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You can use the tool above to calculate the current values of the bonds. You don’t need to enter the serial number but it might be good to number them 1-1000+ so you can track them. You pay taxes
on the interest (not face value) and the bank will send you a
1099-INT tax form which will show you the taxable interest to be reported. The bank will do similar calculations but it might be
good to do some yourself to be sure the bank is doing it correctly.
Note that interest is posted only at certain times. I believe a
bond issued in Dec posts interest on Dec.1 and June 1 each yr.
Check to be sure. If you cash them on Nov 30, you will lose the
6 mos. of interest that would have posted on Dec 1.
I believe final maturity is 30 yrs so you might want to cash those first since they aren’t earning interest any more.
Last yrs 1040EZ said maximum interest that could be entered was
$1500. No big deal…..just use the regular 1040.