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Do you pay your taxes on bonds yearly, or just when you decide to cash them out?
Posted on 1/28/23 at 2:48 pm
Posted on 1/28/23 at 2:48 pm
I know you can do either. Trying to decide what's best and how complicated it is to pay them yearly.
I know you'll get a 1099 when you cash them out and that's pretty simple. Paying it yearly seems a bit more complicated.
Anyone do it yearly?
I know you'll get a 1099 when you cash them out and that's pretty simple. Paying it yearly seems a bit more complicated.
Anyone do it yearly?
This post was edited on 1/28/23 at 2:50 pm
3
Posted on 1/28/23 at 2:56 pm to NATidefan
I don't want to keep track so will pay when cashed and I get 1099
Posted on 1/28/23 at 5:26 pm to NATidefan
Just to clarify, this is only for EE and I bonds, right?
Other bonds you pay as you receive the coupons.
Other bonds you pay as you receive the coupons.
Posted on 1/29/23 at 1:46 pm to slackster
Yeah, ibonds.
Posted on 1/29/23 at 2:44 pm to NATidefan
I don't. Why would u? That's one of its advantages in being tax deferred. Ideally you redeem in the future, when you have a lower tax rate just like a 401k.
Posted on 1/29/23 at 10:06 pm to gpburdell
Not if you cash it out early. Wasn't really think about me, so much as money I put in for my daughter this year.
She's 18 and we stuck some in for her to save for a house downpayment. She's in a low bracket now but will probably be in a higher one when she cashes it out.
She's 18 and we stuck some in for her to save for a house downpayment. She's in a low bracket now but will probably be in a higher one when she cashes it out.
This post was edited on 1/29/23 at 10:07 pm
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