Paper Savings Bonds
If you cash a paper savings bond at a local bank, that bank is responsible for giving you a 1099.
If you cash a paper savings bond by mailing it to Treasury Retail Securities Services, we mail you a 1099 by January 31 of the following year. (You can call us for a duplicate statement, if needed, beginning February 15.)
TreasuryDirect (electronic securities)
NOTE: 1099s for tax year 2023 are available in your account now. If you have linked accounts (such as a minor account or where you converted paper bonds), each can have its own 1099.
We put a 1099 into your TreasuryDirect account if:
- You cash a savings bond in TreasuryDirect. (We don’t provide a 1099 if you only buy or hold a savings bond.)
- You hold a marketable security in TreasuryDirect and the security earns interest.
We place the 1099s by January 31 of the following year. When your 1099 is ready, we send an e-mail to your personal e-mail account and put a message into your InBox within TreasuryDirect.
To see the 1099:
- Log in to your TreasuryDirect account
- Click the “Manage Direct” tab
- Under “Manage My Taxes,” click “Year XXXX”
- Near the top of the “Taxable Transaction(s) Summary” page, click “View your 1099 for tax year XXXX”
Video on finding a 1099 in TreasuryDirect
FAQs
If you invest in TreasuryDirect, your 1099 will be available electronically and you can print the form from your account. 1099 forms are available by January 31 of each tax year.
How are Treasury bills reported on 1099? ›
The interest income received in a year is recorded on Form 1099-INT. Investors can opt to have up to 50% of their Treasury bills' interest earnings automatically withheld. If you live in a state with high local taxes, T-bills might be more advantageous than other short-term fixed instruments, like CDs.
Why did I get a 1099-INT from the Department of Treasury? ›
Key Takeaways
Form 1099-INT is an IRS income tax form that reports interest income received by taxpayers. Interest-paying entities must issue Form 1099-INT to investors at year's end and include a breakdown of all types of interest income and related expenses.
Do you get statements from TreasuryDirect? ›
Holdings for each Linked account are kept separately from your Primary account and can be accessed only through your Primary account. Note: TreasuryDirect does not provide paper savings bonds or paper account statements.
Does the IRS verify 1099? ›
The IRS knows about any income that gets reported on a 1099, even if you forgot to include it on your tax return. This is because a business that sends you a Form 1099 also reports the information to the IRS. The IRS cross-references tax returns with other income records that businesses submitted.
Do Treasury bills count as income? ›
T-Bill Tax Considerations
The interest income that you may receive from investing in a treasury bill is exempt from any state or local income taxes, regardless of the state where you file your taxes. However, you will need to report interest income from these investments on your federal tax return.
What happens if you don't report interest income? ›
If you receive a Form 1099-INT and do not report the interest on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on your interest payments and any other unreported income.
Will I get a 1099 for my iBond? ›
If a financial institution pays the bond, you get a 1099-INT from that financial institution either soon after you cash your bond or by January 31 of the following year. If your bonds are in your TreasuryDirect account, your 1099-INT is available in your account by January 31 of the following year.
What happens if I don't enter 1099-INT? ›
You must report all taxable and tax-exempt interest on your federal income tax return, even if you don't receive a Form 1099-INT or Form 1099-OID. You must give the payer of interest income your correct taxpayer identification number; otherwise, you may be subject to a penalty and backup withholding.
Do I owe taxes on 1099-INT? ›
If you receive a 1099-INT, you may not have to pay income tax on the interest it reports, but you may still need to report it on your return.
The Treasury gives you two options:
- Report interest each year and pay taxes on it annually.
- Defer reporting interest until you redeem the bonds or give up ownership of the bond and it's reissued or the bond is no longer earning interest because it's matured.
Security questions are used to help us confirm your identity if you forget your account number or password. As an added security measure, TreasuryDirect may require you to answer one of your security questions when you attempt to perform certain transactions.
Does TreasuryDirect provide tax documents? ›
Learn More About Tax Reporting. TreasuryDirect provides you with a detailed listing of all your taxable transactions, as well as an online, printable IRS Form 1099 for each calendar year.
Do I pay taxes on TreasuryDirect I bonds? ›
The interest earned by purchasing and holding savings bonds is subject to federal tax at the time the bonds are redeemed. However, interest earned on savings bonds is not taxable at the state or local level.
Do I need to report Treasury bonds? ›
Bonds typically pay a fixed amount of interest (usually paid twice per year). Interest from corporate bonds and U.S. Treasury bonds interest is typically taxable at the federal level.
Do you pay taxes on Treasury Ibonds? ›
Interest on I bonds is exempt from state and local taxes but taxed at the federal level at ordinary income-tax rates.
