So last time I went home in January, I was given a folder that had some US EE Saving bonds in it. Cool. It was $900 face value with varying dates from the late 80's to early 90's. I have just gotten to figuring out what the values are today. Three of them matured 11/2017 and the other three mature over the next few years.
I figured it's only $20 or so on the other bonds, so researched what happens when you cash them early, when I found out this tidbit:
Taxes are due on the bonds when they mature, whether or not you cash them out. Uh oh. I didnt report these. The current value are $1,555.20.
What's the best way of going about this now? Is there a form to fill out? Do I just get them cashed and then report the income? What's the tax penalty on this?
I suppose I could just call the IRS in regards to it, but curious to what is the best plan.
Thanks!
Submitted May 01, 2018 at 10:47PM by BrownAleRVA https://ift.tt/2JKDc2G
