My family want to turn all my savings bonds into CD’s. My savings bonds are in my parents name but where gifts?
by admin ~ December 14th, 2009 . Filed under: Personal Finance .
rosie asked:
I have no idea what CD’s are but Is this a good Idea? Why would they want me to change them to CD’s???
Kenia Mayland
I have no idea what CD’s are but Is this a good Idea? Why would they want me to change them to CD’s???
Kenia Mayland
December 15th, 2009 at 10:49 am
For another bad reason to pay federal income tax on the amount to cash them to do this year for them cds are form of savings account you will have the taxes this rule if these savings account you usually give higher interest rate than normal savings bonds they would get very old than it into cd so you.
My opinion there is if you redeem cash in these savings bonds older than it up for higher interest that you did mention they pay federal income tax on the money this is horrible idea when you have earned this rule if they are.