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Submitted 287 days ago...

wdennis

New User (1)

EE Savings Bonds

Our son cashed in his EE Savings Bonds he has been receiving since 1983 to pay for his college tuition. He received 1 each year on his birthday. He is now 25. He had the bank make out the check to the University. He has no other income. Does he need to file taxes on the interest he earned on these bonds.

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Answer 1 / 2

Submitted 272 days ago...

ldsch

Expert (821)

Yes, he must file and pay taxes on the interest. The bank will be sending him and the IRS a Form 1099-INT showing the interest he received if it was more than $10. Investment income is treated for tax purposes differently than earned income.

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Answer 2 / 2

Submitted 272 days ago...

RunnerGuy

Contributor (176)

I concur with Idsch, he will need to pay for taxes on the interest earned for the year he cashed them in in.

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