How do I determine the tax I owe on series EE bonds that matured in October 2016?
I have series EE bonds that matured in October 2016. I know the interest earned. I have three questions: if the bonds have reached 30-year maturity and are no longer earning interest, am I obligated to report interest on my taxes, or can I wait until I cash them in? Is the interest tax at the ordinary federal income rate, or some other rate? Can I receive a reduced-tax liability on the interest if I use the cash value to pay off my student loan balance for schooling I completed in 2014?
Here is the US Treasury calculator for you to calculate the current values of your bond(s).
Here is where the taxation of them is described.
Finally, taxation ... If you have any doubt on how to handle your taxes, contact a qualified tax expert ... opinions don't count when it comes to the IRS.
Here is an official registry site from the IRS to find one near you who would be qualified to be sure you do it correctly. It's not the answer that matters - it's how your tax return is prepared that matters since it's the return the IRS will use to say it is right or wrong!
(you can copy and paste web addressed into your browser if they aren't clickable links above for you)
All very good questions - thanks for asking!