TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

Reporting I Bond Interest Yearly (method 2)

Forum|Forum|3 years ago
January 4, 2023
1 reply
20 views

If I want to report I Bond interest yearly, where does this amount go? I have seen three different answers on the web but I want to be sure I put this in the correct place. I know I will not get a 1099-INT, but I have calculated the correct interest for 2022.

Once the bond it cashed and I receive a 1099-INT, how do I adjust the amount to reflect the interest I have declared in the past? I have looked at the IRS publication but cannot find that information or it is not very clear.

Best answer by VolvoGirl

To enter Bonds just type Savings Bonds in the search box at the top of your return and click on the Jump To link at the top of the list. Or

Enter Bond interest like a 1099Int under

Federal Taxes tab

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Update button

On the import screen scroll down and pick I'll enter it myself.

Type any description like Savings Bond Accrued Interest

Savings Bond interest goes in box 3.

TO ADJUST INTEREST WHEN REDEEMING

To adjust Saving Bond Interest……

Enter the total amount of interest report on the 1099-INT in box 3.

Click continue

The next screen says "Do any of these apply"

check the I need to adjust the amount

You will get to the report interest adjustment page

enter the amount already reported in the adjustment box and check this savings bond interest was previously reported

VolvoGirlAnswer

Level 15

To enter Bonds just type Savings Bonds in the search box at the top of your return and click on the Jump To link at the top of the list. Or

Enter Bond interest like a 1099Int under

Federal Taxes tab

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Update button

On the import screen scroll down and pick I'll enter it myself.

Type any description like Savings Bond Accrued Interest

Savings Bond interest goes in box 3.

TO ADJUST INTEREST WHEN REDEEMING

To adjust Saving Bond Interest……

Enter the total amount of interest report on the 1099-INT in box 3.

Click continue

The next screen says "Do any of these apply"

check the I need to adjust the amount

You will get to the report interest adjustment page

enter the amount already reported in the adjustment box and check this savings bond interest was previously reported