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First, I just wanted to let everyone know how fortunate they are not having to work today, Ptuey! Anyway, I was looking for something and am asking for help on locating it.

I cannot find this anywhere, but when EE savings bonds are cashed in, what rate is used to figure taxes on the interest? I thought you standard tax rate was used, say if you're in the 28% tax bracket, interest is taxed at 28%. I'm not using them for education, just putting the money to better use for about 18-20 years.

Thanks peoples.

Happy Holidays!

Rick
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>> I cannot find this anywhere, but when EE savings bonds are cashed in, what rate is used to figure taxes on the interest? I thought you standard tax rate was used >>

You thought right. Interest is ordinary income. SAvings bond interest will be exempt from your state income tax, but for Federal it's right there with everything else.

Phil Marti
Tax Preparer
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