How to submit 1099-INT Box 3 values for Annual Interest Paid and Accrued Interest Reported in TurboTax for several SERIES HH Bonds that matured in 2022 but have not been cashed.

[richardhoover101]

I have a 1099-INT for 2022 (Box 3 and box 4 only) from the Department of the Treasury.  The Department of Treasury 1099-INT is not very descriptive, nor indicates if the 1099-INT is related to all five SERIES HH Bonds maturing in 2022 or just a single bond maturing in a previous year.  The last bond I recall cashing was in 2018.  I am trying to understand which value to report in TurboTax and how I should report this within the program.  I have researched this and find many options, but all taking into account other scenarios that what I am facing.

[SCENARIO]

I had five SERIES HH bonds that all matured in November of 2022.  The 1099-INT box 3 has two columns, one value included for the column titled "Annual Interest Paid" (small value) and another value included for the column titled "Accrued Interest Reported" (much larger value).  At the bottom page of the 1099-INT, there appears to be the total combined amount (Annual Interest Paid + Accrued Interest Reported) that equals the value listed for the title "Total Interest Reported".  This title (Total Interest Reported) is positioned at the bottom of the column titled "Annual Interest Paid".  I have not cashed out any of the five SERIES HH Bonds yet.  I also looked back over my previous Tax return Schedule B forms and find that I have received 1099-INTs from the US Department of the Treasury beginning in the 2018 Tax year and each year thereafter.  The one unique identifying element is all subsequent years have only values for box 3 in the one column titled "Annual Interest Paid" and no other values listed for the other titles.  This is the first 1099-INT I have received that have values for both columns in box3 and a value listed for "Total Interest Reported" that is the same value I have received each subsequent year + the "Accrued Interest Reported".

[QUESTIONS]

• Is this 1099-INT identifying a single SERIES HH Bond has reached maturity and I am now having to pay more than the face value in Accrued Interest?
• Or is this 1099-INT identify all five SERIES HH bonds?
• How do I report these 1099-INT values in TurboTax?

[THEROIES & QUESTIONS]

Working math formulas to try and understand the value in the column titled "Accrued Interest Reported" for Box 3, the values I am deriving seem to account for the amount one SERIES HH bond identifies as the $[Amount] of Deferred Interest (i.e., lower-left corner of SERIES HH Bond).  The formula I am using that equals a single bond Deferred Interest amount is by taking the value of the 1099-INTs [Accrued Interest Reported] and dividing it by the number of bonds that matured in 2022 [5].  The result I get is the exact amount of Deferred Interest for a single SERIES HH Bond.  Is this theory/understanding accurate?  If the 1099-INT is for a single SERIES HH bond maturing and not all 5, then my math does not work.

[DianeW777]

Report the HH bond interest as follows for federal purposes (it is not taxable to states): 

1. Interest is paid every six months and must be reported on your tax return.  The amount earned each year is taxable.
2. The 1099-INT is the form that tells you how much interest we paid on your bonds in the previous year. Report only the amount for the current year earnings.
3. You should contact the IRS to know if this 1099-INT includes all HH bonds you hold or an individual bond or all bonds purchased on the same day since you are not sure.
4. Use this link to help clarify what interest is being reported to you on your 1099-INT: Tax Information for HH Savings Bonds
   1. See the following questions in the link:
      1. What about "deferred interest"? 
      2. How do I know if my HH bond has deferred interest?  
      3. When do I pay tax on the deferred interest?

The result I get is the exact amount of Deferred Interest for a single SERIES HH Bond.  Is this theory/understanding accurate?  Yes, this seems like an accurate calculation based on the answers in the link provided.