I understand once I report my I-bonds interest yearly that I must continue to do so. However, If I bought I-bonds in 2021 and already filed my return without reporting that interest from 2021, can I begin to report yearly interest in tax year 2022? I'm not concerned with missing 2021, however, I'm trying to average my income yearly instead of having a "big income" year, because my state (MI) has a property tax credit based on "total household resources" that includes non-taxable interest.
Also, do I need to report to Treasury Direct that I am electing to report interest yearly??
