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Cashing I-Bonds
Old 05-20-2020, 12:06 PM   #1
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Cashing I-Bonds

I have both electronic I-bonds on Treasury Direct and paper I-Bonds..I do not think I am able to transfer my paper bonds to electronic due to my my lack of computer skills..I don't want to risk getting them lost or me getting things screwed up..I guess even though I don't want to at some point I will need to cash them but I have not been able to find any bank that will do so..Any suggestions?
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Old 05-20-2020, 01:38 PM   #2
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Wells Fargo cashed in my paper i-bonds two years ago. Very simple process and they even sent me a 1099 at the end of the year.
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Old 05-20-2020, 01:43 PM   #3
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You don't have to be too savvy to convert your paper to electronic. Basically, you just type in the bond numbers, it generates a form you print and mail in with the bonds and then you wait for them to credit the account. It is clunky but I had no issues (and afterwards, you have two linked accounts).
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Old 05-20-2020, 02:47 PM   #4
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Wells Fargo cashed in my paper i-bonds two years ago. Very simple process and they even sent me a 1099 at the end of the year.
Thanks
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Old 05-20-2020, 02:48 PM   #5
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You don't have to be too savvy to convert your paper to electronic. Basically, you just type in the bond numbers, it generates a form you print and mail in with the bonds and then you wait for them to credit the account. It is clunky but I had no issues (and afterwards, you have two linked accounts).
That's sorta like all computer stuff...It's easy if you know how to do it..
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Old 05-20-2020, 03:04 PM   #6
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That's sorta like all computer stuff...It's easy if you know how to do it..
I agree also. The instructions to convert to electronic form takes five pages, with possible multiple sub accounts depending on registration details. Hurts my head to read the instructions.
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Old 05-20-2020, 03:12 PM   #7
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I agree also. The instructions to convert to electronic form takes five pages, with possible multiple sub accounts depending on registration details. Hurts my head to read the instructions.
Thank you!
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Old 05-20-2020, 05:44 PM   #8
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Wells Fargo cashed in my paper i-bonds two years ago. Very simple process and they even sent me a 1099 at the end of the year.
Beats Treasury Direct. They don't bother to send 1099s. I just realized recently that I sold a couple of 0% IBonds last year and didn't know I had to log into TD and download 1099. So with no 1099 in hand I missed them on my 2019 tax return, and I now need to do a revised return.
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Old 05-23-2020, 08:02 AM   #9
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I haven’t sold an ibond in over a decade so I don’t remember how they handled the tax forms but I do have another holding in TD that throws off taxable interest each year and I get an email each year advising me to log on and download my tax forms.
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Old 05-23-2020, 08:06 AM   #10
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Originally Posted by lawman View Post
I have both electronic I-bonds on Treasury Direct and paper I-Bonds..I do not think I am able to transfer my paper bonds to electronic due to my my lack of computer skills..I don't want to risk getting them lost or me getting things screwed up..I guess even though I don't want to at some point I will need to cash them but I have not been able to find any bank that will do so..Any suggestions?


I’m definitely not the sharpest knife in the drawer especially on tech things and I was able to figure this out. I was very nervous about doing it so I did it in many small batches and everything went well and no problems.
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Old 05-23-2020, 08:09 AM   #11
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We have paper I bonds from early 2000's now in the > $100K +. I am concerned if DH and me are killed together. That would require probate for our beneficiaries. We have to start thinking how to cash out to keep our income down. I looked into the treasury direct route, forget it. And our trust attorney won't touch it either. I was always under the assumption our bank would cash them. They cashed our EE bonds a few weeks ago.
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Old 05-23-2020, 08:52 AM   #12
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We have paper I bonds from early 2000's now in the > $100K +. I am concerned if DH and me are killed together. That would require probate for our beneficiaries. We have to start thinking how to cash out to keep our income down. I looked into the treasury direct route, forget it. And our trust attorney won't touch it either. I was always under the assumption our bank would cash them. They cashed our EE bonds a few weeks ago.
I am in your exact same place..I'm told Wells Fargo will cash them but I have no idea if that is true or in what amount..I really don't want to cash any but feel I should not leave them to be inherited..
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