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| *The Commerce Journal>>>Other Taxes |
ARE I-EEE Bonds Taxable? |
I bought some I - EEE bonds in 1993 for my daughter. They have matured and I want to cash them in. What is the tax rate and can they be tax free if used for tutoring? Who's name and social security number are the bonds in? If your daughter's name it would be at her tax rate, unless she is under age 18 and has more than $1,400 in unearned income, then it would be taxed at the higher of your rate or her rate. If the bonds are in your name they would be taxed at your rate. And the bonds can't be used tax free for tutoring. I've attached a link to using savings bonds for education purposes. The good thing is that US savings bonds are not taxed for state income tax purposes. Source(s): http://www.irs.gov/publications/p970/ch1... Yes, they are taxable. When you cash them in at the bank, the bank will ask for your Social Security Number. They will send you a form at the end of the year that they send to both you and the government, which details how much interest you've earned. The tax rate should be the rate of long term capital gain. I'm not sure if they would be tax free if used for tutoring but it seems unlikely. You'd need a 518 (i think that is the right tax code number) college tax savings program for that. It seems however that you can claim and exemption for the taxes if used as a qualified education expense for you , your spouse or a dependent during the year redeemed. But, I don't think tutoring falls under the qualified educational expense tab. Talk to your accountant. Don't trust the answers from Yahoo Answers as the final authority. http://www.irs.gov/faqs/faq-kw161.html... |
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