What is the tax on US Savings that are redeemed?

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When you redeem U.S. Savings Bonds part of the money that you get is interest. You will get a Form 1099-INT with the amount of interest in box 3. The interest is taxable on your federal tax return, but not on your state tax return. The tax rate is the same as the tax on any other ordinary income. The rate that you will pay on the savings bond interest depends on your filing status and the amount of your other income.