You could wait to report the interest income when you cash in the bonds, in which case you don't need to do anything on this year's tax return. You can also report the accured interest as you go each year. If you want to do that, you need to determine the interest income and make an entry for a Form 1099-INT in TurboTax. Follow these steps to find the Form 1099-INT entry screen in TurboTax:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Look for Interest and Dividends
- Choose Interest on 1099-INT
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