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March 3, 2025
Question

How do I enter an Oregon Subtraction for US government interest?

  • March 3, 2025
  • 1 reply
  • 0 views
I have direct federal interest income showing on my broker statement. These amounts are included in federally taxable dividends. I think the Oregon Subtraction Code is #315.

    1 reply

    March 4, 2025

    In TurboTax Premier Desktop, I am able to report Oregon Subtraction Code 315.

     

    Report the IRS form 1099-INT as follows:

     

    • Down the left side of the screen, click on Federal.
    • Down the left side of the screen, click on Wages & Income.
    • Click the down arrow to the right of Investments and Savings.
    • Click to the right of Interest on 1099-INT.

     

    Enter the amount from Box 3 Interest on US Savings Bonds and Treasury obligations.

     

    The interest is reported on Oregon OR-ASC Section B Subtractions.

     

     

    The interest is deducted from the Oregon OR-40 income tax return.

     

     

    @lmoynihan

    [Edited 03/06/25 | 11:50 pm PST]

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