Comments on: Federal income tax brackets http://www.savings-bond-advisor.com/federal-income-tax-brackets/ Wed, 08 Feb 2012 16:06:25 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-70232 Wed, 12 May 2010 14:35:35 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-70232 Chris - the info you're looking for is <a href="http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/" rel="nofollow">here</a>. Tom Adams Chris - the info you're looking for is here.

Tom Adams

]]> by: Chris http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-70223 Wed, 12 May 2010 06:19:46 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-70223 I have just completed graduate school and my last offical tution payment was in Jan 2010. I just remembered I have a few thousand dollars in savings bonds and I would like to cash them and get the savings bond education deduction (just learned about it). The only problem is I have just graduated and my last tution payment would have been before April 2010 so on my last tax year (2009). Is it possible to cash in my savings bonds tax free with the savings bond education deducation even though my last/final tution payment was in Jan 2010? If not, can I get this deduction if I use it to pay for a federal stafford loan? Thanks for your help. I have just completed graduate school and my last offical tution payment was in Jan 2010. I just remembered I have a few thousand dollars in savings bonds and I would like to cash them and get the savings bond education deduction (just learned about it). The only problem is I have just graduated and my last tution payment would have been before April 2010 so on my last tax year (2009).

Is it possible to cash in my savings bonds tax free with the savings bond education deducation even though my last/final tution payment was in Jan 2010? If not, can I get this deduction if I use it to pay for a federal stafford loan? Thanks for your help.

]]> by: Tom Adams http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-68768 Wed, 28 Apr 2010 15:14:55 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-68768 Jennifer - having them reissued to you is a taxable event for him and doesn't gain you anything. He should cash the bonds, hold back what he needs for the taxes, and give you what's left. Tom Adams Jennifer - having them reissued to you is a taxable event for him and doesn't gain you anything.

He should cash the bonds, hold back what he needs for the taxes, and give you what's left.

Tom Adams

]]> by: Jennifer http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-68632 Tue, 27 Apr 2010 23:01:45 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-68632 My grandfather purchased 5 EE savings bonds for $5,000 each in the late 90's and early 00's. I was listed as the beneficiary, to receive the funds upon his death. Now I know that they are not fully mature yet, but he wants to give me the money they are worth thus far to help me in buying a house. So a couple questions, is it possible to have the taxes made my responsibilty rather than him, if we were to have the bonds reissued in my name and then I redeem them? Or should he redeem them himself and then "gift" me the money. If I do have them reissued and redeem them, do I then need to claim the total amount as income rather than just the interest made on the bonds? What do you think would be the best option? My grandfather purchased 5 EE savings bonds for $5,000 each in the late 90's and early 00's. I was listed as the beneficiary, to receive the funds upon his death. Now I know that they are not fully mature yet, but he wants to give me the money they are worth thus far to help me in buying a house. So a couple questions, is it possible to have the taxes made my responsibilty rather than him, if we were to have the bonds reissued in my name and then I redeem them? Or should he redeem them himself and then "gift" me the money. If I do have them reissued and redeem them, do I then need to claim the total amount as income rather than just the interest made on the bonds? What do you think would be the best option?

]]> by: Tom Adams http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-67454 Wed, 21 Apr 2010 15:22:16 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-67454 Sid - Whether she would need to pay taxes depends on a large number of factors, such as how much other income she has, whether anyone claims her as a dependent, and how much interest the bonds have actually earned. I don't think anyone can answer your question without getting the facts and running the numbers. Tom Adams Sid - Whether she would need to pay taxes depends on a large number of factors, such as how much other income she has, whether anyone claims her as a dependent, and how much interest the bonds have actually earned. I don't think anyone can answer your question without getting the facts and running the numbers.

Tom Adams

]]> by: Sid http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-67271 Tue, 20 Apr 2010 17:51:39 +0000 http://www.savings-bond-advisor.com/federal-income-tax-brackets/#comment-67271 My daughter and I are both listed on 20-year-old Series E bonds given as gifts when she was a baby. She is in graduate school and will have no other income in 2010. If she cashes face value $5,000, does she need to pay any taxes? My daughter and I are both listed on 20-year-old Series E bonds given as gifts when she was a baby. She is in graduate school and will have no other income in 2010. If she cashes face value $5,000, does she need to pay any taxes?

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