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February 15, 2025
Question

US Savings Bond 1099

  • February 15, 2025
  • 1 reply
  • 0 views

I have the interest earned on US Savings bond included on  line 5 for 199A worksheet on my Federal Return for our LLC. Is this correct and if yes;

Will the Virginia State return include this as well or will I be able to exclude it from that?

 

Thank you!

1 reply

AmyC
Employee
February 22, 2025

1. Yes, you can have government interest on your business return. 

2. It will be exempt from state tax.

Reference: Virginia Department of Taxation

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