US Savings Bonds

Posts Tagged ‘investment’

Question: United States Savings Bonds?

My parents had gotten like 10 Savings Bonds for their god child. Well these Savings Bonds were to be sent to my parents, because it was under theirs and the god childs name. Then we would send it to the god child. These savings bond would be sent to us like once every month or so. well we ended up giving the god child about 7 of the 10. they moved and we had the three. Well we have been going through a little financial trouble and we wanted to cash in the 3 Savings Bonds that we had. the thing is we lost them. Is there anyway we can get them back without affecting the 7 that our god child has. I know the government has a website for it and i requested a form i just wanted to know if we could cash just 3 without taking our god childs 7?

Answer: Yes the website that you need to visit is www.treasurydirect.gov. If you click on the link to “contact” you should find some phone numbers and emails.

Call the people at the treasury department. They will have records of your ownership of the Savings Bonds in electronic form. You should have no problem locating and selling your treasury bonds. I’m not sure if they will need to transfer the bonds (electronically) to a brokerage firm or not. I know you can buy treasuries directly from treasurydirect.com. But in order to sell them again you will probably have to sell them on the open market. You will need a Broker-Dealer to handle that transaction.

Good Luck!

GGN- Economic News :: November 5, 2010

Question: Can my Series EE Savings Bonds pay for Student Loans without getting taxed?

I just graduated college and my family surprised me with some Series EE Student Loans (Tax free if going towards education if I understand correctly), I was browsing through the 8815 form for declaring interest on these bonds, and I don’t see student loan payments listed under eligible expenses, only Tuition.

Well, seeing as how I am not in school anymore, I don’t have tuition payments to make, only loan payments. Am I out of luck as far as dodging uncle sam, or can I save the reciepts I make towards student loan payments to turn in with my taxes?

Thanks in advance to anyone that can help me out, I really appreciate it! =D

Answer: You can deduct the interest paid on student loans but not the principle. Your creditor who issued you the loans should mail you a interest payment sheet detailing how much you paid in interest last year.

AFEI 2010 First Lady Luncheon – May 10, 2010

Question: using Savings Bonds for education?

I have Savings Bonds that I would like to use to help pay for my 2 grandchildren`s college costs. Bonds are in my name. Will I have to pay taxes on the interest?

Answer: You pay the taxes on them when you cash them.As long as they are not cashed and drawing interest you pay no taxes….

Personal Finance Speech.MOV