Some questioin about 1099 form from TreasuryDirect

[KoalaBear1]

I received 1099 form from TreasuryDirect.   I think I need to make sure I report Payer Name correctly.

1099 form is listing the Payer Name as:
Department of the Treasury
Bureau of the Fiscal Service
TreasuryDirect

1) Above lengthy Payer Name does not fit in the textbox in the tax program.   Can I just put "Department of the Treasury", and skip "Bureau of the Fiscal Service TreasuryDirect"?  I'm thinking if I put the Payer Name incorrectly, the tax program may charge state/local taxes for my T-bill interest earnings so I want to put the Payer Name that both my tax program and IRS computer will correctly recognize.

2) TreasuryDirect has bundled 1099-INT, 1099-B, and 1099-OID into one 1099 form.  I just have some T-bill interest earnings under 1099-INT.   It says "No Reportable  Transactions" under 1099-B, and 1099-OID.   Am I required to report "No Reportable Transactions" under 1099-B and 1099-OID?   If I enter 0 for both 1099-B and 1099-OID into the tax program, they result in errors the programs requires me to fix before filing.

[fanfare]

don't start any 1099 forms for which you have zero amounts. TurboTax doesn't like it.

Just enter "Treasury Direct" for payer.

@KoalaBear1 

[dmertz]

TurboTax looks to box 3 to determine the amount that is exempt from state income tax.

[KoalaBear1]

Thank you for the info.  I entered T-Bill interest earning on Box 3.

In the State tax program, it says "You reported $50 of US government interest and dividends on your federal return.   We've already subtracted this amount from your Maryland income.  If you received a gain from the sale of any US obligations or income from other US oblications (except "Ginnie Mae" bonds) in 2022, enter the amount here."

Gains from sale of US obligations: _________
Income from other US obligations: _________

Since the program already subtracted interest earning from $50 of my matured T-bill, do above Gains or Income apply in my case?   I also have I-bond I bought in October or November 2022, but I have not sold it and TreasuryDirect didn't put any interest earning from I-bond on the 1099 form they sent me.  If I logon into my TreasuryDirect account online, it doesn't show interest earning for my I-bond.  

[dmertz]

It appears that these entries are for amounts relating to US obligations other than those reported in box 3 of a Form 1099-INT.  Just make sure that your Maryland tax return shows the correct amount subtracted from income with code ab.  See the instructions for code ab in the Maryland instruction booklet.

[Mike9241]

Since the program already subtracted interest earning from $50 of my matured T-bill, do above Gains or Income apply in my case?  

there is no gain or loss on a matured T-bill

I also have I-bond I bought in October or November 2022, but I have not sold it and TreasuryDirect didn't put any interest earning from I-bond on the 1099 form they sent me.  If I logon into my TreasuryDirect account online, it doesn't show interest earning for my I-bond.  no sale no gain or loss to report nor will there be if you sell before maturity. you get back the principal you paid + interest. on an I-Bond the default is to report interest income when it matures in 30 years. there is an option to report the interest every year - must be made the first year otherwise you have to file form 3115 to change methods. if you choose the annual method the interest earned each year is only available from accessing your a/c.  

[KoalaBear1]

Thank you for the info.   Now, if I decide to sell I-Bond within 30 years (could be anywhere from 1 to 5 years from the date of purchase), will the default be to report the interest earning via 1099-INT of the year I sell I-Bond?

[DianeW777]

Yes, if you have not reported/claimed it annually. It would be taxable income as interest and then also be part of your cost of the bond against the selling price.

@KoalaBear1