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Subject Author Date
HH Savings Bonds & 1040 Line 8b exempt P.Schuman 02-18-2008
Posted by P.Schuman on February 18, 2008, 6:17 pm
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 Received a 1099-int for our HH Savings Bond yearly interest of $200.
I entered this into TurboTax Box 3 on the Schedule B smart worksheet....
but it "appears" to be included as normal interest and nothing like I
expected -
to be shown on 1040 Line 8b as exempt interest ?

--
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you have obviously overlooked something." - Steven Wright

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Posted by BeanTownSteve on February 18, 2008, 7:09 pm
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 wrote:
> Received a 1099-int for our HH Savings Bond yearly interest of $200.
> I entered this into TurboTax Box 3 on the Schedule B smart worksheet....
> but it "appears" to be included as normal interest and nothing like I
> expected -
> to be shown on 1040 Line 8b as exempt interest ?
>
> --
> ----------------------------------


Interest on US Government obligations is NOT exempt from federal
taxation.
It IS exempt from state.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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