Ask Terry Questions 4 week T-Bills taxes

4 week T-Bills taxes

By Terry Savage on February 22, 2024 | Taxes & Economy

I have been buying 4 week T-Bills in 2023. I know I have to pay Federal tax on the interest.
I had both Federal and State taxes done last Friday, the tax man said 4-week T-Bill interest is not taxed by the State of Illinois. Is that true? Thank you

Terry Says

Your TreasuryDirect account will have a message with your 1099 interest form. Only securities that matured in 2023 will be included.
And, yes, one of the great advantages of T-bill interest is that it is exempt from State income taxes!

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