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June 4, 2019
Question

How is tax exempt savings bonds interest entered on schedule B after doing form 8815 interview? Entire amount is being included as total income, not lesser amount.

  • June 4, 2019
  • 1 reply
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Employee
June 4, 2019

Follow the instructions below to enter your tax exempt savings bond interest from Form 1099-INT. Once entered, it will appear on Form 1040, line 8b Tax-Exempt interest. On Form 1040, Schedule B the tax exempt interest will be entered on Part I Interest income. 

To preview your 1040 follow these steps: 

  1. Click "Tax Tools" (On the left in black)
  2. Click "Tools"
  3. Click "View Tax Summary" under "Other helpful links…"
  4. Click "Preview my 1040" its on the left in black. 

 

See below for how to enter the tax exempt savings bond interest from Form 1099-INT: 

  1. Click "Federal"
  2. Click "Wages and Income"
  3. Click "Continue"
  4. You may have to click "Continue" to click "Jump to full list" under "Let's check for income"
  5. Go to "Interest Income" section and click "Start" or Re-visit" next to "Interest on 1099-INT"
  6. Click "Yes" you received interest income
  7. You can import your 1099-INT or type it yourself.
  8. On the "Let's get your 1099-INT or brokerage statement details" page there is a box that needs to be checked next to "My form has info in more than just box 1. (click on screenshot below)
  9. You will see the additional boxes and box 8 is for Tax-exempt interest. Look at your 1099-INT to fill in the boxes.


Interview Steps (Make sure you are answering the questions as they apply to you, and not just following my interview entries): 

  1. I answered that none of the uncommon situations applied to me. You may have had state income taxes withheld. Look at your 1099-INT boxes 15-17.
  2. Enter the state where your tax exempt interest is from.
  3. You will see a screen that shows you the interest you have entered so far. Click "Done"
June 4, 2019
Thank you for the response.  The problem I was experiencing was a result of an error I made and later discovered, not a problem with the system.  Your instructions to preview the 1040 are helpful, however.