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T
tzumbaugh
Level 1
January 24, 2023
Question

Is interest on an I bond taxable prior to redemption?

  • January 24, 2023
  • 2 replies
  • 17 views
No text available

2 replies

T
ThomasM125
Level 15
January 24, 2023

You can report the interest yearly if you want and pay the tax as you go, but you are not required to. You can wait until redemption to pay tax on the interest if you desire to do so.

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    W
    wwalztoni
    Level 2
    March 2, 2023

    Thanks

    Mike9241
    Level 15
    Mike9241Level 15
    Level 15
    January 25, 2023

    the election to report yearly must be made in the first year. after that, you need to file form 3315 for a change in accounting methods.

     

    Mike9241
      Rick19744
      Level 13
      Rick19744Level 13
      Level 13
      January 25, 2023

      @Mike9241 meant to indicate form 3115.

       

      *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
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