I moved overseas in 2021 and will have all of my wages exempted from US tax in 2022 using the foreign tax exemption (no US salary). My only taxable income will be minuscule bank interest and some small dividends. I also have some Series I bonds (first acquired in 2021) and some Series EE bonds that go back over 15 years (but have not matured). I have never reported the interest accrued on these bonds thinking I would report when redeemed. However, now that I have virtually no income, wouldn't this be the best time to report all of the interest on all of these bonds earned to date --especially if the total with my other interest/dividends would still be under the standard deduction? If I understand IRS Pub 550 correctly, I could do this in my 2022 return (without amending old returns)? I also would have to keep doing it each year going forward until redeemed and then save my records to show the interest had been reported and does not need to be reported at redemption (despite what 1099 -INT states). It sounds like no extra form is needed to do this -- but if I changed my mind later and wanted to go back to not reporting the interest, then I would have to file a form 3155. Just wondering if this is correct, and if so, how do I report all the back interest in turbotax (does each year of interest need to be reported or just the cumulative amount)?
