DD (16) has to pony up some money towards her new car; she has several savings bonds- most over 10 yrs old. They are in her name and mine or DH jointly. Does anyone know the tax ramifications of cashing them in- can we get the interest reported in her name rather than ours as her parents who will have to pay tax on the $? I know she will have to go to the bank with us with her license and sign these if this is possible. Any experience with this will be appreciated. TIA.

If in her name her SS will be used. If in joint have HER cash them in her SS name.

Whoever is the person that cashes the bonds is the person the reports the interest. I agree, have your daughter cash in the bonds and it will be reported to her

I was always told it is the responsibility of whose ever social security number is on the bond.

Im pretty sure that the social on the bond is not responsible cause my dd's bonds have
other peoples social on it not hers, you can go to the treasury website and check that out,
savingsbonds.gov, I think it also tells you what the bond might be worth.

hi
are these i-bonds, if they are and they are 10 years old, ther are probably making very good intrest(over 8%)i would think twice before cashing them.

to calculate go to savings bond calculator:

Individual - Savings Bond Calculator


HTH

__________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
Albert Einstein

I would suggest you talk to a lawyer, there are consequences for cashing in a minor's money, and I don't think you want Hotel Sing Sign as an address in the future.

Great site Naty99, thanks. All of the bonds are EE, and the best interest was 4%. All the newer ones are somewhere in the 2's percent wise. Added them all up with that great calculator on the treasury site, threw in two older ones that I had, and we now have just over 1/2 the price of car. I will also wait till Dec to cash them in as most will acrue more interest by that date. A whole lot of work for not great interest- I will be just as happy to dispose of them to fill that gaping hole the car left in my bank account.

My son saved money for his first car, and used his bonds for his college tuition.
He takes better care of something if he had to work for it as opposed to using all those old birthday and christening gifts.