Refund calculation problem

Forum|Forum|2 years ago
January 29, 2024
1 reply
0 views

Running Refund total gets smaller with every 1099-INT data I enter. But here is the problem: I entered $2989.84 interest from US Savings Bond. My running Refund dropped to $18,283. I then realized that I made an error putting $2989.84 in Box 1 while I was supposed to enter it in Box 3. When I corrected myself by using Box 3 instead of Box 1 the Refund value jumped to $19,500. I corrected myself immediately - no other information was entered at that time.

I know that bank interest and US Savings bond interest are being taxed at the same rate but TurboTax treats them differently.

Please help/explain/correct.

David Tavyev

TurboTax Home & Biz Windows

RobertB4444

First, the running total is just for personal reference. It can't take all the variables into account all the way through so you shouldn't live or die by it.

Second, savings bond interest should be taxed at the same rate as any other interest on your federal return. Unless there were some modifications on the 1099-INT then the tax rate should be no different.

@emailbox7

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"