U.S. Savings Bond Question
07-07-2006, 09:25 PM
Post Fiend
Thread Starter
Join Date: Mar 2004
Location: San Francisco, Ca.
Posts: 24,418
Likes: 0
U.S. Savings Bond Question
Anyone here have/had U.S. Savings Bonds and redeemed them at their bank?
07-07-2006, 10:03 PM
Join Date: Apr 2004
Location: NW burbs of chicago
Posts: 13,580
Likes: 0
I've heard that ya have to pay taxes on em, I've got a couple from when I was born, but havent cashed em...If I do , I'll post my findings
07-07-2006, 10:12 PM
Join Date: Mar 2002
Location: Bonita Springs FL
Posts: 19,402
You have to pay taxes. I found out the hard way.
07-07-2006, 10:19 PM
Post Fiend
Thread Starter
Join Date: Mar 2004
Location: San Francisco, Ca.
Posts: 24,418
Likes: 0
Quote:
Originally Posted by andym
You have to pay taxes. I found out the hard way.
I don't suppose you know what the tax rate is/was?
07-07-2006, 10:40 PM
Join Date: Feb 2000
Location: Kansas
Posts: 11,496
Likes: 0
You have to report it on the 1040. The 1199 the bank sends you shows how much they are reporting to the IRS. This is what you will need to declare. Never ignore a 1199.
07-08-2006, 01:18 AM
Join Date: Jan 2008
Posts: 0
Likes: 0
Don't you just pay tax on the accured Interest ?
07-08-2006, 01:28 AM
Post Fiend
Thread Starter
Join Date: Mar 2004
Location: San Francisco, Ca.
Posts: 24,418
Likes: 0
I guess there's no "legal" way of not paying taxes on the accured interest on the bonds.
07-08-2006, 07:24 AM
Join Date: Jan 2005
Location: SE Kansas
Posts: 14
Likes: 0
Received 0 Likes
on
0 Posts
Quote:
Originally Posted by sierraben
Anyone here have/had U.S. Savings Bonds and redeemed them at their bank?
You pay federal tax on the interest accrued. In some states (Kansas for example) the interest is exempt from state tax.
The rate of tax is whatever your current income tax rate is.
07-09-2006, 10:02 AM
Join Date: Sep 2003
Location: NY and VA
Posts: 49,360
Like the saying goes "death and taxes" check out the bonds, some stop earning interest after so many years.
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
ford2go
General NON-Automotive Conversation
13
03-26-2008 12:05 AM
SPL Tech
General NON-Automotive Conversation
15
01-30-2007 09:42 AM
STROKE06
General NON-Automotive Conversation
5
01-10-2007 09:42 AM
07-07-2006, 09:25 PM
