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Originally Posted by mused76
hi taxman. i have some bonds that my grandparents bought for me many years ago. my question is i know that there are taxes related to these bonds if i cash them which sucks. what's the best way to make sure i get the lowest amount of taxes taken out of my bonds. how do i file my taxes if i cash these bonds with the receipt the bank gives me? is it possible for the band to take the taxes directly out as i cash the bonds to save me the hassle of filing taxes and claiming the bonds? thanks in advance!
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Depends on the bonds. If they pay interest over time, then you'd be getting a 1099 and paying interest every year.
I'd need to know the type of bond, some of the goverment bonds have some weird quirks to them.
You can ask your financial institution to withhold some, but I don't see why you'd want them to.