What is a 1048 form?

What is a 1048 form?

To file a claim for a savings bond that is lost, stolen, or destroyed, complete a Claim for Lost, Stolen, or Destroyed United States Savings Bonds (FS Form 1048).

Do savings bonds need to be reported on taxes?

In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.

How do I claim a lost EE savings bond?

If your paper EE bond is lost, stolen, or destroyed, we need the following information before searching for the record of your bond: Bond serial number — If you don’t have the bond serial number, provide all of the following: Specific month and year of purchase.

How do I calculate taxes on a savings bond?

Multiply the interest earned on the bond by your federal tax rate. For example, if you earned $1,200 in interest on a Series E bond and your tax rate is 28 percent, your tax on the bond is $336, or $1,200 times .

What happens to unclaimed savings bonds?

For those fully matured bonds remaining unredeemed, there is no active program by the Bureau to locate the bondholders and pay them the proceeds to which they are entitled. This has resulted in approximately $26 billion in matured U.S. savings bonds left unclaimed in the U.S. Treasury.

How do I send savings bonds to Treasury?

Mail the bonds and form to Treasury Retail Securities Services, PO Box 214, Minneapolis, MN 55480-0214.

Will I get a 1099 for cashing in savings bonds?

Yes. IRS Form 1099-INT is provided for cashed bonds. The form may be available when you cash your bond or after the end of the tax year. 1099-INTs are posted in TreasuryDirect in January.

Is there a penalty for not cashing in matured EE savings bonds?

Even though the Treasury doesn’t care if you cash in your fully matured savings bond, the tax rules require you to declare the interest you have earned and pay taxes on it. If you failed to report the interest for the year the bond matured, you are liable for any taxes due and possibly a tax penalty.

How do you check if a bond has been cashed?

You can check if a bond has been cashed by heading to treasurydirect.gov and logging in. If you don’t already have an account, click the “Open an Account” link on the right and follow the prompts to create a login.

What percentage are savings bonds taxed at?

The rate you’ll pay on bond interest is the same rate you pay on your ordinary income, such as wages or income from self-employment. There are seven tax brackets, ranging from 10% to 37%. So if you’re in the 37% tax bracket, you’ll pay a 37% federal income tax rate on your bond interest.

Is there a penalty for not cashing matured savings bonds?

For the IRS, the deferral period ends either when you redeem the bond or when it reaches final maturity, whichever comes first. If you failed to report the interest for the year the bond matured, you are liable for any taxes due and possibly a tax penalty.

How do I find the treasury bonds in my name?

You can locate any outstanding or unclaimed savings bonds in your name by consulting with the TreasuryDirect service operated by the federal government.

How do you replace savings bond?

Sometimes you can’t find a lost savings bond or corporate bond no matter how hard you look. You can get the bonds replaced by contacting either the Department of the Treasury or the corporation that issued the bonds. With just a little bit of information, the bonds can be replaced for free or at a nominal charge.

How do you replace lost US savings bond?

A bond holder who has lost paper bond certificates can ask the Treasury Department to issue replacement bonds. Make the request by filling out Form PD F 1048, “Claim for Lost, Stolen or Destroyed United States Savings Bonds,” which can be downloaded at the Treasury website.

How do you find lost savings bond?

How to Find a Lost Savings Bond. Start by going to TreasuryDirect.gov and download Form 1048 Claim for Lost, Stolen or Destroyed U.S. Savings Bonds. Fill out as much information as you can about the lost bond including the bond owner’s name, address and Social Security number, the approximate issue date (or date range), serial number if available and other details about the loss.

Form 1048 is used to request reimbursement for all specialized services provided by an LIDDA to all eligible individuals within a particular month.