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T
tzumbaugh
January 24, 2023
Question

Is interest on an I bond taxable prior to redemption?

  • January 24, 2023
  • 2 replies
  • 0 views
No text available

2 replies

T
ThomasM125
January 24, 2023

You can report the interest yearly if you want and pay the tax as you go, but you are not required to. You can wait until redemption to pay tax on the interest if you desire to do so.

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    W
    wwalztoni
    March 2, 2023

    Thanks

    M
    Mike9241
    January 25, 2023

    the election to report yearly must be made in the first year. after that, you need to file form 3315 for a change in accounting methods.

     

      Rick19744
      Rick19744
      Employee
      January 25, 2023

      @Mike9241 meant to indicate form 3115.

       

      *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
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