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 tab. On smaller devices, click in the upper left-hand corner, then select Federal.
- 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 Other information not reported on Form 1099-INT. 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 until you reach the screen titled 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 prior returns.
The amount reported as income on prior year return(s) will then be subtracted out on Schedule B before transferring over to the federal form.