Comments on: Savings Bond interest rate calculations http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/ Sat, 13 Mar 2010 19:56:13 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-61222 Fri, 05 Mar 2010 16:05:59 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-61222 Ann - You can use <a href="http://wwws.publicdebt.treas.gov/BC/SBCPrice" rel="nofollow">the Treasury's Savings Bond Calculator</a> to determine the value of the bonds as of any date since Jan 1996. However, I don't know if you can amend the return of someone who has passed away just to change the Savings Bond accounting method. But if you can, you'd have to amend the 2007 and 2008 returns too, to add the Savings Bond interest earned in those years. This is a pretty technical question, I suspect most tax advisors won't know the answer either, but I don't know who else you could ask. Tom Adams Ann - You can use the Treasury's Savings Bond Calculator to determine the value of the bonds as of any date since Jan 1996.

However, I don't know if you can amend the return of someone who has passed away just to change the Savings Bond accounting method. But if you can, you'd have to amend the 2007 and 2008 returns too, to add the Savings Bond interest earned in those years. This is a pretty technical question, I suspect most tax advisors won't know the answer either, but I don't know who else you could ask.

Tom Adams

]]> by: ann http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-61210 Thu, 04 Mar 2010 22:17:34 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-61210 Hi Tom, I now realize after reading more on your website that we did not inherit a stepped-up basis on the EE bonds inherited from my mother-in-law. However, we could have included the interest earned on my MIL's tax return in earlier years. My mother-in-law passed away in 2008 and had taxable income in 2008 and 2007. In 2006, my mother-in-law had -$17,000 of income. Would it be possible to amend her 2006 return to include the interest earned on the bonds through 2006, and then include that previously taxed interest on Schedule B of our 2009 return? How do I calculate the interest income on the bonds through 2006 if we can amend her 2006 return to include this interest income? She had four $1,000 EE bonds and one $10,000 EE bond that were purchased on Jan 8, 1992. Hi Tom,
I now realize after reading more on your website that we did not inherit a stepped-up basis on the EE bonds inherited from my mother-in-law. However, we could have included the interest earned on my MIL's tax return in earlier years.

My mother-in-law passed away in 2008 and had taxable income in 2008 and 2007. In 2006, my mother-in-law had -$17,000 of income. Would it be possible to amend her 2006 return to include the interest earned on the bonds through 2006, and then include that previously taxed interest on Schedule B of our 2009 return?

How do I calculate the interest income on the bonds through 2006 if we can amend her 2006 return to include this interest income? She had four $1,000 EE bonds and one $10,000 EE bond that were purchased on Jan 8, 1992.

]]> by: Tom Adams http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34920 Mon, 19 Jan 2009 16:24:16 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34920 Donnie - No, that feature applies only to EE bonds. Tom Adams Donnie - No, that feature applies only to EE bonds.

Tom Adams

]]> by: Donnie Adams http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34846 Sat, 17 Jan 2009 16:02:06 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34846 Do Series I bonds have anything like the one time 20 year bump-up in value like the Series E bond? Do Series I bonds have anything like the one time 20 year bump-up in value like the Series E bond?

]]> by: Tom Adams http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34666 Wed, 14 Jan 2009 15:06:29 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34666 Gail - use the Savings Bond Calculator at the top-right of this page to determine how much of each bond is interest. The amount of tax you'll have to pay on that interest depends on your other income - you add the interest to your tax return for the year you cashed the bond - and can vary from 0% to 35%. Tom Adams Gail - use the Savings Bond Calculator at the top-right of this page to determine how much of each bond is interest.

The amount of tax you'll have to pay on that interest depends on your other income - you add the interest to your tax return for the year you cashed the bond - and can vary from 0% to 35%.

Tom Adams

]]> by: Gail http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34646 Wed, 14 Jan 2009 01:23:34 +0000 http://www.savings-bond-advisor.com/savings-bond-interest-rate-calculations/#comment-34646 I have 4 mature Series E Savings Bonds that I would like to redeem. They are qty 3 for $25 and qty 1 for $50. What is my interest/tax on these? I have 4 mature Series E Savings Bonds that I would like to redeem. They are qty 3 for $25 and qty 1 for $50. What is my interest/tax on these?

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