US Savings Bonds

Archive for February, 2010

Question: Where do I enter a EE US Savings Bond amount on form 8815?

My bond has a redemption value that increased by $1,300.00. On what line of this form would I put this amount?

Answer: If your EE Bond interest qualifies for an exclusion for higher education expenses, use Form 8815 to figure the amount of the exclusion.

Form 8815 Line 5 is for the total proceeds of the bond. Line 6 is for the interest of $1,300.

School House Rocks – Tyrannosaurus Debt

Question: Can you redeem a US Savings Bond (Series I) by depositing into an atm?

Answer: Hi Enesha, I’m the Savings Bond Guru from SavingsBonds.com – I hope I can help you with your question.

First, be careful, alot of the other answers from the other users, especially ‘chance’s are completely wrong.

Second, lets directly answer your question, No, you cannot redeem a US Savings Bond thru an ATM transaction. It is true that you must go to a teller and have them do paperwork for the taxes due on the interest earned by that bond. They’ll issue you a 1099-INT. MAKE SURE the bank does not charge you a fee to cash the bond, some banks do this and they shouldnt, it should be a free service.

You can usually cash in your bond at any local savings bank, but before you do, be cautious.

Unfortunately, banks have been known to make large mistakes on US Savings Bonds as they’re not bank products, so, you want to be sure that you’re getting the right value from the bank for your bond.

Also, You will want to know what kind of tax concequences cashing this bond will have on your income when the 1099-INT is generated. Be sure you know what amount of interest will be taxable before you go possibly changing your tax bracket.

To find the value of your Savings Bonds you can go to SavingsBonds.com and use the Bond Guru service to check up on your bonds for free. Use the link below for more information.

Good Luck,
-The Savings Bond Guru

Question: If you truly believe that the World will end in 2012, why not just “Party Till You Drop!” in 2011?

Imagine the possibilities:
$ – “Cash In” all of your Savings accounts, CDs, Stocks & Bonds, and just Go For Broke! (They don’t accept Cash OR Plastic in Hell, not even American Express!)
$ – Buy or Lease that ultra-expensive luxury car that you had thought that you could never afford, and drive the wheels off of it!
$ – Go to Vegas, and marry a $5000-per-hour Prostitute, then take her home to meet the former wife & kids!
$ – Buy & Try all of those “Hard-Core” Controlled Substances that you have always wanted to experiment with, but lacked the Balls to do so!
$ – Become the “007 – Licensed to Kill” Secret Agent that you’ve always fantasized about being, and wreak Death & Destruction upon all of your enemies, both real and suspected! (Good News! They don’t have Prisons in Hell!)
$ – One last thing: Don’t forget to also purchase a Cyanide pill, in the event that the World DOESN’T end in 2012!

Answer: You are certainly free to do as you choose.
You’ll be pretty tired when you realize the world isn’t coming to an end, but it’s still your choice.

Hebrew Israelites (Black Jews) on the Attack