US Savings Bonds

Archive for January, 2007

Question: Savings Bonds? Do they only double?

I have Savings Bonds from family memmbers when I was a baby- give or take that these bonds are anywhere from 20-28 years. Is it true they only double after 18 years or can there value be a little more? I have about 800 dollars in bonds from 1980-88

Answer: If you go on the US Treasury web site it will direct you to Savings Bond Wizard. You can enter the information from the bond into the Wizard program and the Wizard program will tell you how much the bond is worth.

IRAs and 401ks are Not Conservative Investments

Question: Are interest earned taxable?

I am Singapore citizen. Was wondering if I open an on-line savings banks account with bank in the US and deposit an amount of money, will its interest earned be liable for tax in US?

How about US Government bond? Is the interested earned taxable in the US too?

cathylmg

Answer: Do you live and work in the US? If not, then you will file your taxes according to Singapore laws, and you are not responsible for income from US sources.

If you do live and work in the US, you will have to file form 1040 if you’re a resident alien, and form 1040-NR if you’re a non-resident. In this case, both of them are taxable.

Question: What can my Mom do about this con man she married?

He has done nothing but take from her and abuse her from the start. She is now divorcing him and he has ben removed from the home as he was charged with assault. The trial will not be happening for while, but the sad thing is he was so deceptive and my Mom was naive.

In a nutshell he is taking half of all of her savings rrsps, bonds etc. and she is responsible for half of his debt during the marriage and even money he accumulated in debt before they were married.

It makes me sick. He has already completely raped her emotionally, and now he’s going to rape her financially. We live in Ontario Canada and typically everything is just split 50/50 when a couple divorces. Funny thing is she had no debt and only assets, now he’s getting all his debt paid off and walking away with money she had worked and saved so hard for so many years….I swear I hate this man.

Answer: Happy, You are being unreasonably harsh.You’re also incorrect when you infer she knew what she was getting into. Well if you have any inkling of con men you know the man she ended up was not the same man she married.Con men are excellent actors. I’m a great believer in taking responsibility for your mistakes, but in this case don’t know what she cold have done other than hired a detective to do a background check. Swindling women like this woman is his damn job and he’s very good at it.

I know nothing about Canadian law but I bet this man has a criminal record. I doubt your mother is the first one he’s defrauded. Hopefully there is a warrant already, maye for bigamy, out for him or at least enough evidence to make your mother’s situation just one of many he has wriggled out of. I hope there is help for her somewhere. Yes, Happy I feel certain she learned her lesson but I think the punishment far outweighed the mistake.

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