1099-int Treasury

[grubin1454]

I have an 1099-INT from the US Treasury for interest on T-bills.  The file they provide online to view shows everything in a list form, not with boxes.  There is a total for Ref. Box 3, but nothing says anything about box 1.  If the interest on T-bills, box 3 was let's say $1,000, then wouldn't that mean I need to also state $1,000 for interest income box 1?  I understand that box 3 is state tax exempt but that overall, the $1,000 is federal taxable.  But I didn't see how that changed my federal tax owed.  Am I missing anything?

[Mike9241]

box 1 is for interest that is taxable for state and federal purposes. box 3 is for interest not taxable by the states. so for t-bill or other US government obligations there would only be an amount in box 3. interest ion federal income tax refunds is taxable for both federal and state purposes so would show up in box 1

[grubin1454]

Thank you, so since my 1099-int is only coming to me in the form of a list, not boxes, and since it says only box 3 for interest, then there is not box 1 to put anything in?  I'm just triple checking/confirming.  Thank you

[BrittanyS]

Yes, if you do not have interest for box 1, you do not enter the amount from box 3 in box 1.  Only enter the amount in box 3.  

Box 1 is used to show taxable interest paid to you during the Calendar year.  If you enter an amount from box 3 in box 1, it will be considered taxable income.

Per the IRS instructions for 1099-INT, "Box 3. Shows interest on U.S. Savings Bonds, Treasury bills, Treasury bonds, and Treasury notes. This may or may not all be taxable. See Pub. 550. This interest is exempt from state and local income taxes. This interest is not included in box 1. See the instructions above for a taxable covered security acquired at a premium."

For more information see the link below:

• 1099-INT

@grubin1454 

[grubin1454]

Thank you, that's helpful.  I appreciate everyone's response.  My issue is that the 1099-INT didn't come in the form of boxes, it was like a spreadsheet and the interest total was "referenced" for Box 3.  Nothing said anything about box 1.  If it came like other 1099 forms, it would have been very clear to me.