Cashing EE Savings Bonds and 1099-INT Form

[Ian S]

When I cash my EE savings bonds at a bank, who is responsible for providing the 1099-INT? I assumed it was the bank but they have not provided me with one for 2021 nor did they provide me with one for 2020. Fortunately, I keep records that allow me to calculate the interest amount but it would be far easier to have a 1099-INT for inputting the data into the H&R Block software.

 

[disneysteve]

We redeemed a bond last year and got a 1099. Maybe it just hasn’t come yet.

 

[RE2Boys]

I have cashed savings bonds for the last 4 years at two different financial institutions. Each time I have received a 1099INT from the financial institution. One was a bank, the other a credit union. Of course, the amount of interest needs to exceed $10 for the 1099 to be required. Have you contacted the institution?

 

[Philliefan33]

I have seen 1099INT forms that look like a cash register receipt, apparently given to the customer at the time of savings bond redemption. Did you get that, and lose it?

 

[Ian S]

We redeemed a bond last year and got a 1099. Maybe it just hasn’t come yet.

I got a 1099-INT from the bank (Chase) the other day. It has a couple of bucks of interest for the savings account but nothing under the line for savings bond interest. I checked online and there is no other 1099-INT shown for my account.

 

[Ian S]

I have cashed savings bonds for the last 4 years at two different financial institutions. Each time I have received a 1099INT from the financial institution. One was a bank, the other a credit union. Of course, the amount of interest needs to exceed $10 for the 1099 to be required. Have you contacted the institution?

OK so it's the bank's responsibility. I will contact them (Chase) on Monday, We're talking over $2000 in interest.

 

[Ian S]

I have seen 1099INT forms that look like a cash register receipt, apparently given to the customer at the time of savings bond redemption. Did you get that, and lose it?

I suppose that's a possibility although I think it would have registered with me that it was actually a 1099 when I got it. Hopefully Chase bank can clear it all up on Monday.

 

[travelover]

I cashed a bond last year at my credit union and they sent me a 1099 this week.

 

[rk911]

When I cash my EE savings bonds at a bank, who is responsible for providing the 1099-INT? I assumed it was the bank but they have not provided me with one for 2021 nor did they provide me with one for 2020. Fortunately, I keep records that allow me to calculate the interest amount but it would be far easier to have a 1099-INT for inputting the data into the H&R Block software.

we cash our matured bonds at our bank every january. they give me a aubstitute 1099-INT right then and there which i put in the file for the followimg year. but they also send me a 1099-INT which encompasses the bond interest plus our checking amd MM accounts. i'd suggest callimg your bank.

 

[Act2]

I had the same issue with Chase this year, but when I called them they said they have until Monday to mail them out. I’ll call them again if it doesn’t come by Friday. My recollection is that in past years they sent a separate 1099 for the savings bond interest rather than having it on the same 1099 as the savings account interest.

 

[Ian S]

I had the same issue with Chase this year, but when I called them they said they have until Monday to mail them out. I’ll call them again if it doesn’t come by Friday. My recollection is that in past years they sent a separate 1099 for the savings bond interest rather than having it on the same 1099 as the savings account interest.

Well, that's interesting. Thanks. I didn't get anywhere by calling them. They just repeated what was indicated on my existing 1099 and then my call got dropped. I can wait since I don't have all my brokerage tax info yet. Memo to self, use my credit union to cash the bonds this year. Or maybe try using treasury direct again. The latter takes so long for the paper bonds to be recorded IIRC.

 

[statsman]

Good information. Our kid is about to deal with this with the first of a series of EE Savings Bonds hitting the 30 year mark this year gifted by the grandparents. While our kid's name is on all of the savings bonds, the first two have the grandfather's SS number. Of course, he passed away several years ago. Hopefully, the bank/credit union can just apply any earned interest to a 1099 for our kid. I wonder if a death certificate for the grandfather is going to be needed.

 

[Sunset]

If your name is slightly different on the bonds, they will send another 1099 for the bond. It happened to us.

 

[Ian S]

Update: received the 1099-INT for the savings bonds today. So far, the document hasn't shown up in my online Chase account documents.

 

[Act2]

Ian - same here.

 

[disneysteve]

Update: received the 1099-INT for the savings bonds today. So far, the document hasn't shown up in my online Chase account documents.

I don’t know that it will as it has nothing to do with any of your Chase accounts.