bhowe
New Poster
Cash: $ 0.50
Posts: 2
Joined: 19 Jul 2005
Location: Chicopee, MA
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| Tax Strategy on Savings Bonds |
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My son is getting ready for College (this year). And so I am taking out the US savings bonds I have had since the 60's. Mostly Series E bonds. I thought I would not have to pay taxes on the interest as they will be used for college expenses. I was wrong, that is only series EE and some series I bonds. Is there a strategy that I can use to keep most of the interest vs paying it in taxes? I don't think a 529 plan is of any use. Is there a way to convert these to a EE bond without paying taxes? Can I offset the taxable interest with losses from poor performing stocks? Is the maximum $3000?
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