where to enter the interest on matured US Savings Bonds in 2023

Forum|Forum|2 years ago
March 18, 2024
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I received Form 1099-INT from my bank showing in "Box 3" the total interest earned on matured US savings bonds. I am unable to find the box to enter the interest under "Interest and Dividends" applying the 15% Federal taxes for long term investments. Entering the interest in Box 3 same shows up 100% under taxable amount on 1040-SR line 2b. In my opinion it should be entered in a way the amount to show up on line 7 and being calculated basis Form 1040 Line 16 "Qualified Dividends and Capital Gain Tax Worksheet"

DoninGA

Employee

On the screen to enter the Form 1099-INT, there is a box labeled My form has info in more than just box 1

Enter the interest in box 3

may klausAuthor

your reply to enter in "box 3"doesn't solve my problem. It still treats in the calculation of the Savings Bond interest as a short term investment and not as a long term investment (not at 15%)

DMarkM1

It's all interest earned each year over the life of the bond. You have simply chosen to report that interest at maturity vice in the year earned. There is not a long-term tax rate for savings bond interest. 1099-INT Box 3 is the correct form/box.

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