Interest Income on US Treasury Obligations - Where to enter?

Forum|Forum|1 year ago
April 14, 2025
8 replies
109 views

Illinois taxpayer received a Grantor Tax Information Letter instead of forms but I've been able to fill out every in his tax and last part says:

STATE TAX INFORMATION
Subtractions: Interest Income on US Treasury Obligations: $3308

but no further information on where that goes. Any advice?

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Just-Lisa-Now-

Intuit Community Champion

Its an adjustment on the state return, what state is it? I can point you to the line if its California.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

jeanmarcAuthor

Level 5

Thanks, it's Illinois. The instructions I've found said to enter on Schedule M, Line 22 but in order to do so, I have to do an override. Therefore, I am thinking that there may be a spot elsewhere to put it, but I can't find it.

Just-Lisa-Now-

Intuit Community Champion

Im not familiar with IL, sorry

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

sjrcpa

Level 15

Enter it in the same place you would if you got a 1099-INT for interest on US Obligations.

The more I know the more I don’t know.

Accountant-Man

Level 13

Since it's a Grantor Trust, you should have put the interest income on federal Sch B, just the same as you would have if you got the 1099INT from the bank.

Enter US Bond interest on Sch B.

** I am "Elevating with Intention!"

J

jeanmarcAuthor

Level 5

That's what I did but it doesn't automatically transfer over to the state as a deduction. It appears I can only enter it by overriding in the state.

ljr

Level 9

did you check that the total interest shown on the state is the same as total interest on the federal? maybe it is less and you don't see it on a separate line.

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