US Savings Bonds

Archive for the ‘Savings Bonds’ Category

Question: How can I cash in Savings Bonds that I got as a child,?

I recieved a lot of Savings Bonds as gifts, but I dont have any paper showing so. What can I do to retrieve this information, and cash in my bonds?
I dont actually have the bond papers. That is my problem!

Answer: As long as you have the Savings Bonds and they have your name on them, you only have to take them to a bank. With you proper ID they will be able to cash them in for you and will be able to give you the proper interest. They stop earning interest after a certain amount of time, so don’t let them hang on for say 25 year thinking you’ll earn lots of money, you do better investing them or putting them in a mutual fund.

The World is Drunk in a Casino Getting Drunker. Cash in your chips now.

Question: If I redeem my Series EE Savings Bonds for cash, what percent of the interest is taken out for taxes?

Say my bonds are worth $3000 and the interest earned on them is $1100, bringing their total value to $4100. If I redeem them now, how much will I receive?
How much will I have to pay on the tax form…I’m a minor.

Answer: You will owe federal income tax at your regular rate. The interest will not be subject to state income tax.

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