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where do i enter accrued interest?

I have accrued interest that needs to reduce the total amount of interest i received from corporate bonds I purchased during 2024. I cannot find where to enter that information on my 2024 TurboTax (Online) Federal Income Tax Report
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1 Reply
AmyC
Employee Tax Expert

where do i enter accrued interest?

Correct, accrued interest you paid must be deducted. Follow these steps to make an adjustment for the accrued interest paid on your taxable bonds:

  1. Select Federal Taxes
  2. Under Wages & Income select Interest on 1099-INT
  3. Enter your 1099-INT information, select Continue
  4. Select I need to adjust the taxable amount, select Continue
  5. Enter the accrued interest paid in the Adjustment box
  6. Select the Reason for Adjustment as My accrued interest is included in this Form 1099-INT

 

 

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