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Is income from US savings bonds and prefered stock taxes at a state and local rate along with a federal rate? What is the federal rate?
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Is income from US savings bonds and prefered stock taxes at a state and local rate along with a federal rate?

Savings bond interest is taxable for Federal but exempt from state tax. Preferred stock dividends are taxable for Federal and, I assume, all states with an income tax. Look in your state's instructions to confirm.

What is the federal rate?

0%, 15%, 28%, 31%, 36%, or 39.6%, depending on your total income.

Phil Marti
VITA Volunteer

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