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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Average k balance. How to retire early. How to open an IRA. IRA CD rates. Best ways to save for retirement. Best mortgage lenders. Best mortgage refinance lenders. Average refinance closing costs.
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Savings Bond interest - You can elect to include the interest in income each year, but you generally won't include interest on Series EE and Series I U. Savings Bonds until the earlier of when the bonds mature or when they're redeemed or disposed of. See the first bullet below for information about an exclusion from income for interest redeemed from certain Series EE and Series I bonds if you meet certain requirements. Examples include interest received with damages or delayed death benefits.
Examples of Nontaxable or Excludable Interest Interest redeemed from Series EE and Series I bonds issued after may be excluded from income when used to pay for qualified higher educational expenses during the year and you meet the other requirements for the Educational Savings Bond Program.
Refer to Publication , Investment Income and Expenses for detailed information. Interest on some bonds used to finance government operations and issued by a state, the District of Columbia, or a U. Reporting tax-exempt interest received during the tax year is an information-reporting requirement only and doesn't convert tax-exempt interest into taxable interest. Interest on insurance dividends left on deposit with the U.
Department of Veterans Affairs is nontaxable interest and not reportable.
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