I elect to report i-bond interest annually, in the past, I entered the interest same as other interest income with 1099-int. In 2024, Turbo tax ask for Fed ID since I elect to report the interest, no 1099-int, hence, no payer Fed ID. Turbo tax gives me error message. What is the new way to enter this information without error message popup.
The advantage to reporting the interest every year would be if you had substantial income from bonds.
When the bond is eventually matured and cashed, the expectation is that all of the interest would be taxed at once. However, if it has been reported annually and taxed along the way, then that previously reported interest can be subtracted from the total interest income reported at maturity.
This method spreads out the income more evenly through the years versus paying all at once when the mature bond is cashed.
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