Author Topic: PSA: cashed out I Bonds? Donít get audited  (Read 418 times)

Offline jye

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2017
  • Posts: 655
  • Total likes: 1029
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood NJ
PSA: cashed out I Bonds? Donít get audited
« on: February 20, 2024, 09:14:19 AM »
You will not get a 1099 in the mail, but it will be reported to the IRS and will trigger an IRS notice if it isnít on your return.
https://www.wsj.com/personal-finance/taxes/i-bonds-taxes-1099-form-2023-guide-6f206ccb?mod=mhp

Online Aerial Dag

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1044
  • Total likes: 78
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: MS Desert
Re: PSA: cashed out I Bonds? Donít get audited
« Reply #1 on: February 20, 2024, 09:17:14 AM »
On Jan 22 TreasuryDirect sent me the following email:


Quote
Dear Account Owner:


Please check the Investor InBox section of your TreasuryDirect account and all linked accounts, if applicable, for important tax information.
For an instructional video on how to access your 1099 from your TreasuryDirect account, please click on the link below:
https://treasurydirect.gov/indiv/tools-videos/treasurydirect-1099/
Thank you for using TreasuryDirect.     


Please do not reply to this message.

Offline 4yourinfo

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2013
  • Posts: 744
  • Total likes: 102
  • DansDeals.com Hat Tips 4
    • View Profile
  • Location: usa
Re: PSA: cashed out I Bonds? Donít get audited
« Reply #2 on: February 20, 2024, 01:00:39 PM »
You will not get a 1099 in the mail, but it will be reported to the IRS and will trigger an IRS notice if it isnít on your return.
https://www.wsj.com/personal-finance/taxes/i-bonds-taxes-1099-form-2023-guide-6f206ccb?mod=mhp
The 1099 info is on the treasury direct website - Just like most banks...
What is a problem is when investment banks like Etrade forget to include Tbill info on their 1099 - Here is a message from E-Trade chat "Thank you for your patience! This issue has been reported. We will be reissuing corrected forms inclusive of the missing Treasury bills on or about February 27th. I sincerely apologize for the inconvenience."
Seems like E-trade has a record of messing up on their 1099s!
As Ric Edelman has always warned his listeners on radio - "Don't Rush to file" Investment banks are always making amendments and you dont want to have to file an amended return. (well, your accountant may W$nt to!)

Offline jye

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2017
  • Posts: 655
  • Total likes: 1029
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood NJ
Re: PSA: cashed out I Bonds? Donít get audited
« Reply #3 on: February 20, 2024, 03:41:10 PM »
Most banks offer paper 1099s as well