If you redeemed a U.S. Savings Bond this year and reported interest for this bond on previous tax returns, you will need to note the amount in the program that was previously reported.
- From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
- Click Investment Income to expand the category, then click Interest Income (Form 1099-INT)
- Click Add to create a new copy of the form, or click Review to review a form already created
- Click Quick Entry or Step-by-Step Guidance. If you select Quick Entry, be sure to scroll down to view the entire form. If you select Step-by-Step Guidance, the program will proceed with the interview questions.
- You will report the total amount as shown on box 3 of Form 1099-INT. Click Continue.
- At the screen Interest Income - Interest Deductions under US Government interest that was included as income on prior year return(s), you would enter the amount reported on Line 12.
The amount reported on line 12 will then be subtracted out on Schedule B before transferring over to the federal form.