No 1099 on cashed savings bonds

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coffeehubcap
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No 1099 on cashed savings bonds

Post by coffeehubcap »

I cashed savings bonds last year. Never got a 1099. Went to my credit union they sent the state gov. the info. I still haven't rec'd a 1099. I know what to claim and wonder if I should without a 1099.
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Clever_Username
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Re: No 1099 on cashed savings bonds

Post by Clever_Username »

My only gripe with my bank has been that it's like pulling teeth to get a 1099 INT when I cash in the EE bonds. I report the correct amounts and it's been okay so far (of course, maybe the IRS is just waiting to pounce on me for it). Fortunately for me, none of my EE bonds remaining reach final maturity until 2022 so I don't have to think about it for a while.
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coffeehubcap
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Savings Bonds

Post by coffeehubcap »

[Thread merged into here, see below. --admin LadyGeek]

If you don't get a 1099 for cashing them, would you still report the interest?
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samsoes
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Re: Savings Bonds

Post by samsoes »

Absolutely; it's the law.
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Gill
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Re: Savings Bonds

Post by Gill »

coffeehubcap wrote: Mon Mar 05, 2018 9:48 am If you don't get a 1099 for cashing them, would you still report the interest?
Are you serious about this question? The income tax has been around much longer than 1099's and taxpayers have always been required to report all income unless specifically excluded. !099's were imposed to assist in enforcement of the tax law but it didn't change the obligation to report income.
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HueyLD
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Re: Savings Bonds

Post by HueyLD »

coffeehubcap wrote: Mon Mar 05, 2018 9:48 am If you don't get a 1099 for cashing them, would you still report the interest?
Paper or e bonds?

If you cashed paper bonds at a bank, the bank is supposed to send you a 1099-INT, not the Treasury.

If you cashed e bonds at the TD, you will need to log onto your account to retrieve the 1099. You will not receive it in the mail.

And yes, do report the interest with or without 1099.
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Clever_Username
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Re: Savings Bonds

Post by Clever_Username »

coffeehubcap wrote: Mon Mar 05, 2018 9:48 am If you don't get a 1099 for cashing them, would you still report the interest?
Yes.

In fact, I have. I'm in my mid-30s now, and family gave me a bunch of Series EE bonds when I was very young (<=4). As they reach final maturity, I have been depositing them ... and reporting the interest, despite my bank being hit or miss on giving a 1099 for them.
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Re: Savings Bonds

Post by dbr »

HueyLD wrote: Mon Mar 05, 2018 10:09 am
coffeehubcap wrote: Mon Mar 05, 2018 9:48 am If you don't get a 1099 for cashing them, would you still report the interest?
Paper or e bonds?

If you cashed paper bonds at a bank, the bank is supposed to send you a 1099-INT, not the Treasury.

If you cashed e bonds at the TD, you will need to log onto your account to retrieve the 1099. You will not receive it in the mail.

And yes, do report the interest with or without 1099.
Which also means the IRS will have a 1099 for you and will be looking for the item on your tax return even if you don't have your 1099.
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coffeehubcap
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Re: Savings Bonds

Post by coffeehubcap »

OK guys I get the message.
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LadyGeek
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Re: No 1099 on cashed savings bonds

Post by LadyGeek »

FYI - I merged coffeehubcap's question back into the original, which is a similar discussion.
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coffeehubcap
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Re: No 1099 on cashed savings bonds

Post by coffeehubcap »

Thank you LadyGeek....I already made out my taxes and included the interest. My concern was with no 1099, would I be looking at amending my taxes. I know I'm responsible.
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Re: No 1099 on cashed savings bonds

Post by LilyFleur »

I'm reviving this topic... I just realized I did not receive a 1099 for the paper EE savings bonds I cashed in last year at my credit union. How do I report this in Turbotax if I don't have a 1099? I think the interest was more than $10,000.
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HueyLD
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Re: No 1099 on cashed savings bonds

Post by HueyLD »

LilyFleur wrote: Mon May 10, 2021 9:54 pm I'm reviving this topic... I just realized I did not receive a 1099 for the paper EE savings bonds I cashed in last year at my credit union. How do I report this in Turbotax if I don't have a 1099? I think the interest was more than $10,000.
Contact your credit union for the 1099-INT.
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Re: No 1099 on cashed savings bonds

Post by Gill »

LilyFleur wrote: Mon May 10, 2021 9:54 pm I'm reviving this topic... I just realized I did not receive a 1099 for the paper EE savings bonds I cashed in last year at my credit union. How do I report this in Turbotax if I don't have a 1099? I think the interest was more than $10,000.
Don't you know the exact amount of interest? It's the difference between the proceeds you received at redemption and the price you paid for the bonds.
Gill
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bikesandbeers
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Re: No 1099 on cashed savings bonds

Post by bikesandbeers »

Wells Fargo gives me a paper tax receipt when I cash them so I don't have to wait for a 1099. It specifically says "Retain for your tax records" and is in addition to the normal deposit receipt.
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neurosphere
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Re: No 1099 on cashed savings bonds

Post by neurosphere »

LilyFleur wrote: Mon May 10, 2021 9:54 pm I'm reviving this topic... I just realized I did not receive a 1099 for the paper EE savings bonds I cashed in last year at my credit union. How do I report this in Turbotax if I don't have a 1099? I think the interest was more than $10,000.
Is the question that you don't know the actual amount and need to find out or figure it out? Or that you know the amount and would like to know the mechanics of reporting the interest in TT without an official 1099-INT form to enter into the system?
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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LilyFleur
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Re: No 1099 on cashed savings bonds

Post by LilyFleur »

neurosphere wrote: Tue May 11, 2021 10:51 am
LilyFleur wrote: Mon May 10, 2021 9:54 pm I'm reviving this topic... I just realized I did not receive a 1099 for the paper EE savings bonds I cashed in last year at my credit union. How do I report this in Turbotax if I don't have a 1099? I think the interest was more than $10,000.
Is the question that you don't know the actual amount and need to find out or figure it out? Or that you know the amount and would like to know the mechanics of reporting the interest in TT without an official 1099-INT form to enter into the system?
Yes--I know the actual amount (I figured out the interest on treasurydirect.gove a spreadsheet and the credit union gave me a printout that agreed with my spreadsheet).
I am wondering about the mechanics of reporting the interest in TT without an official 1099-INT to enter into the system, thank you.
Last edited by LilyFleur on Tue May 11, 2021 10:59 am, edited 1 time in total.
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HueyLD
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Re: No 1099 on cashed savings bonds

Post by HueyLD »

“ If you received less than $10 in interest from your financial institution, they're not required to send you Form 1099-INT, but you're still supposed to report the interest.

Although you didn't get a 1099-INT, report the interest in the 1099-INT section:

Open your return (or continue if it's not already open).

In the upper right menu, select and search for 1099-INT or 1099INT (lower-case also works).

Select the Jump to link in the search results.

Answer Yes to Did you receive any interest income?

If you see Review your 1099-INT info, select Add another 1099-INT or select Review next to the correct 1099-INT.

On the following screen, select I'll type it in myself or Continue.

On the next screen, input the required information.

Select Continue.

On the next screen, Do any of these uncommon situations apply?, select the appropriate answer and Continue.”

https://ttlc.intuit.com/community/enter ... k/00/26543
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LilyFleur
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Re: No 1099 on cashed savings bonds

Post by LilyFleur »

UPDATE: My credit union was able to send me a PDF of the 1099-INT. Whew.

The regular mail has not been good around here.
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