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Frequently Asked Tax Questions

Interest, Dividends, Other Types of Income - Savings Bonds

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

Rev. date: 12/13/2013

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

Taxpayers may choose to report the interest on savings bonds as earned annually, or in the year the bonds are redeemed or matured (whichever occurs first). 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 disposed of:
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 (for whom you claim an exemption) during the year.