Face amount certificate tax form?

Hi. In 2008, I closed a %26quot;certificate of savings%26quot; account which I had been contributing after-tax dollars to for several years. It had about a 1.7% interest rate.





Now I%26#039;m doing my taxes and looking at a 1099-B the bank sent me.





They list it as a Face Amount Certificate with a date of sale, quantity of zero, and a Gross Proceeds amount equal to my final balance.





I%26#039;m trying to enter this into HR Taxcut, but it doesn%26#039;t have an obvious place to put this info. The 1099B input form wants name of stock, date of purchase, date of sale, etc, to calculate my profit.





I shouldn%26#039;t be taxed on my final balance because it was my own after-tax money to begin with. Shouldn%26#039;t I just be taxed on the interest earned in 2008?





Thanks.



With some tax programs you are not given options that fit the circumstances you are trying to report. That appears to be the case here. The normal answer is, %26quot;lye to the machine%26quot;. The correct information on a Schedule D is what you are looking for. In this case that would %26quot;Savings Certificate%26quot; as the name of the stock, the purchase price would be your contributions and the sales price would be the face value when you closed the certificate. If they ask for a purchase date enter %26quot;various%26quot;. You are correct that you only want to be taxed on the interest. You have exceeded the ability of do-it-yourself tax software.


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