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Filing Season Form 8888 and Series I Savings Bonds
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People also ask bond
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Do I need to report I bonds on my tax return?
More In Help. I cashed some Series E, Series EE, and Series I savings bonds. How do I report the interest? In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.
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Do I need to attach my federal extension?
You can file your tax return any time before the extension expires. Don't attach a copy of Form 4868 to your return. You'll owe interest on any tax not paid by the regular due date of your return, even if you qualify for the 2-month extension because you were out of the country.
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Do I need to attach 83b election to tax return?
The fair market value of your award should already be included in W-2, box 1 or 1099-NEC. Additionally, the IRS no longer requires that you include your 83(b) election form with your taxes when filing. After your stock vests, gains or losses from future sales will be reported on Form 1099-B, like any other stock sale.
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Can form 8888 be filed electronically?
All Form 8888 deposits must be to accounts in your name, your spouse's name, or a joint account. You can't file Form 8888 if you file Form 8379 (Injured Spouse Allocation). File Form 8888 electronically to get your refund faster.
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Do I need to attach form 8888?
Form 8888 is now only used to split your direct deposit refund between two or more accounts or to split your refund between a direct deposit and a paper check. For more information, go to https://treasurydirect.gov/research-center/ faq-irs-tax-feature/. Continuous-use form.
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Is form 8888 good or bad?
Direct deposit options A benefit of filing Form 8888 is that it eliminates the delay of having to transfer your tax refund to different accounts yourself. Moreover, you can receive your refund in various types of accounts—not just checking and savings.
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How to report savings bond interest on tax return turbotax?
Box 1 of the 1099-INT reports all taxable interest you receive, such as your earnings from a savings account. Box 2 reports interest penalties you were charged for withdrawing money from an account before the maturity date. Box 3 reports interest earned on U.S. savings bonds or Treasury notes, bills or bonds.
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Is form 8888 necessary?
Form 8888 should be used for the direct deposit of your refund into two or more accounts, including the purchase of U.S. savings bonds. You should also be aware that your deposits may be rejected by your financial institution if either: the account is in someone else's name.
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