accrued interest reported on Series HH/H savings bonds

Forum|Forum|1 year ago
March 16, 2025
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I purchased series HH bonds brand new and am the original owner. They matured last year in 2024 but I did not cash them in. My 1099-INT has two columns for box 3 Interest on US Savings Bonds: Annual interest Paid and Accrued interest reported. I only received $60 paid for the year. But the accrued interest reported amount has been added to the $60 into a Total Interest Reported amount at the bottom of the Annual Interest paid column. What amount do I report on my 2024 taxes? I think I am supposed to report the total interest reported amount, even though I only received $60 in 2024. As a cash basis taxpayer, I want to report the $60 in 2024 and then the reset of the accrued interest in the year in which I cash in the bonds; because I am a tax basis taxpayer. If I report the total interest reported amount, then I will receive no additional 1099-INTs in the future and I will not have to report the accrued interest in the year in which I cash these in?

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DianeW777

Yes, you will report all of the interest (see the note below). Only report the interest you received on the HH bonds. Enter your 1099-INT exactly as it appears when you enter your HH bond interest.

If your HH bond has deferred interest, you see the amount identified on the front of the bond.

Note: All HH savings bonds have reached final maturity and are no longer earning interest. If you have any bonds dated 2004, the deferred interest, if any, will be reportable for 2024 even if you do not redeem the securities.