reporting interest on saving bonds

Forum|Forum|5 years ago
January 26, 2021
4 replies
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In reporting interest on US Saving Bonds, the turbo tax form has three columns (interest, tax-exempt interest, and US treasury interest. how do I the form to recognize that I want to enter interest from the US Treasury. Form seems to only permit me to put the info into the interest column.

Best answer by Mike9241

after you enter who it was received from there should be a box below that says my form has more info.... check it then the form will open up to allow entry in multiple boxes including box 3 for US interest.

Mike9241

Answer

Level 15

captkarlAuthor

Level 2

thanks for the reply ---- it worked.

VV2517

Level 2

How to report U.S. E Bond interest

JohnB5677

Level 15

If you've received interest on savings bonds you should receive a 1099-INT. This is the reporting document for interest.

The entry process is the same regardless if you received from the IRS or a bank.

Go to Wages & Income
Work on other income
Select Interest on 1099-INT (You may have to scroll down to get it.)
Did you receive any interest income? Yes
Scroll down to Change how I enter my Form
Scroll down to Type it myself
Follow screens to enter the information

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rick119

Level 2

How does TT identify the interest as non-taxable for state income purposes?

2197654104

Level 2

i had $4249 interest from us savings bonds that was not taxable by the state in Indiana but there were no questions from turbo tax to record this on my return. I thought it would automatically be picked up from my federal form schedule b but when i viewed the Indiana return after it was filed i found it was not and i lost over $200 in my return as a result.

DaveF1006

Level 15

No. You actually need to put this into your state return in order to claim the deduction. To claim, edit your Indiana State return. When you get to a screen that says Here's the income that Indiana handles differently, scroll down to Miscellaneous>Indiana-only Tax exempt Bond Deductions. Here is where you will claim the deduction.

Keep in mind, you can only claim this deduction if you had interest from a bond issued by or in the name of certain Indiana government subdivisions or entities or amounts received upon redemption or maturity of the bond, the amount of interest or other income included in federal gross income can be deducted on Indiana Return.

@2197654104

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2197654104

Level 2

I can not find my federal or state of Indiana tax returns when I open turbotax program. I click on find my return on home page but it says none exist.