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Series EE savings bonds
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If in doubt, please send a new question or ask for an update.
Q: My son received a $50 Series
EE savings bond as a gift. He also has a small Uniform Trust to Minors
Account (UTMA) at a bank. Should the savings bond be deposited into the
UTMA to save on taxes?
A: Probably not. The income from
the savings bond will probably not be taxable anyway. Address this
question again when your son's total assets exceed $10,000 and might
cross over into taxable status. Keep in mind that while UTMAs are a
great way to save on taxes, another way is for the parent to purchase
the EE bonds directly. Interest is not taxable if the funds are used
for education. There is a good chance that is what the relative who
gave the savings bond intended, so just leave it alone to accumulate
value for now.
Summary
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