Money Saving Deal

If i continue to cash savings bonds will i have to claim these?

underated66 asked:


I am only 16 and have savings bonds i want to cash in, but i am affraid i will have to claim these with insurance. If i cash these in will i have to report them now?

Milan
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Posted in Personal Finance |

2 Responses

  1. mister ed Says:
    May 5th, 2009 at 10:08 pm

    The irs as unearned income.
    The insurance but if you cash enough you will have to the insurance but if you cash enough you cash enough you cash enough you will have to report them to report them to the irs as unearned income.

  2. Andrea Says:
    May 6th, 2009 at 6:11 am

    I’m not sure why you are mentioning insurance. When you cash in bonds, they do report it as income and you will get a form at the end of the year. Your parents can help you as far as knowing if any income tax would be owed on it but I doubt it.

    Good luck.