Reporting Interest from cashed savings bonds?

Question

I cashed in 25 savings bonds in 2006 and I got a receipt for them that has 3 sections.

Section 1=Customer Information
Section 2=Savings Bonds- a list of all the bonds and their values

Section 3=TIN Certification and Customer Acknowledgment of Receipt- it states the following...

"I understand that the Total Interest will be reported to the International Revenue Service for this taxable year and I acknowledge receipt of the Total Value shown above.

Under penalty or perjury, I certify that the number shown above is my correct Taxpayer Identification Number and that I am not subject to backup withholding for interest payments made to me or credited to my account"

Which I then signed and dated.

Below that it says "Please retain a copy of this form for your records. This form is not a Form 1099 INT"

My question is am I supposed to receive a 1099 INT for this interest, if not, how do I report it?

I live in Minnesota if thats important.

Answer 1

When I've cashed in bonds, I have received a 1099-INT from the bank. The bank should have mailed those by January 31 for bonds cashed during 2006, so you should already have it. (If you have other accounts at that same bank, I think the savings bond interest is in a separate box on the same 1099-INT as your regular bank account interest.)

It is definitely reportable on your income tax form, however, there are some cases where the interest is not taxable. For example, for certain savings bonds, if you use the money to pay college expenses.

Answer 2

You should get a 1099-INT. I cashed some a few years ago at a bank, and got a 1099 for the interest.

I'd call the bank where you cashed them, and ask them what happened to your 1099 and ask them to provide you with a copy. But since you have the paperwork from when you cashed them, you have the interest total, and can just go ahead and report that.

Answer 3

Technically, you were to report the income in 2006 (when 30 year bonds matured), but the IRS will tend to let it slide to 2008 if you cash them in that year. Note, 30 year bonds are quite valueable. A $200 bond from 12/1976 is worth $1104.32 (that's $954 in interest).

Answer 4

You should call the bank for the 1099-INT form. Your interest will not be the bond values on the form - it will be the bond values minus your original cost of the bonds.

Answer 5

Yes, you have to report on your 1040 any interest received from savings bonds. Just use the amount on the form that your signed and returned.

Answer 6

this is almost coincidental!

my roommate works in the savings bonds department in the fed reserve bank of minneapolis! :)

ill give you her email address -- she can answer pretty much anything you need. she's just about off work, so here is her home email address, ill tell her to check her mail when she gets home.

[e-mail]

Answer 7

I can't recall if you'll get a 1099INT but even if you don't, you just use that receipt to report the income.