Annually Reporting I Bond Interest - No 1099

Forum|Forum|2 years ago
January 9, 2024
2 replies
0 views

I would like to start reporting interest on my I Bonds annually. I'm basically treating them as a portion of my emergency fund, and I don't want to be hit with a big tax bill if I ever withdraw them.

How do I do this in Turbo Tax? Since I won't have a 1099-INT. Do I just fill out a "dummy" 1099-INT?

If I'm supposed do that approach, what do I put for "FEIN" and "Received From"?

Last Question, which box does interest income from an I Bond go in on the 1099? Box 1 or Box 3?

TurboTax Premier Online

Best answer by SteamTrain

@mnsportsgeek

Don't know with your issues will be with that. (Looks like you tried to import the 1099-INT)

You are using the "Online" software? Yeah?

______________________

Maybe...Go back to the interest area and delete that particular 1099-INT

Then start a new one.

1) "Add Investments"

2) Don't enter anything on the import page, click on the button "Add a different way".

3) Select the Interest box and "Continue"

4) Select "Type it in Myself"

5) Enter in the Received from box....."US Treasury."

6) Enter the $$ in box 3 & "Continue" on out thru the following pages to the main Wages&Income page

No FEIN needed...and no error or review for that form when I went thru the "Online" Federal checks.

Anonymous_

Employee

https://www.treasurydirect.gov/savings-bonds/tax-information-ee-i-bonds

mnsportsgeekAuthor

@Anonymous_ Thank you. I’m familiar with the IRS rules behind this. I’m more asking about how to do this in turbo tax. Turbo tax does not let me submit a 1099-INT without the FEIN it gives an error saying “attention required”

Anonymous_

Employee

You don't have to enter an EIN for the interest (see screenshot).

Untitled.png

SteamTrain

Employee

I Really do not recommend doing that.

But if you do you will need to create a spreadsheet yourself, to scrupulously record the value of each i-bond at the end of each year...and calculate the interest accrued for just that year.

Yes, a manually-entered 1099=-INT is needed

1) You don't enter an FEIN. Look for the button labeled something like "Type it in Myself"

2) Provider is "US Treasury"

3) $$ go into Box 3.

_________________________

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

mnsportsgeekAuthor

@SteamTrain TurboTax says “attention required” if I submit a 1099 without the FEIN. Will it allow me to proceed through filing like this? Or is it gonna make me go back and enter an FEIN?