US Savings Bonds

Posts Tagged ‘us savings bonds redemption chart’

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Question: US Savings Bond Tax HELP?

Why do i have to file the tax on a savings bond? And what happens if i lost the redemption statement? Could i get in trouble if i don’t file it?

Answer: It’s interest, and that’s taxable income. At the end of the year the bank where you cashed it will send you a 1099-int and also report the info to the IRS. If you don’t show it on your return, you won’t get in trouble exactly, the IRS will just sent you a bill for what you should have paid, plus interest on that.

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