TBill and I bond taxes –Correction and link to your 1099
On Tbills purchased in 2022 but mature in 2023 when will taxes on the interest be figured for income taxes?
Also on I Bond purchased in 2022 when will that interest be figured for taxes
Terry Says
CORRECTION:
On the T-bills, if purchased in 2022, AND IF THEY MATURED IN 2022 — you earned interest in 2022. BUT, if you purchased T-bills in 2022 and they don’t mature until 2023, then the interest will be taxed in 2023. Check your 2022 1099 from treasury now. See link below. There is no state income tax on Treasury bill interest.
If you purchased Treasury NOTES — which pay interest semi-annually — and received interest in 2022, that will show up on your 1099.
Read the update I just posted here to get your 1099:
https://www.terrysavage.com/t-bills-beat-cds/
There is no state income tax on T-bill interest.
For I-bonds, you won’t pay taxes until you cash them in.
