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The amount of bond premium is deducted against your interest income reported on the same form.
If you earned regular line 1 interest, deduct the line 11 premium as an adjustment to line 1 income.
If you invested in US Savings Bonds, deduct the line 11 premium against the line 3a income.
If you invested in US treasuries, deduct the line 11 premium against the line 3b income.
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