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If my 17 year old (who has an account @ TD) redeems EE savings bonds, does she have to pay taxes?
March 8, 2017 06:46:38 AM
In reply to ann, bronx
Thank you for contacting TD Helps and we'll be happy to guide you in the right direction about savings bonds.
To learn more about savings bonds and how they work, we invite you to visit http://1.usa.gov/1EMJWbi. You may purchase Series EE and/or Series I Savings Bonds by enrolling in the Federal Reserve's Treasury Direct program at the same site. Please note that the U.S. Department of the Treasury ended over-the-counter sales of paper savings bonds on December 31, 2011.
Once they are purchased you are welcome to redeem Series I and EE/E U.S. Savings Bonds (when the bonds are 12 months old) at any TD Bank location, and there is no charge for this service. To find TD Store locations and hours near you, please visit, http://go.td.com/1f9DSJR.
Government regulations require that non-Customers, and Customers with a banking relationship 6 months or less, redeem up to $1,000.00 at any one time with proper ID. Additionally, it would be your responsibility to claim the interest gained and it will be sent via 1099 at the end of the year for tax reporting purposes.
For other quesitons you may have about savings bonds, feel free to reach us anytime 24/7 at 888-751-9000, or at any TD Bank Store nearest you.
Have a great day, Ann.
Alara B, Mount Laurel
March 8, 2017 06:53:50 AM