How Report Savings Bonds Renewed Late - Are 4 amended returns required?

[Anonymous_]

@nerdindenial 

That was just a thought since the 2019 tax year is now closed (i.e., the SOL has run) and the amount of interest for that tax year might be somewhat de minimis depending upon the total reported income. 

[Tscurlo]

What I don't understand is this.   If all the older savings bonds have matured.... they are not gaining any more interest.   Is that a Correct Statement?

So if the OP held the old bonds for, lets says, 8 years....  he isn't gaining anything, until he cashes the bonds in.  At which point in time... I can see reporting all of them on your tax return in the year that they were all Cashed. (2024)

I don't see why you have to go back and make amended returns for the years that they matured.  He hasn't gained anymore interest and He didn't take payment of the bonds until January 4, 2024.  Which he should be able to report by April 2025.

[Anonymous_]

No more interest will be earned, correct.

However, you going to get a 1099-INT that will reflect the interest in the year the bond reached its final maturity (so the IRS knows when the interest should have been reported).

[DianeW777]

Cash method taxpayers. If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U.S. savings bonds when you receive it.  This  means when they are cashed or redeemed.  You do have the option of reporting the interest each year as it is earned, however it is not required.

The Form 1099-INT may not come until you actually cash the bonds because it will be issued by the bank where the bonds are cashed.  As tagteam indicated, the bonds will no longer earn interest once they reach maturity.

• Publication 550
• SAVINGS SECURITIES MATURITY CHART

@Tscurlo 

[Anonymous_]

Cash method taxpayers have the option to report interest from EE bonds annually or when they mature but they must report the interest no later than the year in which the bonds mature.