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February 26, 2023
Question

Subtracting interest on EE Bond that was reported last year.

  • February 26, 2023
  • 1 reply
  • 0 views

I had an EE Bond mature in 2021 but was cashed in 2022. According to Treasury Direct, the interest on EE Bonds should be reported the year the bond matured. Therefore, I amended my 2021 return to include the interest on the bond. The bank I cashed the bond at sent me a 1099 for 2022. Since I already paid taxes on the interest, how do I make a subtraction on my 2022 tax return?

    1 reply

    VolvoGirl
    Employee
    February 26, 2023

    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

    Nate0322Author
    February 26, 2023

    VolvoGirl, you rock. Thanks so much.