Comments on: How to cash in a savings bond http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/ Tue, 13 May 2008 11:46:35 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17962 Fri, 21 Mar 2008 15:45:19 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17962 Hi Tom - that's not possible. He has to cash the bonds, hold back what he needs for taxes, and give your sons the remaining money. Tom Adams Hi Tom - that's not possible. He has to cash the bonds, hold back what he needs for taxes, and give your sons the remaining money.

Tom Adams

]]> by: tom shymanski http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17934 Thu, 20 Mar 2008 22:14:47 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17934 my dad has a couple of matured savings bonds that he wants to sign over, one each to each one of my sons. how do we go about doing that? thanks. -- tom shymanski my dad has a couple of matured savings bonds that he wants to sign over, one each to each one of my sons. how do we go about doing that?

thanks.

— tom shymanski

]]> by: Tom Adams http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17344 Mon, 03 Mar 2008 14:55:49 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17344 Hi Luanne - Unless you son's bonds were worth a lot of money, the cheapest thing to do is probably to just pay the tax. If the tax amount is so high it's worth avoiding it, consult your tax advisor or my book; the pertinent information concerns "nominee distributions." But it's complicated and only works if legally your son owes the tax, not you. See <a href="http://www.savings-bond-advisor.com/who-pays-the-taxes/" rel="nofollow">this post</a> for more information. Tom Adam Hi Luanne - Unless you son's bonds were worth a lot of money, the cheapest thing to do is probably to just pay the tax. If the tax amount is so high it's worth avoiding it, consult your tax advisor or my book; the pertinent information concerns "nominee distributions." But it's complicated and only works if legally your son owes the tax, not you. See this post for more information.

Tom Adam

]]> by: Luanne http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17325 Mon, 03 Mar 2008 12:03:00 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-17325 My son signed the back of his savings bonds and I took them to our credit union for redemption. I thought the 1099 would go to my son, but the credit union sent it to me and insists that this is correct since I am the one that brought them to the credit union. They asked me to sign a form which I thought was a receipt for the bonds, but it turns out that this is what they used to prepare the 1099. They insist that the interest be reported by me...what can I do? My son signed the back of his savings bonds and I took them to our credit union for redemption. I thought the 1099 would go to my son, but the credit union sent it to me and insists that this is correct since I am the one that brought them to the credit union. They asked me to sign a form which I thought was a receipt for the bonds, but it turns out that this is what they used to prepare the 1099. They insist that the interest be reported by me…what can I do?

]]> by: Tom Adams http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-16488 Tue, 19 Feb 2008 14:59:38 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-16488 M. Kring - yes, the Treasury gives banks clear and precise guidelines on how much they can charge - nothing. The Treasury is already paying them; they aren't supposed to charge you, too. If a bank charges you a fee to redeem Savings Bonds, use the link on this page to contact the Treasury and report the bank and the amount to them. Ask to be reimbursed. Tom Adams M. Kring - yes, the Treasury gives banks clear and precise guidelines on how much they can charge - nothing. The Treasury is already paying them; they aren't supposed to charge you, too.

If a bank charges you a fee to redeem Savings Bonds, use the link on this page to contact the Treasury and report the bank and the amount to them. Ask to be reimbursed.

Tom Adams

]]> by: M. Kring http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-16475 Tue, 19 Feb 2008 10:13:16 +0000 http://www.savings-bond-advisor.com/how-to-cash-in-a-savings-bond/#comment-16475 How much do the banks charge for cashing in I Series Savings Bonds? Does the Federal Reserve give them guidelines in how much they can charge? How much do the banks charge for cashing in I Series Savings Bonds? Does the Federal Reserve give them guidelines in how much they can charge?

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