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Of course you need a 1099 for cashing in your savings bonds. How does it effect your taxes? Does it make a huge difference?
5 Answers
- JudyLv 71 year ago
The 1099 says how much of what you got was interest, and you pay tax on that much, so the tax can be a lot or a little depending on what you cashed in.
- Anonymous1 year ago
You owe taxes on income.
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- StephenWeinsteinLv 71 year ago
Whatever interest your bonds earned is counted as income. It makes the same difference -- large or small -- in your federal taxes as if you had gotten that amount of interest from a bank account. However, it makes no difference in your state taxes.