You can report the interest earned each year, or choose to wait until the 1099-INT is received. Most people choose to wait until the 1099-INT is received.
Here's how to enter savings bond interest reported to you on a 1099-INT box 3 into TurboTax Online (You can follow these steps to report interest yearly if that is the option you choose. Save your statements with your tax return information):
- Open TurboTax Online and navigate to Wages & Income > Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) > Add/Edit
- Under "Let's import", choose "Enter a different way."
- Choose Interest, continue
- Choose "Type it in myself"
- Enter FEIN from payer, payer's name, and amount of interest. Choose recipient's name from dropdown box.
- Under heading "Interest" there is a box for Box 3 - Interest on U.S. Savings Bonds and Treas. Obligations
