Please follow the steps below to report the adjustments:
- Revisit the Interests and Dividends section
- Select to review or Update the 1099-Int.
- Continue to the screen Do any of these uncommon situations apply? Select, I need to adjust the interest reported on my form.
- Click on Continue.
- Enter the adjustment amount and under the reason select My accrued interest is included in this 1099-Int.
Form 1099-int worksheet box 1 will show the interest amount and if you scroll down to Adjustment to Interest you'll see the adjustment amount.
Form 1040 line 2b will show the taxable interest after the adjustment.
Schedule B is only necessary when you receive more than $1,500 of taxable interest or dividends.
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