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Savings Bond 1099-INT document, Obtain

Jonathan1 — Wed, 29 Jan 2025 18:46:20 GMT

I redeemed and teller deposited several Series EE savings bonds (from the 1990's) at my brick and mortar bank in 2024. At time of redemption I did receive a receipt showing interest earned. I believe I have all receipts to arrive at a grand total for savings bond interest.

I am thinking my brick and mortar bank will not send me a year 2024 1099-INT statement reflecting total savings bond interest redeemed at their bank (about $2000). Are there any options or sites I can explore/visit to validate the savings bond interest dollar amount I have added up?

Re: Savings Bond 1099-INT document, Obtain

SabrinaD2 — Thu, 30 Jan 2025 01:07:03 GMT

There are a few resources to help you estimate the savings bond dollar interest amount:

The TreasuryDirect Savings Bond Calculator can help you to determine the value and interest earned on your Series EE savings bonds.
The Savings Bond Valuation and Verification Tool is another option to help you determine the value and interest
Contact your bank’s Customer Support to double-check if they will issue a 1099-INT for your redemptions.

Additional information can be found at TreasuryDirect by click here.

Re: Savings Bond 1099-INT document, Obtain

Jonathan1 — Thu, 30 Jan 2025 01:46:34 GMT

Thank you for your comments. I appreciate your input.

Re: Savings Bond 1099-INT document, Obtain

VolvoGirl — Thu, 30 Jan 2025 01:51:49 GMT

I cashed in a lot of bonds in 2022. I got receipts from Wells Fargo. I wasn't expecting to get an actual 1099INT from WF but I did! If you didn't get a 1099 INT you just enter the total interest like a 1099 INT and put the amount in box 3. Yes the interest is taxable for federal but usually not for state.

Re: Savings Bond 1099-INT document, Obtain

Jonathan1 — Thu, 30 Jan 2025 02:03:26 GMT

Thank you. I've done as you suggested. Just an extra step involved when you have to enter many redemptions to a spreadsheet to arrive at a grand total. Mostly just a nuisance. Would you happen to know if when a person is redeeming savings bonds at a bank - if you can tell the teller a percentage, or dollar amount, to take out for federal tax at time of redemption?

Re: Savings Bond 1099-INT document, Obtain

VolvoGirl — Thu, 30 Jan 2025 02:16:47 GMT

I don't know. I would doubt it. You should just send in an estimated payment to cover it. I had so many bonds it took them over a day to enter them all in the system. I had been keeping track of them the whole time using the Treasury Savings Bond Wizard but they discontinued it and I had to switch to the online Treasury Direct Savings Bond Calculator. You can list them all and update it when you want. The bank interest matched my interest.

Treasury Info on E/EE Savings Bonds
https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eetaxconsider.htm

Treasury Direct Savings Bond Calculator
https://www.treasurydirect.gov/BC/SBCPrice

Re: Savings Bond 1099-INT document, Obtain

Jonathan1 — Thu, 30 Jan 2025 02:30:47 GMT

Thanks for these resource links. I'm down to just a handful of remaining savings bonds at this point and so it is much more manageable. I can relate to your experience of the time you spent redeeming fairly large quantities of these bonds; including signing all of them and then the teller processing them. I held them till final 30 year maturity and I appreciated the small supplemental income in my early retirement years.

Re: Savings Bond 1099-INT document, Obtain

VolvoGirl — Thu, 30 Jan 2025 02:37:38 GMT

My husband was sick so we cashed them in. He had been getting one every month from work for 30 years. Yeah it took me hours to sign them all. I had about 200 bonds over $100,000 interest.

Re: Savings Bond 1099-INT document, Obtain

dmertz — Thu, 30 Jan 2025 16:20:09 GMT

"I am thinking my brick and mortar bank will not send me a year 2024 1099-INT statement reflecting total savings bond interest redeemed at their bank (about $2000)."

They are required to issue a Form 1099-INT by January 31.

Re: Savings Bond 1099-INT document, Obtain

Jonathan1 — Thu, 30 Jan 2025 17:53:40 GMT

Thanks. I received a 1099-INT from the bank that reflected the total of my savings account interest and interest I received from CD's purchased directly thru them. The interest I received from savings bonds redeemed at the bank was NOT included. Now, I am thinking since the bank was not directly the conduit for this interest or "owned" this interest - they are not reporting it to me because the interest did not emanate directly from their balance sheet.

Re: Savings Bond 1099-INT document, Obtain

dmertz — Fri, 31 Jan 2025 13:46:47 GMT

Reporting the interest is the responsibility of the entity that cashes the savings bond.

Re: Savings Bond 1099-INT document, Obtain

Jonathan1 — Fri, 31 Jan 2025 14:19:16 GMT

Thank you. I appreciate that information. I received the form, from the bank yesterday, indicating the amount of interest on the redeemed savings bonds.