If your local bank or credit union will not cash your Patriot Bond, you can send it directly to Treasury Direct. Here's how:
- Fill out FS Form 1522.
- Get your signature certified if you're redeeming more than $1,000 worth of bonds.
- Send the bonds and your documentation to Treasury Direct.
If you've converted your Patriot Bond to an electronic bond, you can cash the bond online. Log into your Treasury Direct account and go to ManageDirect. Under the "Manage My Securities" option, select "Redeem securities."
Note: You can't cash in a Series EE savings bond within a year of issuance. You'll also pay a penalty of three months' worth of interest if you redeem your bond in less than five years. But since all Patriot Bonds were issued before 2012, that's not an issue for Patriot Bond holders.
When you redeem your Patriot Bond, you'll receive a 1099-INT detailing the amount of interest earned on the savings bond. The interest is exempt from state and local tax, but you'll owe federal income tax on that amount.