest on 1099INT  and click the Start /Update button

6. Select "Yes" Did you receive any interest income?

7. On the "Let Us Enter Your 1099-INT" screen, scroll down and press "I'll type it in myself"

8. 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)" (Refer to the attached image)

9. Enter in the Savings Bond interest into Box 3

10. You can now add Box 3 interest from your savings bonds.

11. Continue along with answering the questions in the following screens and pressing "Continue"

12. If you reach the "Did you cash any Series EE or I U.S. savings bonds?" screen, press "Yes" if you did

13. 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

14. If you qualify, TurboTax will help you to record your exclusion of savings bond interest for Form 8815 on a series of screens

Level 1
Jan 25, 2020 2:58:13 PM

So box 3 on the 1099-INT form I got from out bank has a way higher "Interest on U.S. Savings Bonds and Treas. Obligations" Then I actuall recieved from cashing our bonds. 

? Why am I paying Interest on Box3 that says for example $3000,

when I only recieved example $2000  total from cashing in the bonds?

Level 15
Jan 25, 2020 3:20:02 PM

@9ESCAMILLA - The bank that cashed the bonds for you is saying that you got more that you say you got. Contact them for a corrected 1099-int.  

 

If you received an erroneous 1099, You have several choices (#2 is preferred):

  1. Ideally, you get a corrected 1099-int from the payer
  2. Report only the correct amount on your form. Attach a copy of the 1099 and a statement explaining the circumstances. You can't e-file. 
  3. Report the 1099 income as shown. Then enter a line 8, sch 1 deduction, for the difference . In TurboTax (TT), enter at:
    - Federal Taxes tab
     - Wages & Income
    Scroll down to:
    -Less Common Income
          -Misc Income, 1099-A, 1099-C
           - On the next screen, choose – Other reportable income - Enter the number with a minus sign (-) in front. Briefly explain at description.

Level 1
Jan 25, 2020 5:38:31 PM

Thx, gonna contact the bank on Monday.