Yes...The tax software automatically deducts the ABP amount from boxes 11 and 12 on a form 1099-INT (also box 13 if you have any tax-exempt $$ in box 8). So you don't have to deal with those on a followup page as long as the ABP is shown on lines 11, 12 (or 13)
____________________________
Accrued interest is a separate issue. The problem with that is that it doesn't distinguish between applying it to box 1, or box 3, or box 8. Thus, whenever you have any accrued interest to deal with, you need to create a separate 1099-INT to report it, and it's appropriate values.
Example: You have a 1099-INT with $1000 in box 1, $2000 in box 3, $10 in box 11, and $20 in box 12. with accrued interest of $50 for any bonds purchased and represented in box 1.
In order to get that Accrued interest applied to just the box 1 value, you will need to create a separate 1099-INT for ONLY box1:$1000, box 11:$10, and put in the accrued interest of 50$ on the followup page. Then only the box 3, 12, values are on their own separate 1099-INT form.
It can get messier if you have boxes 1, 3, and 8 on the same 1099-INT and accrued interest for any one of them,, but for the accrued interest, only those bond-types that had accrued interest need to be put on their own separate 1099-INT form.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
