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Savings Bond 1099-INT document, Obtain

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?    

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2 Best answer

Accepted Solutions
SabrinaD2
Employee Tax Expert

Savings Bond 1099-INT document, Obtain

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

 

Additional information can be found at TreasuryDirect by click here.

View solution in original post

dmertz
Level 15

Savings Bond 1099-INT document, Obtain

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

View solution in original post

11 Replies
SabrinaD2
Employee Tax Expert

Savings Bond 1099-INT document, Obtain

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

 

Additional information can be found at TreasuryDirect by click here.

Savings Bond 1099-INT document, Obtain

Thank you for your comments.  I appreciate your input.

Savings Bond 1099-INT document, Obtain

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.

Savings Bond 1099-INT document, Obtain

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?

Savings Bond 1099-INT document, Obtain

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

 

Savings Bond 1099-INT document, Obtain

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. 

Savings Bond 1099-INT document, Obtain

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.  

dmertz
Level 15

Savings Bond 1099-INT document, Obtain

"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.

Savings Bond 1099-INT document, Obtain

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.  

dmertz
Level 15

Savings Bond 1099-INT document, Obtain

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

Savings Bond 1099-INT document, Obtain

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

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