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Reply to "How to buy I - Bonds "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The gains are only taxed when you sell. If used for higher education and you meet income criteria, no tax. [/quote] I am trying to understand how I bonds are taxed. I read information on treasury web site and still not quite clear on the options. Basically I can pay tax annually, or at maturity, or at any point I decide to cash them out. What if I bought ibond in a year when I have no other taxable income? Would it be smart to report ibond gains and pay the minimum bracket rate? Lost here :) [/quote] You pay tax on interest annually, at maturity or in the year you cash out. If you choose to pay tax on interest in year 1, you are locked into that particular method recognizing revenue and paying tax. i.e. pay taxes on it every year.[/quote]
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