Savings bonds

[raypol11]

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

[AmyC]

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]

[SteamTrain]

@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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