Savings Bonds Work
October 11th, 2005
Question: Saving Bonds Question. If i redeem my bonds how does the Whole tax thing work?
Alright so my family is in a bit of a tight spot at the moment as is a bunch of other people. I have 3 Savings Bonds that have reached maturity and collected interest. I’m 20, but i dont have a job so i’d be giving my money to my parents, and seeing as they still claim me on taxes would they just pay the Federal tax on the Bonds when it comes time for taxes or what?
Answer: It depends on the amount of $ you receive from cashing in the Bonds.
But if they are still claiming you because you are a student, they
will have to declare that as income for you. Speak to a manager
@ your bank for any further questions.
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