In today’s video, we’re going to talk about 1099s for I-Bonds & 1099s for T-Bills & other Treasury Securities (how to download step-by-step).
0:00 Intro
1:02 1099s for I-Bonds
2:46 1099s for T-Bills, 1099s for Treasury Notes, 1099s for Treasury Bonds, 1099s for TIPS (1099-B & 1099-OID)
4:13 How To Download 1099 TreasuryDirect
5:52 How To Download 1099 Fidelity
6:26 How To Download 1099 Schwab
7:08 How To Download 1099 Vanguard
7:39 How To Download 1099 Merrill Edge
8:08 How To Download 1099 E-Trade
SOURCE: Interest Income Reporting For Marketable Securities
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1099s for I-Bonds & 1099s for T-Bills & Other Treasury Securities | How To Download (Step-By-Step)
When tax season rolls around, one important document that individuals need to keep an eye out for is the 1099 form. This form provides crucial information regarding investment income, allowing taxpayers to accurately report their earnings and ensure compliance with the Internal Revenue Service (IRS). If you have invested in I-Bonds or T-Bills and other Treasury securities, it is essential to know how to access and download the corresponding 1099s for proper tax filing. In this article, we will guide you through the process of obtaining your 1099s step-by-step.
Step 1: Determine the type of investment
Before proceeding, it’s crucial to understand which type of investment you hold. While both I-Bonds and T-Bills are Treasury securities, they have slightly different procedures for obtaining 1099 forms. I-Bonds are savings bonds issued by the U.S. Department of the Treasury, while T-Bills represent short-term debt obligations issued by the same entity. Other Treasury securities, including notes and bonds, fall in a separate category and have their own specific processes. Ensure you are clear on the type of investment you hold before proceeding.
Step 2: Visit the official TreasuryDirect website
To download your 1099 form, you’ll need to visit the official website for TreasuryDirect, which is the U.S. Department of the Treasury’s online platform for managing various Treasury securities. Open your preferred web browser and enter the following URL: www.treasurydirect.gov.
Step 3: Log in to your account
Once you have accessed the TreasuryDirect website, locate the “Log In” button and click on it. You will need to enter your TreasuryDirect account number as well as your password. If you do not have an account yet, you will need to create one to proceed further. Follow the instructions provided on the website to create a new account.
Step 4: Navigate to the “My Holdings” section
After logging in, you will be redirected to your account dashboard. Look for the “ManageDirect” tab and click on it. From the dropdown menu, select the “My Holdings” option. This section will display a list of all your Treasury securities.
Step 5: Select the appropriate security type
In the “My Holdings” section, you will find a table displaying your investments. Locate the security type that corresponds to your investment—either I-Bonds, T-Bills, or another Treasury security. Click on the name of the desired security to access further details.
Step 6: Access the 1099 forms
Once you have selected the specific security type, you will be directed to a page with detailed information about your investment. Look for the “Tax Information” tab and click on it. This tab will provide access to all tax-related documents, including the 1099 form.
Step 7: Download the 1099 form
Within the “Tax Information” tab, you will find a list of available tax documents. Locate the 1099 form related to your investment and click on the corresponding link to initiate the download. Ensure that you have the necessary software to view and print the file, such as Adobe Acrobat Reader.
Step 8: Verify the information on the 1099 form
Upon downloading the 1099 form, carefully review all the information to ensure its accuracy. Check that your personal details and investment earnings match your records. If you notice any discrepancies or have any questions, it is advisable to consult a tax professional or the IRS for further guidance.
With these simple steps, you can easily obtain your 1099 forms for I-Bonds, T-Bills, and other Treasury securities. Remember to keep these documents in a secure place as they are essential for accurately reporting your investment income during tax season. By abiding by the IRS regulations regarding investment reporting, you can ensure a smooth tax-filing process and avoid any potential penalties or audits.
I have some old paper iBonds & EE savings bonds. When I cash them out will I get a 1099 from the bank that processes the transactions?
I have learned a lot from your videos. I was having hard time trying to find where to withhold taxes in Treasury Direct. I have already purchased T-Bills and I-Bonds. There is 2 hour hold time for phone help and they decline answering emails. You are an angel! Thank you for providing a video on this. https://www.youtube.com/watch?v=PEWRMfbNgLs
Hi Jennifer. Thank you for your helpful videos on purchasing t-bills and other securities. Do Vanguard’s 1099’s indicate a difference between t-bill interest (federally taxed only) versus cash deposit interest (fully taxed interest)? Or is that something I have to keep track of myself? I take it I won’t be getting any 1099’s from my Roth IRA account. Thank you.
lot of people dont know this, but I-bonds are income tax free if youre going to school and u redeem them. this is my situation where i basically have ~60k/yr worth on my 1098 E so i can max out my IRA each year up to ~32k income tax + penalty free every year.
