Did not receive 1099 INT for savings bonds? Don’t worry, you’re not alone. Many investors encounter this issue and are left scratching their heads. In this article, we will explore the reasons behind not receiving a 1099 INT for savings bonds and provide guidance on how to handle this situation.
Savings bonds are a popular investment option for many individuals due to their stability and tax advantages. These bonds are issued by the U.S. Treasury and can be purchased through various financial institutions. One of the key benefits of savings bonds is that they offer interest income, which is typically reported on Form 1099-INT.
However, it’s not uncommon for investors to find that they did not receive a 1099 INT for their savings bonds. There are several reasons why this might happen, and we will discuss them below.
1. Incorrect or outdated contact information
One of the most common reasons for not receiving a 1099 INT is that the financial institution has incorrect or outdated contact information on file. This could be due to a change in address or phone number. To resolve this issue, contact your financial institution and provide them with your current contact information.
2. The bond was issued before 1989
Savings bonds issued before 1989 do not require a 1099 INT. These bonds were known as Series EE or Series E savings bonds and were issued by the U.S. Treasury Department. If you have savings bonds from this era, you won’t receive a 1099 INT for them.
3. The bond was purchased through a government agency
If you purchased your savings bonds through a government agency, such as the U.S. Treasury Direct program, you may not receive a 1099 INT. In this case, you can access your bond information and interest earnings through the TreasuryDirect website.
4. The bond has not yet matured
Savings bonds typically mature after 20 to 30 years, depending on the type of bond. If your bond has not yet matured, you may not receive a 1099 INT. However, once the bond matures, you will receive a 1099-INT form to report the interest income.
5. The bond was cashed in
If you have cashed in your savings bond, you may not receive a 1099 INT. Instead, you will receive a Form 1099-B, which reports the proceeds from the sale of the bond. This form will also include the interest earned on the bond.
What to do if you did not receive a 1099 INT
If you have determined that you should have received a 1099 INT for your savings bonds but did not, here are some steps you can take:
1. Contact your financial institution or the U.S. Treasury Direct program to verify your bond information and request a duplicate 1099 INT form.
2. Check your mail for any possible misdelivered or lost forms.
3. If you still cannot locate the form, you can use Form 8915, “Request for Taxpayer Identification Number and Certification,” to report the interest income on your tax return.
Remember, it’s essential to report all interest income accurately on your tax return, even if you did not receive a 1099 INT. By following these steps, you can ensure that your savings bond interest is properly reported and that you avoid any potential penalties or tax issues.
