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rnshroff
New Member

Do i enter savinsd bone interest that matured last year but not redeemed yet -no 1099 interest fro u,s, treasury

i have no 1099 B OR 1099 INT FROM MATURED SAVINS BOND WHIC ARE NOT REDEEMED -DO I REPORT INTEREST?

1 Best answer

Accepted Solutions
DawnC0
Intuit Alumni

Do i enter savinsd bone interest that matured last year but not redeemed yet -no 1099 interest fro u,s, treasury

For US savings bonds, you need to enter the interest on your 2018 tax return as the income becomes taxable when the bond matures even if you have not redeemed it yet.  You do not need a 1099-INT from the treasury to do this.  Enter a 1099-INT.   When you enter the 1099-INT into TurboTax, you have to put a checkmark underneath the payer's name next to '' My form has info in more than just box 1 (this is uncommon)''.

 

You have a choice on when you report your bond interest. You can:

  • report the interest every year or
  • put off (defer) reporting the interest until you file a federal income tax return for the year in which the first of these events occurs:
    • you redeem (cash in) the bond and receive what the bond is worth, including the interest, or
    • you give up ownership of the bond and the bond is reissued, or
    • the bonds stops earning interest because it has reached final maturity.

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3 Replies
Carl
Level 15

Do i enter savinsd bone interest that matured last year but not redeemed yet -no 1099 interest fro u,s, treasury

Your bonds aren't taxable until the year you cash them in.
VolvoGirl
Level 15

Do i enter savinsd bone interest that matured last year but not redeemed yet -no 1099 interest fro u,s, treasury

See pub 17 top of page 57 <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p17.pdf">https://www.irs.gov/pub/irs-pdf/p17.pdf</a>
Method 1. Postpone reporting the interest until the earlier of the year you cash or dis- pose of the bonds or the year they mature. (However, see Savings bonds traded, later.)
DawnC0
Intuit Alumni

Do i enter savinsd bone interest that matured last year but not redeemed yet -no 1099 interest fro u,s, treasury

For US savings bonds, you need to enter the interest on your 2018 tax return as the income becomes taxable when the bond matures even if you have not redeemed it yet.  You do not need a 1099-INT from the treasury to do this.  Enter a 1099-INT.   When you enter the 1099-INT into TurboTax, you have to put a checkmark underneath the payer's name next to '' My form has info in more than just box 1 (this is uncommon)''.

 

You have a choice on when you report your bond interest. You can:

  • report the interest every year or
  • put off (defer) reporting the interest until you file a federal income tax return for the year in which the first of these events occurs:
    • you redeem (cash in) the bond and receive what the bond is worth, including the interest, or
    • you give up ownership of the bond and the bond is reissued, or
    • the bonds stops earning interest because it has reached final maturity.
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