I think your years are off by 2 then in the OP. Ie bonds mature starting in 2027 when you are 62 and onwards. (It just wasn't clear if the years were off or the ages were off by 2.)
yeah, I agree that it makes sense to spread out the interest. I am suggesting the transfer trick to avoid giving up the high paying bonds early, but maybe it's not a big deal or too much hassle to figure out (esp if no spouse). The part I was referring to on that page says:
yeah, I agree that it makes sense to spread out the interest. I am suggesting the transfer trick to avoid giving up the high paying bonds early, but maybe it's not a big deal or too much hassle to figure out (esp if no spouse). The part I was referring to on that page says:
If ownership changes
SituationYou give up ownership of the bond. We reissue the bond.
Who owes the tax You owe tax on the interest the bond earned until it was reissued.
SituationYou are the new owner of a reissued bond.
Who owes the tax You owe tax on the interest the bond earns after it was reissued.
For electronic savings bonds in TreasuryDirectTherefore, whether you are the old owner or the new owner of an electronic savings bond, your 1099-INT will reflect the interest you earned on your EE or I savings bonds.
- When we reissue the bond, we report the total interest the bond earned so far on a 1099-INT in the name and Social Security Number of the person being removed (the previous owner).
- When the new owner later cashes in the bond or the bond matures, we report the interest in the name and Social Security Number of the person being paid (the new owner). However, we report only the interest earned after we reissued the bond.
Statistics: Posted by bongo — Fri Apr 05, 2024 12:23 am — Replies 24 — Views 3829