Ask Terry Questions I BONDS TAXATION

I BONDS TAXATION

By Terry Savage on September 27, 2022 | Chicken Money

If I buy I BONDS in my name and in my revocable trust would the ones in my trust be taxable by Illinois?

Terry Says

First of all, remember that no tax is paid until you cash them in — likely at least 5 years from now. But interest earned on I-bonds is free from state and local taxes at that time.

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