Trying to do my year-end taxes, but the interest income on my bonds is confusing me. The accrued interest doesn't appear to be correct. Pic related is the interest accrued in 2014. If you look at the next pic I post, there is no way that bonds at those interest rates generated this amount of interest in a year.
ah yeah missed that they were EE's -- its not clear to me why theres so much interest even after reading the terms for the particular years.
seems like only the issue years of 1998 are impacted. does the treasury site have details of interest paid, or just this calculator? i'd reach out to their support to make sure its all good
I don't believe that they offer support or a breakdown of the interest. Just the calculator. Up until now the calc has worked fine, but this year it appears to have gone haywire. I can't make any sense of the values or interest accrued. DOn't want to fuck it up and do my return incorrectly. Wish I'd just gone with the alternate reporting method and just done it all when they were redeemed.
I know this. Some of them worked correctly. However, look at the others.
A $200 bond with a value of $80.92 at the end of 2014 is now at $100.24 12 months later. That's about $20 in interest on a 1.39% bond.
nvm we all missed the fine print -- 1998 reached original maturity so are worth at least the face value
Treasury guarantees that an EE Bond (whether paper bought at half of face value or electronic bought at full face value) will be worth at least double its purchase price when the bond reaches original maturity. Original maturity is a point part way into the bond's 30 year life.
For EE Bonds with issue dates from May 1, 1997 through May 1, 2003, original maturity is 17 years after the issue date.
If an EE Bond has not earned enough interest to be worth an amount that is double its purchase price on the date it reaches original maturity, Treasury will make a one-time adjustment on the original maturity date of the bond to make up the difference.
read the treasury site for more details
i missed that bit, and it also looks like if you've been reporting interest annually you can't just give up and wait until you cash out
i think the whole bit is reported as interest but really a tax professional should answer it