Yes, you can choose to report the savings bond interest after the first year, but you must report all of the interest earned to that date.
Here is an excerpt from IRS Publication 550. Method 1 is reporting interest at redemption, method 2 is reporting interest annually.
"If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. In the year of change, you must report all interest accrued to date and not previously reported for all your bonds.
Once you choose to report the interest each year, you must continue to do so for all Series EE, Series E, and Series I bonds you own and for any you get later, unless you request permission to change."
So, you can wait until 2022 and report all of the interest earned in 2021 and in 2022 on your 2022 tax return. You will need to continue reporting your interest annually, unless you request permission to go back to method 1.
You need to keep track of your interest reported each year, because in the year the bonds mature, or are redeemed, you will get a 1099-INT reporting all of the interest and you will need to adjust that amount based on your records.
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