Tax Estimator
January 20th, 2006
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Tax Estimator
Question: Where do I enter Tax Information for Savings Bonds that were cashed this year?
This Tax Season I cashed three, $50 savings bonds that had been purchased for $25 some odd years ago. The bonds had not matured therefore I did not recieve full value. However, I have recieved the tax statements from the bank. I just need to know where I add this into my tax preparation. I was using a tax estimator to see if I’m going to owe but I need to figure these bonds in before I can have peace of mind. Any help here would be GREATLY appreciated. Thank you.
Answer: Enter the interest shown on the 1099-INT you got from the bank as Interest. You only pay tax on the interest, not the full amount you got from cashing them, since the rest is just returning what you paid for them and that part isn’t taxed, you are just getting your own money back.
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