Saving Bonds Cashed In Question

[Robert11]

Hello:

Not too good with this stuff.

Simple question (I think) please:

Cashed in some very, very, old U.S. savings bonds.

Am I correct that you only pay Federal taxes on the earned interest portion
of what you receive, and that you
do Not pay any State taxes at all on it ?

Thaks,
Bob

 

[Wayne Brasch]

Hello:

Not too good with this stuff.

Simple question (I think) please:

Cashed in some very, very, old U.S. savings bonds.

Am I correct that you only pay Federal taxes on the earned interest
portion of what you receive, and that you
do Not pay any State taxes at all on it ?

Thaks,
Bob

It depends on the State involved, but that is probably true for most of
them.

Wayne Brasch, CPA, M. S. Taxation