Skip to main content
March 30, 2025
Solved

Interest Income from Multiple I Savings Bond

  • March 30, 2025
  • 1 reply
  • 0 views

I cashed out multiple I Savings Bond this year.  Can I report all interest incomes added up in a single input or do I have to input individual interest income SEPARATELY?

Thank you.

    Best answer by SabrinaD2

    You can report the interest income from multiple I Savings Bonds in TurboTax, as a single input or multiple inputs. Here are some options.

     

    If You Received Only One 1099-INT:

    • Combine Interest: You can add up all the interest from your I Savings Bonds and report it as a single entry.
    • Enter in TurboTax: Use the search box (magnifying glass icon) at the top right, type "Savings Bond," and click on the "Jump to Savings Bond" link. Enter the total interest amount in Box 3 (Interest on U.S. Savings Bonds and Treas.Obligations)

    If You Received Multiple 1099-INTs:

    • Enter Each 1099-INT Separately: To ensure the amounts match IRS records, enter each 1099-INT form individually.
    • Enter in TurboTax: Use the search box (magnifying glass icon) at the top right, type "1099-INT," and click on the "Jump to 1099-INT" link. Enter the details from each 1099-INT form separately

    Alternative Option: If you did not receive 1099-INT(s)

    • Combine Interest Without Waiting for 1099-INT: If you choose not to wait for the 1099-INT forms, you can combine the interest amounts and report them as a single total. Use the search box, type "Savings Bond," and follow the prompts to enter the combined interest

    Refer to the TurboTax Community 

    1 reply

    SabrinaD2Answer
    March 30, 2025

    You can report the interest income from multiple I Savings Bonds in TurboTax, as a single input or multiple inputs. Here are some options.

     

    If You Received Only One 1099-INT:

    • Combine Interest: You can add up all the interest from your I Savings Bonds and report it as a single entry.
    • Enter in TurboTax: Use the search box (magnifying glass icon) at the top right, type "Savings Bond," and click on the "Jump to Savings Bond" link. Enter the total interest amount in Box 3 (Interest on U.S. Savings Bonds and Treas.Obligations)

    If You Received Multiple 1099-INTs:

    • Enter Each 1099-INT Separately: To ensure the amounts match IRS records, enter each 1099-INT form individually.
    • Enter in TurboTax: Use the search box (magnifying glass icon) at the top right, type "1099-INT," and click on the "Jump to 1099-INT" link. Enter the details from each 1099-INT form separately

    Alternative Option: If you did not receive 1099-INT(s)

    • Combine Interest Without Waiting for 1099-INT: If you choose not to wait for the 1099-INT forms, you can combine the interest amounts and report them as a single total. Use the search box, type "Savings Bond," and follow the prompts to enter the combined interest

    Refer to the TurboTax Community 

    March 30, 2025

    Great, TY.  I have another question regarding expenses for a passive rental property.  When I entered my expenses related to repair, management etc.  these reduced my overall tax amount due [as shown in the Federal Tax Due box at the top of the page].  However, when I entered my insurance premiums and property taxes paid, instead of the due amount reducing it actually went up.  Is this right?

    March 30, 2025

    Taxes are a moving target so there are many thing that could affect this.  It is possible that you reached the maximum special loss allowance (which would depend on your income). @andrew0071