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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.

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income to expand, then click Interest income (Form 1099-INT).
  3. Click + Add Form 1099-INT to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Interest Income - 1099-INT Income, enter the amount reported on prior returns in 3. Interest on U.S. Savings Bonds and Treasury obligations, then click Continue.
  6. On the screen titled Interest Income - Interest Deductions, enter the U.S. Government interest included as income on prior year return(s) amount reported on prior returns, then click Continue.

The amount reported as income on prior year return(s) will then be subtracted out on Schedule B (Form 1040) Interest and Ordinary Dividends before transferring over to the federal form.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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