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Savings-Bonds-Alert: Who pays the taxes

Thursday, October 21, 2004

Who pays the taxes

When a Savings Bond has the social security number of the owner but is cashed by the co-owner, who is resposible for the income taxes on the interest? Tom's response The 1099-INT tax form that reports income to the IRS will have the social security number of whoever cashes the bonds. The social security number printed on the bond is primarily used for tracking purposes in case the bond is lost.


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