How do I figure out taxes owed on interest made on mature Savings Bonds?
Hi Miss Kitty, I’m the Savings Bond Guru from SavingsBonds.com and I hope I can help answer your question. I can see you’ve done a great amount of research already on your bonds knowing the amounts of interest and the total value of your US Savings Bonds. When you cashed your bonds you were probably issued (or will be issued) a 1099-INT for the amount of interest you received from the bonds. This is going to be what is taxable on your tax return (for the year they were cashed). From there, you’ll need to know what the rest of your income for that year is, wages, dividens, etc… and factor that all into your tax return for the year. This all comes down to the bottom line, income. I suggest you do a tax analysis with your financial planner or tax accountant with the concequences these bonds will have on your taxable income. You’ll have to find out how much higher of a tax bracket the interest from these bonds puts you in, and then determine what the difference was from the previous brac