U.S. Savings Bond Adjustment

U.S. savings bond adjustment is an adjustment in the current amount of interest income on a U.S. savings bond. In some cases, a taxpayer may have already reported a portion of the interest that was earned and must therefore reduce the current amount of taxable interest. Therefore, the reportable interest adjustment on a U.S. Savings Bond is allowed to avoid double taxation of the same income. This adjustment applies to all types of U.S. savings bonds.