Interest/Dividends/Other Types of Income

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Frequently Asked Tax Questions

Interest/Dividends/Other Types of Income - Savings Bonds

Rev. date: 1/2009

I cashed some Series E, Series EE and Series I savings bonds, how do I report the interest?

Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989
Form 1099-INT for U.S. savings bonds interest.
Interest Income
Interest on qualified savings bonds.
Investment Income and Expenses
Optional Form To Record Redemption of Series EE and I U.S. Savings Bonds Issued After 1989
Taxable and Nontaxable Income
U.S. Savings Bonds

If you have not reported the increase in the redemption value of the bonds as interest each year, you must report all of the interest in the year they are cashed or otherwise disposed of:

If your total taxable interest for the year is more than $1500, you report (and separately identify) the interest on Schedule B of Form 1040 (PDF) or Schedule 1 of Form 1040A (PDF).
If your total interest is not more than $1500 for the year, report the savings bond interest with your other interest on the "Interest" line of your tax return.
Exception: Some or all of the interest may be excludable from your gross income if you pay qualified higher education expenses for yourself, your spouse, or your dependent during the year.


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