Community Chat

[DJs mom]

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@occasionalrain wrote:

@itsmagic 

Maybe it depends on the series. Will any bank know?

I also found my footprints that were done at the hospital when I was born. I wonder if they still footprint new borns.

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@occasionalrain my son is 12 yrs old and the hospital did his footprints when he was born. As a matter of fact, I made a copy of his footprints, minimized them and have them tattooed on the inside of my writst.

[Group 5 minus 1]

My Mom and Dad had purchased Savings Bonds during the war (2). They never cashed them in and did not realize they had to pay taxes on the interest. So if you have 1 or 2 bonds not a big deal,hundreds -a lot of money. Whats my point make sure those whom gifting know about this.

[occasionalrain]

@Lipstickdiva 

Thank you, I thought the interest rate adjusted up and down as time went on. My bonds were bought in 2001 and 2011 so no wonder the rate is low.

I'm sure my parents bought bonds during the war, no idea what became of them.

[Sooner]

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@millieshops wrote:

@Sooner  Interest is due when our bonds expire or sooner if you cash them in before maturity.

I started following the bond info carefully in the 1980s when when mother died and part of my inheritance turned out to be bonds.  Had some I purchased myself to defer taxation.  Pretty funny since my tax rate has never declined!   And the under 1% bonds?  I received several of those as a gift.  They did earn more in some years, but they pretty much track what banks pay for their short-term accounts.  Those I cashed and reinvested long before their maturity.

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@millieshops I believe you can, or could, pay interest when they mature without cashing them in--may no longer be true. 

[BirkiLady]

@Cats3000  IIRC my grade school began selling bonds in the early 1950's as part of the "War Effort" following WWII. Seems like bonds were a great gift to be sent by out-of-town relatives for new births, birthdays, holidays, etc. At least I certainly received a lot of them.

Then, my parents would send 50 cents or a dollar each week to buy my own bonds during Kindergarten and throughout the rest of my grade school years. Later, I simply bought my own (or they were bought for me) as a good investment for the remainder of my school years. 

Fast forward to today: not all branch banks have the equipment to cash bonds! Apparently bonds are becoming obsolete. While I still have many years worth to cash, I know which branches no longer cash them and which ones do cash them. I also check with my Tax Accountant before cashing Saving Bonds so they don't throw me into the next tax bracket. Yes, I've had that happen one year and it cost far too much to Uncle Sam that year. Lesson learned the hard way.  

[millieshops]

@Sooner   I don't even doubt there's some way to pay the interest owed without cashing matured bonds, but then you'd have to pay the interest owed for all those years it's been deferred all the while those uncashed bonds are earning nothing new.  I suppose there is some reason to do that, but I can't imagine what it is.  Sounds like stowing cash under your mattress to me.  

[Sooner]

@millieshops At least in prior days, I am pretty sure you could pay interest when they matured but then not pay more interest when you cashed them because they had earned no more interest.  But you had to have proof you paid at maturity.

Which makes sense. 

[millieshops]

@Sooner   That proof is easy to have;  at least it would have been at the CU where I cashed in matured bonds in the past.   Should also be easy to prove if you paid directly through the USTreasury.      It's been a while since I redeemed any bonds, but as I remember the amounts of interest that went into my CU account showed up on my 1099