Thank you for pointing me in the right direction. I read the section in IRS publication 550, and all the fine print in the Schwab 1099-INT, and it is just as simple as subtracting the amortized premium in box 13 from the total tax-free interest. The complex forum discussions on amortization must have been for people purchasing individual bonds. I'm all set for my Turbo Tax vs. tax preparer showdown.Although line 13 of the 1099-INT says "premiums," it is actually amortized premiums. The brokerage has already calculated the amortization when it issued the 1099-INT. You just need to enter it in the software.
Statistics: Posted by neowiser — Wed Feb 19, 2025 12:19 am — Replies 20 — Views 1396