about half of that 32k comes from the standard single deduction and the amount of income u can put towards the 2k lifetime education tax CREDIT (not a deduction). havent heard anyone talk about a strategy like this. Also u can basically max out the amount u are able to earn on the FAFSA by putting a lot of money into a roth IRA before/during the first year of school and just using it as a savings account that is not reportable as an asset on the FAFSA…..
if you do this while also withholding a bunch of money in a regular IRA/simple IRA/401k leading up to going back to school, you can basically turn income u would of paid 25-45% taxes on into 0% tax. tax avoidance is legal, tax evasion isnt lol
yeah, normally you shouldnt take money out of ur IRA, but if youre doing so while paying no taxes on pretax money, youre basically tax GAIN harvesting. put that money in a brokerage and the ability to retire early is so much more accessible because of the underutilized advantages of Long term capital gains. During school I am continuing to cash out the gains i made by throwing money at the stock market instead of my loans which got frozen at the begining of the lockdowns/crashes and have gotten my tax free reportable income up to ~65k per year once adding in LTCG. only poor people pay taxes, and its called the state lottery.
You kept mentioning that T-bills is subjected to federal taxes reported on 1099s. I live in TX with no state tax and I have traditional rollover IRA as well as Roth IRA with Fidelity. I also remember seeing one of your other videos which you also mentioned that you can buy T-bills within Roth IRA. Since Roth IRA is a tax free account, wouldn't it make more sense to buy the T-bills in 4-8-13 week ladder format as the interest yield will be 100% tax free once it matures? I would imagine you would still get a 1099s statement from Fidelity for IRS reporting purposes, but you won't be taxed on the interest. Unless I misinterpreted the information.
I purchased the 10,000 limit of I bond for my 14 year old. Paying taxes now makes sense because the child has no other income, but what about in 4-10 years ? Once the child is adult and is earning income from employment. Is the election to pay taxes annually for the entire term? Without a crystal ball we can’t determine if the child will cash in the IBond after 5 years to pay for education expenses or continue to hold. I would love a video where we look at this typical of scenario.
Also, on E Trade you can get to Tax filing if you click on Documents in the menu along the top.
Jennifer, I accidentally bought an I- Bond with my IRA from the credit union back in April was that ok ? If so how do I handle the taxes. When I cash it in do I add the initial investment back in the IRA where I took it from then put the interest in a regular savings account and only pay taxes on the interest.
What if you have a paper I Bond from a tax return? Will they mail you the 1099-INT?
would love to hear about reporting interest annually, important for retirees who don't want to trigger higher tax due to higher modified gross income that would happen with reporting all income at redemption
Can you explain why the recent 3-week (yes 3-week) t-bills I bought on Fidelity account showed an estimated interest rate a little below the 4-week. So I figured “Why not?” They were both shown as new issues (though I wondered why since I’ve never seen a 3-week new issue T-bill offered. Well, when the auction rate came out the rate on the 3-week was about a point below the estimated rate listed by Fidelity. Do you have any insights. I learned to never buy other than 4,8, 17, etc bills.
Thanks for your great content. The 2yr note is closing in on 5%. T-bills vs T-Note vs. I-bonds?
Hi Jennifer, thanks for making this video. Great timing!
If you have a matured paper I-Bond, how do you get the 1099 for it, if it's cashed in at a bank? Thanks.
Great stuff you are putting out there for us Jennifer! Ever since I found your channel in June 2022, I've been following your every video looking for the latest explanations, ideas and possibilities. Love your detail instructions. Was bummed I couldn't figure out how to buy the 16 day Fidelity after your short clip. What a teaser!
偶然看到您的频道，非常实用，遗憾的是我不会英语，尽管我利用了字幕翻译功能也只能看懂一部分，为了搞清楚细节需要看几遍视频。其实华人圈有很多人有固定收益投资需求。如果您的视频有比较准确的中文字幕都能够吸引更多的忠实观众。再次感谢！❤
Hi Jennifer. Fidelity is offering 4.11% in their money market fund SPAXX stating it's a 7 day yield. Is this the same as APY? Also is there any additional risk to this fund vs. a checking or high yield savings account?
Great video! I'm interested in learning how to pay tax on an annually basis. Would you please do a tutorial video? Thanks so much!
Hi Jen, I’m concerned at the possibility of a government default in June. My entire savings are in T bills. Even if I timed maturities to be all cash by June, my money would be in Money Market accounts at Vanguard. These money market accounts are mostly invested in Government securities. Pulling the money out into banks would also be problematic as the banks rely on FDIC insurance. What are your thoughts on this ?
Will you talk about the conditions for buying a longer-term bonds?
thanks so much for all you do. is the 26 week tbill the same as the new 6month at 5 percent?