My daughter has a savings bond that was sent to us from her uncle but it is under his SSN. Does she have to report it as her asset on FAFSA?
Has she cashed it in?
It’s hers, so she needs to report the value … but just the current value. You can find the current value easily online.
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No, she hasn’t cashed it in. On the front it say his name (her uncle) and it is addressed to her name and old mailing address but it has his SSN on it.
It’s hers. As Kelsmom says, it’s the value you report, and it might not be what the bond says…yet.
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It takes a really long time for bonds to mature!
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Ok thank you!
Thank you!
An uncle sent one of my kids a savings bond years ago but he asked for my son’s ss# before he bought it. It was never in the uncle’s name. Has the uncle transferred the bond into her name and ss#?
I have an envelope of savings bonds that were probably given to me when our kids were born…or before (at a shower). They were never in the kids names or with the kids SS numbers because back in the day, babies didn’t need SS numbers. So…I’m trying to figure out how to give them to my adult kids.
Guess I’ll just divide by 2, and hand out.
Babies startied getting social security numbers during birth registration in 1987. My sons were born in 1987 and 1990, Their bonds have always been in their names and ss#'s. The bonds are now mature and we gave them to them when they were visiting at Christmas.
This applies to my DD. But relatives and friends didn’t bother to get HER SS number…they just asked for…mine…
It’s really not a big deal.
I believe then that if your name and ss# are on the bond, then you are the owner You could transfer to her. But, I am no expert on this.
Yes, I’m the owner. Really, they have matured. It would be easier to cash them in and give her the money.
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Exactly. The eaiest thing would be just to cash the bonds in and then gift your daughter the money.
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Honestly I’d cash out EE bonds and give the the money to the kids.
You could put in CDs or whatever else and make EE bonds have always paid squat.
EE bonds are a relic from grandparents but a non anything anymore.
You may need to open a treasury direct account to register and sell.
Hopefully for OPs kid - whatever they have won’t take away needed aid.
I would check into the SS # thing. If they’re not in your social, how can you be responsible ? If the govt is reporting, wouldn’t it be by social ?
Maybe it’s not her asset even if they’re for her.
Hi! I am the OP. I was wondering the same. Her uncle had the bonds mailed to her but his name is printed on it as the owner and his SSN is also on the bond. So even if the bond was sent to her it doesn’t have her SSN on it.
Yeah i wouldn’t include.
Not even sure if you can cash out. Check treasury direct . Gov how.
Terrible product that should be abolished.
No one born after 1950 has bought these things - yea I embellish - but it’s not a legit product. Anymore.
Get a cd, I bond ( not now) or bahwncy or muni bond. But get her out of these !!!
I had relatives give me coin sets. Enconsed in plastic. I need to break it to get value from the coins which are worth less due to inflation.
“No, savings bonds are not bearer bonds. Savings bonds are non-marketable securities, meaning they can’t be sold or transferred.”
It sounds like these bonds are owned by the Uncle, not the child. They can’t be transferred simply by sending the bond in the mail to someone else.
If you can cash them in, do that and declare the money, but I’m betting you are going to have trouble taking them to the local bank and trying to cash them. Easiest way to cash may be if uncle is still alive asking him to do it and sending daughter the money.
Not true. My BIL (born in 1956) had to buy one every month for his son as part of his divorce. His ex-wife was an accountant and that’s what she demanded. Son, born in 1987, had an envelope full of them when he started college.