My Aunt passed away 2 years back and left me a series ee bond that was in my name but her SS number..I cashed the bond a few months later, and the IRS said that I was responsible for the tax which I did not claim on my tax return. I was told that I did not have to as it was under her SS and not mine..what am I suppose to do now? Thanks..
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Answers & Comments
Verified answer
You have to pay it, just add it as unearned income tax. The IRS should have sent a 1099 for it.
Tammy
Yes, you are responsible. The bond was purchased by her, and because you did not have or she did not want get your tin, she used hers. The payee (you) is responsible for taxes when paid. After all, you got the money!
Contact your tax preparer with the amount of interest not claimed. He will file and amended return for you. ANy taxes can be paid by check, Unless it was a lot of money it should be no big deal.
Soccerref
you got the money so you get the tax