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I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

 
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5 Replies

I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

final maturity is 30 years after issuance and interest must be reported at that time.   it probably won't matter but please provide a full explanation of why you can not cash them.

I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

Because of the pandemic I was unable to get to the bank

 

I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

Also, when I called the IRS, the agent specified I did not need to cash it.  I could wait until I cashed it and report the interest at that time

I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

If they matured you have to report the interest.

 

See IRS Publication 550 starting on page 7 for Savings Bond Interest.  See middle of middle column....

https://www.irs.gov/pub/irs-pdf/p550.pdf

 

Reporting options for cash method taxpayers. If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways.

 

Method 1. Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year in which they mature. (However, see Savings bonds traded , later.)

Note. Series E bonds issued in 1980 matured in 2010. If you have used method 1, you generally must report the interest on these bonds on your 2010 return.

 

Method 2. Choose to report the increase in redemption value as interest each year.

I have matured ee bonds for 2020 which I could not cash. Do I need to admend my 1040 return which I already filed?

Method 2 states to include redemption value each year.  Does this mean that I still have to admend return for the matured EE bonds not cashed in 2020?  I know method 1 states when they mature.

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