Good afternoon, RB8747! Thank you for joining us!
You asked, "If I cash in my iBonds from TreasuryDirect before the end of December 2023, will I get a tax form in the mail for the interest earned? And when will it come? Do I pay those Federal-only taxes for Tax year 2023 in April 2024?"
Yes, you will get a 1099-INT from that financial institution, soon after you cash your bond, or by January 31 of the following year. If your bonds are in your TreasuryDirect account, your 1099-INT is usually available, early the next year from within your account.
You will report this on your 2023 tax return. The total interest will be reported to you in Box 3, Interest on US Savings Bonds and Treasury Obligations, of Form 1099-INT. As i am not sure which state you are, in it is always a good idea to check with your state to determine if the interest on US Savings Bonds and Treasury Obligations is taxable on your state return.
For aditional information on this topic, please check out these links:
Information on I-Bonds
Guide to investment bonds
Filing Tax Form 1099-INT: Interest Income
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Terri Lynn
