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Last minute tax filer here. 
I have lots of Savings Bonds that have matured and forgot to redeem some in the year they matured. I cashed 2019 bonds in 2021, filed an amended return for 2019 in 2021, and paid appropriate taxes. The amount is shown on 2021 INT and I know it can be excluded because it was paid in a prior year. I cashed 2020 bonds in 2021 but captured that in my 2020 tax return. That amount is also reflected in the 2021 INT so it can also be excluded because it was paid in a prior year. I also cashed some bonds in the nick of time -- 2021 bonds in December 2021. HOWEVER, the 2021 1099-INT for the 2021 bonds only shows 50% of the interest. I do not know why. All bonds were cashed at Chase and there is only one 1099-INT form received. The redemptions are shows separately at the bottom of the form and I have a spreadsheet to keep track.
2019 Interest = $629.44
2020 Interest = $2203.04
2021 Interest = $1888.32 (should have been $3776.64)
I know I need to do the following even if the 1099-INT is incorrect (because IRS will know -
) : increase the Interest shown for Box 3 (Interest on US Saving Bonds and Treasury obligations) to the correct total = $6,609.12.
Then exclude (adjust) the 2019 and 2020 interest that was previously reported.
Questions: Does this makes sense? Or will there be a red flag because the dollar amounts shown do not match the 1099-INT? I think I know what happened -- I cashed 24 bonds for the same amount and their machine could only handle 12 at a time. So I got two identical amounts of money with 2 identical redemption report forms. Chase either dropped the ball or the additional amount will carry over to 2022.
Any feedback would be appreciated.
I have lots of Savings Bonds that have matured and forgot to redeem some in the year they matured. I cashed 2019 bonds in 2021, filed an amended return for 2019 in 2021, and paid appropriate taxes. The amount is shown on 2021 INT and I know it can be excluded because it was paid in a prior year. I cashed 2020 bonds in 2021 but captured that in my 2020 tax return. That amount is also reflected in the 2021 INT so it can also be excluded because it was paid in a prior year. I also cashed some bonds in the nick of time -- 2021 bonds in December 2021. HOWEVER, the 2021 1099-INT for the 2021 bonds only shows 50% of the interest. I do not know why. All bonds were cashed at Chase and there is only one 1099-INT form received. The redemptions are shows separately at the bottom of the form and I have a spreadsheet to keep track.2019 Interest = $629.44
2020 Interest = $2203.04
2021 Interest = $1888.32 (should have been $3776.64)
I know I need to do the following even if the 1099-INT is incorrect (because IRS will know -
) : increase the Interest shown for Box 3 (Interest on US Saving Bonds and Treasury obligations) to the correct total = $6,609.12.Then exclude (adjust) the 2019 and 2020 interest that was previously reported.
Questions: Does this makes sense? Or will there be a red flag because the dollar amounts shown do not match the 1099-INT? I think I know what happened -- I cashed 24 bonds for the same amount and their machine could only handle 12 at a time. So I got two identical amounts of money with 2 identical redemption report forms. Chase either dropped the ball or the additional amount will carry over to 2022.
Any feedback would be appreciated.