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.
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
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