Comments on: The fine print of the US Savings Bond college education deduction http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/ Fri, 04 Jul 2008 18:42:02 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22814 Mon, 30 Jun 2008 13:58:03 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22814 Mardi - gifting the bonds to your daughter will be a taxable event for her father. But if the father can claim the daughter on his tax return and he otherwise meets the limitations, he can take the deduction. Information is at the top of this page. Otherwise, the money can still be used for college, but there's no tax deduction. Tom Adams Mardi - gifting the bonds to your daughter will be a taxable event for her father. But if the father can claim the daughter on his tax return and he otherwise meets the limitations, he can take the deduction. Information is at the top of this page. Otherwise, the money can still be used for college, but there's no tax deduction.

Tom Adams

]]> by: Mardi Ybarra http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22692 Sat, 28 Jun 2008 20:52:01 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22692 My daughter will be attending college in the fall. While her father and I were married, he purchased series EE savings bonds through his employer from Jan. 1989 to Sept. 1993. They are all in his name alone. What is the best way to transfer the mature bonds to our daughter for her tuition needs that will limit or eliminate any taxable interest income on them. Can they be gifted to her and then she pays tax at a lower rate? Thankyou for your help. My daughter will be attending college in the fall. While her father and I were married, he purchased series EE savings bonds through his employer from Jan. 1989 to Sept. 1993. They are all in his name alone. What is the best way to transfer the mature bonds to our daughter for her tuition needs that will limit or eliminate any taxable interest income on them. Can they be gifted to her and then she pays tax at a lower rate? Thankyou for your help.

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22473 Tue, 24 Jun 2008 23:24:50 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22473 Mike - See these two posts on <a href="http://www.savings-bond-advisor.com/bank-gets-pod-backwards/" rel="nofollow">POD</a> and <a href="http://www.savings-bond-advisor.com/cashing-a-minors-savings-bond/" rel="nofollow">cashing your child's Savings Bonds</a>. Tom Adams Mike - See these two posts on POD and cashing your child's Savings Bonds.

Tom Adams

]]> by: Mike http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22242 Fri, 20 Jun 2008 22:51:12 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-22242 Hi, Tom - I am hoping you can help me with this question: how can I redeem a EE bond for my children on which I am named POD? I am in the process of moving my their bond assets into other instruments. Yesterday I brought them to the bank and it turned out that about half of them have me named as POD (I had no idea what that meant). They told me the bonds could only be redeemed upon my death, which seemed a little impractical to me. Not sure if it matters, but all of my children are minors. Do I have any options? Thanks in advance for any help you can provide! Mike Hi, Tom -

I am hoping you can help me with this question: how can I redeem a EE bond for my children on which I am named POD?

I am in the process of moving my their bond assets into other instruments. Yesterday I brought them to the bank and it turned out that about half of them have me named as POD (I had no idea what that meant). They told me the bonds could only be redeemed upon my death, which seemed a little impractical to me. Not sure if it matters, but all of my children are minors. Do I have any options?

Thanks in advance for any help you can provide!

Mike

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-21534 Wed, 04 Jun 2008 14:50:24 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-21534 Bob - if you meet all the other limitations listed above you can use the deduction. Since your grandmother has passed away, the bond is now the equivalent of sole-owner bond with only your name on it. However, you still have to have been 24 when the bond was issued, not when your grandmother died, as well as meet all the other limitations. Tom Adams Bob - if you meet all the other limitations listed above you can use the deduction. Since your grandmother has passed away, the bond is now the equivalent of sole-owner bond with only your name on it. However, you still have to have been 24 when the bond was issued, not when your grandmother died, as well as meet all the other limitations.

Tom Adams

]]> by: Bob Feyl http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-21498 Mon, 02 Jun 2008 23:43:22 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-21498 I received EE savings bonds from my grandmother who passed away last year. She listed me as a co-owner along with herself. I have not yet redeemed the bonds. This year I have a tuition bill. Can I claim the education tax exclusion if I were to redeem these bonds this year? I received EE savings bonds from my grandmother who passed away last year. She listed me as a co-owner along with herself. I have not yet redeemed the bonds. This year I have a tuition bill. Can I claim the education tax exclusion if I were to redeem these bonds this year?

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