Frequently Asked Questions/Answers

Category:  US Savings Bonds

DO I HAVE TO PAY TAXES ON THE INTEREST INCOME EARNED ON THE BOND?

Because US Savings Bonds are issued by the federal government you do not have to pay state tax or local taxes on the earned interest.  However, all of the accumulated interest on US Savings Bonds is taxable in the tax year that they mature and must be reported on your tax return.  You will receive a Form 1099-INT tax notice in the tax year that the US Savings Bonds are redeemed.  Even if you do not receive a tax statement or Form 1099 you are still responsible for reporting all taxable interest income on your tax return.  The IRS is notified electronically of all interest paid by financial institutions to bond holders. If you do not include your interest income on your tax return you will be notified by the IRS, usually by mail, of the amount of additional tax, interest, and penalties that you owe.


 

 

 

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Wisconsin Office of the State Treasurer
Physical Address:   B38 W State Capitol, Madison, Wisconsin   -    Mailing Address:   PO Box 7871 Madison, WI 53707
Phone: 608-266-1714
Treasurer@wisconsin.gov


PROCEDURE FOR MAKING REQUESTS
Effective January 1, 2017, the Office of Wisconsin State Treasurer (OST) will follow the same fee guidelines for records requests as the Wisconsin Department of Administration.