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We cashed in some US savings bonds on 12/29/06. There was over $200 in interest so I was expecting a 1099 from the bank.
I called them, and they said they had no record of the transaction.
I have a print out receipt sheet that we got at the time we cashed them in.
I am planning on taking that back to the bank and seeing what they can find out.
What I am trying to figure out is what happened. I know that I have to report the interest even if I dont get a 1099, but the fact that the bank has no record is making me worry. Could the fact that we redeemed them on the last day of the year, push them into 2007? Any other ideas?

Thanks
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I know that I have to report the interest even if I dont get a 1099, but the fact that the bank has no record is making me worry. Could the fact that we redeemed them on the last day of the year, push them into 2007?

No

Any other ideas?

Bank incompetence. I wouldn't waste any more time on it.

Phil
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Bank incompetence.

I pretty much assumed that.

I wouldn't waste any more time on it.

I am only worried that they might report it for 2007, which would throw off both 2006 and 2007 taxes. I know what I did and I know what should have happened, but I don't know what the bank did.
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I am only worried that they might report it for 2007, which would throw off both 2006 and 2007 taxes.

No it wouldn't. Since you reported it correctly you'd just inform the IRS, when they inquired about 2007, that you reported it right and the bank wrong. Trust me, it won't be the first time they've seen this.

Phil
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FYI

US Savings Bonds go up in value on the 1st of the month. (Except for some old bonds which go up the first day of the financial quarter) So it's best to buy them late in the month, and redeem them early in the month, to get the most interest.
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