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Level 2

Question

Savings bonds

Forum|Forum|2 years ago
February 1, 2024
2 replies
11 views

In 2022, I reported interest on savings bonds that matured in 2022. I cashed in the bonds in 2023. The bank is reporting the interest in 2023. How do I credit the interest that I already reported in 2022 on my tax return. Since the income is now being reported by the bank via 1099

Level 15

Since you have already reported and paid tax, you will need to enter this income and then remove it with an explanation.

@SteamTrain shows you how beautifully below.

[Edited 2/1/2024 \ 11:44am PST]

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Level 15

@AmyC @raypol11

Instead of that procedure...wouldn't you take it out this way instead?

(this is using Desktop..I would think Online is similar)

1) Enter the 1099-INT with the $$ in box 3.

2) on a page after the main form you click on a selection "I need to adjust the taxable amount"

3) Then on the next page, you enter the $$ amount that was in box 3, and select "This savings bond interest was previously reported"

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____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*