topic How can I adjust a 1099 interest received from the government in Get your taxes done using TurboTax

How can I adjust a 1099 interest received from the government

tabberone — Mon, 09 Mar 2026 05:52:36 GMT

In 2007 I inherited some savings bonds. I paid taxes on the value of the bonds (including interest) at that time.

I cashed in a few and the 1099 form from the government shows the total amount of interest, I should only pay for the interest accrued from 2007-2021.

Is there anywhere I can adjust the interest amount?

Re: How can I adjust a 1099 interest received from the government

JohnW152 — Thu, 17 Feb 2022 13:35:23 GMT

Yes, there is.

In your scenario, to enter interest earned on US Savings Bonds:

Type in 1099-int in the search box, top right of your screen, then click the magnifying glass
Click the jump to 1099-int link in the search results
On the Your income and expenses page, click Show more to the right of Investments and Savings
Click Start to the right of Interest on 1099-INT
Click Add Investments
Click Continue on the Relax. We got it. page
On the Let's import your tax info page, click Enter a different way
When you get to the How do you want to enter your 1099‑INT? screen, click Type it in myself
Enter your relevant information on the Let's get the info from your 1099-INT screen, then click Continue
Here’s the most important screen for you: At the Do any of these uncommon situations apply? screen, click the I need to adjust the interest reported on my form bullet, then Continue.

Now you’re ready to make any adjustments necessary on the Tell us about your interest adjustment screen.

Re: How can I adjust a 1099 interest received from the government

tabberone — Thu, 17 Feb 2022 16:19:04 GMT

Thank you so much. I'll name my next cat after you. (actually an honor)