Most financial institutions, (banks, savings & loan associations, credit unions) are authorized redemption agents designated by the US Treasury Department. However, some bonds may have to be submitted to a Federal Reserve Bank to receive payment. Please visit the US Treasury Department website at http://www.treasurydirect.gov for bond status and value calculators and other comprehensive information regarding US Savings Bonds.
Because US Savings Bonds are issued by the federal government you do not have to pay state tax or local taxes on the earned interest. However, all of the accumulated interest on US Savings Bonds is taxable in the tax year that they mature and must be reported on your tax return. You will receive a Form 1099-INT tax notice in the tax year that the US Savings Bonds are redeemed. Even if you do not receive a tax statement or Form 1099 you are still responsible for reporting all taxable interest income on your tax return. The IRS is notified electronically of all interest paid by financial institutions to bond holders. If you do not include your interest income on your tax return you will be notified by the IRS, usually by mail, of the amount of additional tax, interest, and penalties that you owe.
Click here to search the Wisconsin Database to see if we are holding any bonds in your name!
- How do I cash a US Savings Bond, and do I have to pay interest on a bond? (wistatetreasury.wordpress.com)
- A Drive to Bring Back Paper Savings Bonds Languishes Online (bucks.blogs.nytimes.com)
- Series EE Savings Bonds Explained (bargaineering.com)
Today’s Unclaimed Property Quiz should be an easy one. Answer correctly on our Facebook Page by 7PM tonight (5/2). Everyone with the correct answer will have their names placed in a hat and a winner will be drawn from there. Good luck!
The Fast Tracking option for certain claims where the Social Security number matches what we have on file has a new threshold – $1,000. If your claim is $1,000 or below, you can safely enter your social security number online at our website during the claims process and if it matches, you will get your money in 10 days! The old threshold was $750.
Also, remember to search for missing savings bonds we might be holding in our vault!
Visit http://www.statetreasury.wisconsin.gov now and start your search!
As you can see, I am ramping up the information highway to keep you, the people of Wisconsin, up to date on what is happening at the Treasurer’s office. This might be a surprise to some of you based upon the platform I ran on. I want to allay any fears that I might be back pedaling on that platform. Let me assure you that I have not.
I do, however, take my job as your elected Treasurer with the greatest seriousness and as a servant of the people of Wisconsin want to do as much good with the office as the legislative process to eliminate it takes its course. I have had conversations with respected conservative legislators that do not agree with me and also with those that do. Should it be approved by the legislature and signed by Governor Walker it will be you, the people of Wisconsin who will get the final say in this matter, and I respect the right of voters to choose.
That being said, there are some very positive things that can be accomplished and I will briefly mention a few of them. I will be attending the National Association of State Treasurer’s Legislative Conference at the end of March and will be meeting with every member of the Wisconsin delegation regarding a proposed bill titled “The Rightful Owner Act”. In the United States, there are currently some $16 Billion in unclaimed savings bonds that have stopped earning any interest. Here in our fair state, that figure is estimated to be $133 Million…that’s your money! This legislation will help move the process of reconnecting the rightful owners with their money.
Many third party vendors have been providing a helpful service by using the unclaimed property data base to alert some owners that they have some found money. They then collect a fair fee for their service. As a servant of the people of Wisconsin I hope to educate them that before they accept this offer that they can easily check our website and see for themselves if that money is here in Wisconsin or any other state. An informed person can then follow all the steps to easily claim this money without paying any fee. Knowledge is power and I intend to do my best to raise awareness of this with my constituents.
The office of Treasurer is also working to eliminate the current 25% limit that public school libraries can spend on computers from the money they receive via our Office – The Common School Fund receives anywhere from $20 Million to $30 Million a year from the Office of State Treasurer. To remain a leader in education, I feel technology is the sharpest tool the library and educational system has at their disposal and should not be arbitrarily limited.
We also continue to examine the most cost effective reconfiguration of the office should the voters of Wisconsin decide to eliminate it as a constitutional office.
Please check my blog regularly for updates on these and future issues that I am putting forward as your State Treasurer.