Archive for March, 2009
Savings Bonds Penalty
March 31st, 2009
Question: What is the penalty for cashing in a Savings Bond before it is 12 months old?
Is it even possible to cash in a Series I Savings Bond before it is 12 months old?
If so will it even be at face value?
Thanks.
Answer: Lost of interest and you may have to pay a penalty.
Finance & Investment Tips : Penalty for Cashing in a 401k Early
Savings Bonds Tax Free For Education
March 30th, 2009
Question: Can I use Savings Bonds for Education that are POD in my name?
My father recently passed away and he had $40,000 worth of Savings Bonds that he had purchased back in 1992. I am listed as the POD (Payable on Death) on them. Can I use these for education for myself? I would like to go back to school and it would be great if I could use these tax-free.
Answer: yes but you will not use them tax-free — they are taxable for who ever cashes them!!!!
Fiscal Commission Public Forum 3 of 7
Posted in Taxes on Savings Bonds | 
Tags: banking, finance, investing, investment, money, savings bonds tax free for education | 
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