how to enter treasury t bills and i bond 1099 info?

[usrtax2023usr]

I don't see way to import so question 

- can i just enter total sum of box 3 info or i have to enter each t bill box 3 info separately ?

- how do i enter saving bond i closed  

[SteamTrain]

Depends. But probably two 1099-INT forms

1)  For the i-bond you cashed, you should create a 1099-INT form the US Treasury, and put the interest in box 3.

2) For the Treasury Bills, you "probably" hold those at a brokerage.  IF so, you need to get the 1099-INT form that brokerage and either import it, or enter it manually.  It may have other $$ in other boxes that also need to be filled in.  Those held there can be summed together and not entered individually.

[usrtax2023usr]

These are all from treasury direct  ONLY, treasury direct creates a form only for rows 

Form 1099-INT Interest Income(OMB No. 1545-0112)

Date TransactionConfirm # Description of Security Interest On U.S.Savings BondsAnd Treas.Obligations(Ref. Box 3), Federal Income TaxWithheld(Ref. Box 4) 

it includes Tbond and I Saving 

so i question was , do i have to create separate record for each row for T Bond and I Saving Bond

[SteamTrain]

For a Treasury Direct account, you only need the total as a single 1099-INT.

I have had an account there too for many years. I have always used just the total at the bottom of the list of entries, and entered as one 1099-INT in the software.

[Mike19741]

How do I avoid state taxing this amount? If I place total amount as 1099 INT in Federal tax. State Tax increases as well. But Interest from Treasure Bill should not owe state tax.

Thank you 

[Mike19741]

Neverminded, I figured it out.

[cstrawser1]

How did you figure it out? For those of us that are in the same position.. I may figure it out too but I'll come back and give an answer cause this comes up in Google Search for people in the same boat.

[cstrawser1]

I figured out I need to manually enter it and enter it in Box 3 of the 1099. Watching Fed and State this added up!

[Mike19741]

When you put 1099 int make sure you check Box #. There is option for you to pick 1.2.3....etc. Box 3 is specifically for Treasure stuff... And it is state tax free!!

[cstrawser1]

Sweet, Figured it out before I seen this but **bleep** thanks for the fast response!  If I didn't you'd been a hero.

Thanks!

[jgsfinancl]

I was just given incorrect information on how to report US Treasury I-Bond interest income on my Federal tax return.  I cashed in a $10,000 I-Bond on 9/28/23 and received the principal amount of $10,000 plus interest income of $852.  The Turbotax Helpdesk said to report the $852 interest income in Box 3 and not Box 1.  When doing so, the reported interest of $0.00 on the summary interest page, not $852, thus under-reporting m interest income.  So, I entered the $852 in Box 1 only, and that pulled the correct amount of $852 interest into the summary page.  The Helpdesk even checked with her Supervisor and continued to give me incorrect advise.

[SteamTrain]

Yep...the summary interest page does not show all the $$ for all the boxes...until you drill down in a ways further.   But when it's appropriate,  when $$ are put in box 3, they are all handled properly on the final Federal and state tax forms.

(Meaning Treasury & Savings bond interest goes in Box 3)

I'm sure it's a continual challenge for the software user-interface people to determine what they need to show on the summary screens.

[DoninGA]

@jgsfinancl No issues when entering interest in box 3 of the Form 1099-INT.  Shows on the Form 1040 Line 2b as taxable interest.

[Mike9241]

if you filled box 1 and 3 and efiled and it was accepted you double reported the US interest. Box 3 was the only box to reprt US interest, Look at page I of 1040 line 2b  that should show only 852 + any other interest

if it shows 1704 + your other interest you double reported. If your return was accepted you'll need to file an amended return to get back the overpaid taxes. 

[simes-c86]

So if we have a 1099-INT from Department of the Treasury (for things like T Bills), we're ONLY entering the interest in Box 3 on TurboTax and box 1 is $0 (or blank)?