2007-11-27 13:09:44 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
And what would happen if I didn't claim it?
2007-11-27 13:18:09 · update #1
You do have to claim the interest, but in some situations you don't have to pay tax on it.
2007-11-27 13:17:50 · answer #1 · answered by moonman 6 · 0⤊ 0⤋
Claim on both, non-taxable by states or municipalities, and if you don't, you will probably get a notice saying that your refund or amount due has been adjusted. They WILL catch up with you because the bonds are keyed to your Social Security number.
2007-11-27 13:20:57 · answer #2 · answered by Tom K 6 · 0⤊ 0⤋
Yes, you have to pay taxes on the interest the bond earned. That's everything over the cost (what was paid) of the bond.
2007-11-27 13:17:14 · answer #3 · answered by Herb W 4 · 1⤊ 0⤋
Did you receive a form with your name and social security number on it from your bank that cashed your savings bond?
If so, then you have to claim it.
2007-11-28 15:26:09 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
If I don't claim it?
Don't do that. You will end up paying interest and penalty.
If it is 2006 return, file an amended return Form 1040X and pay the tax due.
2007-11-27 17:43:21 · answer #5 · answered by MukatA 6 · 0⤊ 0⤋
You claim the interest on your federal return, but not for state.
2007-11-27 13:12:40 · answer #6 · answered by Judy 7 · 3⤊ 0⤋