A family member of mine recently cashed in bonds valued at around $230k. Around $170k of this was interest earned over the pat 30-40 years. I'm trying to determine how much of this she should set aside for taxes.
Annual income is around $30-40k a year. This is in the state of Louisiana, so I'd expect state taxes as well.
2006-11-06 04:11:26 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
A handful of I's and E's, but mostly EE's.
2006-11-06 04:18:44 · update #1
I would set aside about 30% to 33% for taxes. If these are federal bonds then there would not be any state tax. If they are state bonds there would not be any federal tax
2006-11-06 05:21:08 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
what kind of bonds are these? WE've cashed in bonds at the bank and they took the taxes out for us.
2006-11-06 12:15:52 · answer #2 · answered by cutiepie81289 7 · 0⤊ 0⤋