Paper Savings Bonds
If you cash a paper savings bond at a local bank, that bank is responsible for giving you a 1099.
If you cash a paper savings bond by mailing it to Treasury Retail Securities Services, we mail you a 1099 by January 31 of the following year. (You can call us for a duplicate statement, if needed, beginning February 15.)
TreasuryDirect (electronic securities)
NOTE: 1099s for tax year 2023 are available in your account now. If you have linked accounts (such as a minor account or where you converted paper bonds), each can have its own 1099.
We put a 1099 into your TreasuryDirect account if:
- You cash a savings bond in TreasuryDirect. (We don’t provide a 1099 if you only buy or hold a savings bond.)
- You hold a marketable security in TreasuryDirect and the security earns interest.
We place the 1099s by January 31 of the following year. When your 1099 is ready, we send an e-mail to your personal e-mail account and put a message into your InBox within TreasuryDirect.
To see the 1099:
- Log in to your TreasuryDirect account
- Click the “Manage Direct” tab
- Under “Manage My Taxes,” click “Year XXXX”
- Near the top of the “Taxable Transaction(s) Summary” page, click “View your 1099 for tax year XXXX”
Video on finding a 1099 in TreasuryDirect
FAQs
If you invest in TreasuryDirect, your 1099 will be available electronically and you can print the form from your account. 1099 forms are available by January 31 of each tax year.
How are Treasury bills reported on 1099? ›
The interest income received in a year is recorded on Form 1099-INT. Investors can opt to have up to 50% of their Treasury bills' interest earnings automatically withheld. If you live in a state with high local taxes, T-bills might be more advantageous than other short-term fixed instruments, like CDs.
Why did I get a 1099-INT from the Department of Treasury? ›
Key Takeaways
Form 1099-INT is an IRS income tax form that reports interest income received by taxpayers. Interest-paying entities must issue Form 1099-INT to investors at year's end and include a breakdown of all types of interest income and related expenses.
Do you get statements from TreasuryDirect? ›
The Account Statements will be available on the 1st business day of the month no later than 1pm Eastern Time.
Does the IRS verify 1099? ›
The IRS knows about any income that gets reported on a 1099, even if you forgot to include it on your tax return. This is because a business that sends you a Form 1099 also reports the information to the IRS. The IRS cross-references tax returns with other income records that businesses submitted.
Does a 1099 get sent to the IRS? ›
Payers file Forms 1099-MISC and 1099-NEC with the IRS and provide them to the person or business that received the payment.
What happens if you don't report interest income? ›
If you receive a Form 1099-INT and do not report the interest on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on your interest payments and any other unreported income.
Will I get a 1099 for I bond interest? ›
If a financial institution pays the bond, you get a 1099-INT from that financial institution either soon after you cash your bond or by January 31 of the following year. If your bonds are in your TreasuryDirect account, your 1099-INT is available in your account by January 31 of the following year.
Are Treasury bills taxed as regular income? ›
T-Bill Tax Considerations
The interest income that you may receive from investing in a treasury bill is exempt from any state or local income taxes, regardless of the state where you file your taxes. However, you will need to report interest income from these investments on your federal tax return.
What happens if I don't claim my 1099-INT? ›
You must report all taxable and tax-exempt interest on your federal income tax return, even if you don't receive a Form 1099-INT or Form 1099-OID. You must give the payer of interest income your correct taxpayer identification number; otherwise, you may be subject to a penalty and backup withholding.
If you receive a 1099-INT, the tax form that reports most payments of interest income, you may or may not have to pay income tax on the interest it reports. However, you may still need to include the information from it on your return.
How do you avoid tax on Treasury bonds? ›
The Treasury gives you two options:
- Report interest each year and pay taxes on it annually.
- Defer reporting interest until you redeem the bonds or give up ownership of the bond and it's reissued or the bond is no longer earning interest because it's matured.
However, it can be a pain to get your year-end 1099. Treasury Direct does not send out Form 1099s via mail. Rather, you must go online to get your 1099 and the process can be a little painful.
How does TreasuryDirect verify identity? ›
For account establishment, we'll ask for personal information such as your name, address, phone number, e-mail address, Driver's License Number/State ID Number, bank account information, and Taxpayer Identification Number.
What is a 1099 from the Department of Treasury? ›
We put a 1099 into your TreasuryDirect account if: You cash a savings bond in TreasuryDirect. (We don't provide a 1099 if you only buy or hold a savings bond.) You hold a marketable security in TreasuryDirect and the security earns interest.
Do I have to pay taxes on treasury bonds? ›
Interest from Treasuries is generally taxable at the federal level, but not at the state level. Interest from munis is generally exempt from federal taxes, and if you live in the state where the bond was issued, the interest may also be exempt from state taxes.
Do I need to report Treasury bonds? ›
Bonds typically pay a fixed amount of interest (usually paid twice per year). Interest from corporate bonds and U.S. Treasury bonds interest is typically taxable at the federal level.
How do I get my 1099 from federal government? ›
The 1099-R tax form reports the amount of income you received during the tax year. The form contains boxes you will need to use to complete your federal and state tax returns. The 1099-R tax forms are mailed by the end of January each year and available to access and download online by logging in to myCalPERS.
