How do you cash out Series EE bonds? (2024)

How do you cash out Series EE bonds?

You may be able to cash in paper EE bonds at a bank where you have an account or through TreasuryDirect. Ask your bank about its process for cashing savings bonds. Ask your bank how much it will cash at one time. Determine the identification or other documents you will need.

Can you still cash EE bonds at a bank?

Where do I cash in a savings bond? You can cash paper bonds at a bank or through the U.S. Department of the Treasury's TreasuryDirect website. Not all banks offer the service, and many only provide it if you are an account holder, according to a NerdWallet analysis of the 20 largest U.S. banks.

How much is a $100 EE savings bond worth after 30 years?

How are Series EE bonds redeemed?

With a Series EE bond, you wait to get all the money until you cash in the bond. Electronic EE bonds: We pay automatically when the bond matures (if you haven't cashed it before then). Paper EE bonds: You must submit the paper bond to cash it.

What documents do I need to cash a savings bond?

If you're cashing in a paper savings bond of $1,000 or less, you'll need FS Form 1522 and a copy of your driver's license, passport, state ID or military ID. If the bond amount is more than $1,000, you must have your signature certified by a notary or certifying officer.

Do you pay taxes when you cash in EE bonds?

If you hold savings bonds and redeem them with interest earned, that interest is subject to federal income tax and possibly federal gift taxes (highly unlikely as the per-person cap is $10,000 and the gift tax exemption is $17,000).

What happens to EE bonds after 30 years?

If you still have a paper EE bond, check the issue date. If that date is more than 30 years ago, it is no longer increasing in value and you may want to cash it. See Cashing EE and I savings bonds. To find out how much your paper EE savings bond is worth, use our Savings Bond Calculator.

Is there a penalty for not cashing in matured EE savings bonds?

While the Treasury will not penalize you for holding a U.S. Savings Bond past its date of maturity, the Internal Revenue Service will. Interest accumulated over the life of a U.S. Savings Bond must be reported on your 1040 form for the tax year in which you redeem the bond or it reaches final maturity.

Should I cash in EE bonds now?

You can receive years of “extra” interest by holding the bond beyond the maturity date, but once 30 years have passed, you won't accrue any extra interest. If you want full value, you should hold the Series EE bonds at least until maturity, and if you want extra, you can hold them until 30 years.

What happens to EE bonds after 20 years?

EE bonds you buy now have a fixed interest rate that you know when you buy the bond. That rate remains the same for at least the first 20 years. It may change after that for the last 10 of its 30 years. We guarantee that the value of your new EE bond at 20 years will be double what you paid for it.

How do I avoid paying taxes on Series EE bonds?

You can exclude the interest from your series EE and series I U.S. savings bonds on Form 8815 of the 1040. Form 8815 helps calculate the amount of interest that you can exclude from your tax return. If all the interest was not used for a qualified higher education expense you will stay pay taxes on that amount.

How much tax do I pay on Series EE bonds?

The interest on EE bonds isn't taxed as it accrues unless the owner elects to have it taxed annually. If an election is made, all previously accrued but untaxed interest is also reported in the election year. In most cases, this election isn't made so bond holders receive the benefits of tax deferral.

Can you cash Series EE bonds at a credit union?

You can redeem a savings bond online at the Treasury Department's TreasuryDirect website, by mail or at your local bank or credit union, if they offer the service. Your savings bond must be at least a year old, and you'll need government-issued identification to prove that the bond is yours.

Can I cash my deceased parents savings bonds?

TO CASH BONDS FOR A DECEDENT'S ESTATE:

Series EE, Series E, and Series I bonds can be cashed at a local financial institution. Some of these transactions may have to be forwarded for further processing. Series HH and Series H bonds must be sent to one of the addresses shown at the bottom of the following page.

Can you cash savings bonds online?

TreasuryDirect.gov is the one and only place to electronically buy and redeem U.S. Savings Bonds.

How long does it take for Series EE bonds to mature?

All Series EE bonds reach final maturity 30 years from issue. Series EE savings bonds purchased from May 1995 through April 1997 increase in value every six months.

Who pays taxes on EE savings bonds?

Does it matter whose Social Security number is on a savings bond?

Do the address and Social Security Number on the bonds have to match the customer's address and Social Security Number? Not necessarily. The customer may have moved or the bonds may have been a gift and contain the purchaser's information.

When should I cash in my Series EE bonds?

You cannot redeem either type of bond during the first year of ownership. If you decide to cash in between years 1 and 5, you forfeit three months of interest. If you cash in a series EE bond before 20 years, you miss out on the guarantee for your investment to double.

How long does it take for a $100 EE savings bond to mature?

Currently, EE bonds reach full maturity after 30 years, but are guaranteed to double in value in the first 20 years. However, maturity dates for EE bonds used to be less than 30 years.

Can EE savings bonds lose value?

Electronic Series EE Bonds are sold at face value and are worth their full value when available for redemption. The minimum term of ownership is one year, but a penalty is imposed if the bond is redeemed in the first five years. The bonds earn interest for 30 years.

What happens to uncashed savings bonds?

For those fully matured bonds remaining unredeemed, there is no active program by the Bureau to locate the bondholders and pay them the proceeds to which they are entitled. Traditionally, it has been up to the registered owner to remember to redeem the matured bond decades after the initial purchase.

Do EE bonds lose value after maturity?

When Do Savings Bonds Mature? U.S. Savings Bonds mature after 20 or 30 years, depending on the type of bond: Series EE bonds mature after 20 years. They are sold at half their face value and are worth their full value at maturity.

How much is a $50 Patriot bond worth after 20 years?

After 20 years, the Patriot Bond is guaranteed to be worth at least face value. So a $50 Patriot Bond, which was bought for $25, will be worth at least $50 after 20 years. It can continue to accrue interest for as many as 10 more years after that.

How much is a $50 dollar savings bond worth?