I just received a 1099B from my bank for the redemption of a State of Illinois General Obligation Savings Bond Series of October 1993. This matured in 2103 and we did not redeem it until 2017. This money was used to pay my son’s and daughter’s education. The bond matured at $15,000 and was reported to the IRS as proceeds from a sales. Is this Federally exempt from taxes and if so, where do I file this form in my 1040? I called the IRS and no one seems to know. I cannot figure out the cost basis. I would appreciate anyone who has this situation and can advise.
1099-B box 1e reports “Cost or other basis.” Has an amount been entered there? What was the cost of the bond at purchase?
Your thread title references “State of Illinois College Bonds,” while the body of your post refers to “State of Illinois General Obligation Savings Bond Series of October 1993.” The discrepancy here makes it difficult to provide accurate help. If you are asking about Illinois College Savings Bonds, you may find this informative: