US Savings Bonds

Posts Tagged ‘treasury’

Question: How will interest on US Savings Bonds that I cashed in 2008 effect my tax refund?

I needed the money, so I cashed in all the US Savings Bonds that I had on-hand. I recently got a 1099-INT from my bank that says the interest on US Savings Bonds and Treasury obligations is $632 (or thereabouts). I’m aware that I owe taxes on this interest… how much money are we talking about? How badly will this change the amount of money that I get in my tax return? I ask because I truly need that money. I’m counting on my tax return to help me pay bills.

Thanks!

Answer: Assuming you didn’t have anything withheld for income tax when you cashed in the bonds, they’ll affect your refund since you’ll pay the tax from that. If you are in a 15% bracket, your refund would decrease by just under $100. In a 10% bracket, it would decrease by $63.

YOU RASCAL, YOU by Louis Armstrong and his All Stars LIVE!! c 1950

Question: Is it a good move to convert one’s paper EE Savings Bonds into the electric EE Bonds on Treasury Direct?

Answer: More flexibility.

http://www.savingsbonds.gov/indiv/research/indepth/smartexchangeinfo.htm

Tax Tips: Split Refunds-Savings Bonds – January 2010

Question: How can I find lost Us Savings Bonds bought by grandma 50 yrs ago without paying for a search?

Answer: If you lost the hard copy of the bond, you’re probably out of luck. I would think only the original buyer has the right to research it’s sale.

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