You have a choice. You can
- put off (defer) reporting the interest until you file a federal income tax return for the year in which you actually get the interest, or
- report the interest each year even though you don't actually get the interest then.
You will not get a 1099-INT every year. You only get a 1099-INT at the end.
- If the savings bonds are in a TreasuryDirect account, you can see the interest earned each year in the account.
- If the savings bonds are on paper, the Savings Bond Calculator can help you figure out the interest to report.
Most people put off reporting the interest until they actually get it. Please see TreasuryDirect for additional information.
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