I got interest paid from Treasury Bill, will I pay state tax on it? Where can I see it from state return?
Thanks.
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Make sure that Treasury interest has been entered in box 3 of the Federal 1099-INT form.
The software then knows to subtract that interest from state income on the various state forms.
Can't tell you exactly where, since every state form is different.......and we here in the Forum have no idea what state you are filing.
Make sure that Treasury interest has been entered in box 3 of the Federal 1099-INT form.
The software then knows to subtract that interest from state income on the various state forms.
Can't tell you exactly where, since every state form is different.......and we here in the Forum have no idea what state you are filing.
Thanks.
I am living California.
I checked that 1099_INT imported in TurboTax has box3 noted as 'U.S. Saving Bond'. I suppose TurboTax will handle it for my California return.
Yes, this information from your Form 1099-INT, should flow properly to your California state tax return. It it not taxable on your California state tax return. California does not tax Interest income from federal bonds.
You can verify this by previewing your return to make sure your interest income was not included in your taxable income.
Click here for instructions on how to preview your tax return.
When I enter 1099 interest from Treasury bills in box 3 (interest on US savings bonds and Treasury obligations), Turbotax charges Virginia state income. How can I correct this? Is there a problem with the software, or am I doing something wrong?
If you entered an amount in Box 3 of the 1099 INT in the federal return, it appears as a subtraction from income on line 4 of the SCD ADJ in your Virginia return. This will then populate line 7 in VA Form 760.
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