How can I adjust a 1099 interest received from the government

[tabberone]

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?

[JohnW152 · Accepted solution]

Yes, there is.

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

1. Type in 1099-int in the search box, top right of your screen, then click the magnifying glass

2. Click the jump to 1099-int link in the search results

3. On the Your income and expenses page, click Show more to the right of Investments and Savings

4. Click Start to the right of Interest on 1099-INT

5. Click Add Investments

6. Click Continue on the Relax. We got it. page

7. On the Let's import your tax info page, click Enter a different way

8. When you get to the How do you want to enter your 1099‑INT? screen, click Type it in myself

9. Enter your relevant information on the Let's get the info from your 1099-INT screen, then click Continue

10. 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.

[tabberone]

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