<p>Hey everyone! I'm filling out my FAFSA tonight and ran nito a roadblock. I cashed in some savings bonds in January of 2008, and I was wondering if i was supposed to report this somewhere in my FAFSA? I used them to buy a new laptop and before submitting this form I wanna make sure I get it right! Thanks for any help!!</p>
<p>Nick</p>
<p>The interest part of the cashed in bonds should be reported as income on FAFSA. If you filed a tax return it should already be included in your AGI on your tax return so you will have already included it on FAFSA. If you do not file a return then it should be included in untaxed income on FAFSA.</p>
<p>If you still hold any bonds they should be reported as assets.</p>
<p>I thought that the interest on cashed in savings bonds could be used for college expenses in the year that the bonds were cashed in. How does one go about noting this?</p>
<p>It would still be listed as untaxed income.</p>
<p>
For parent owned bonds they can be used tax free for qualified education expenses (as long as other criteria such as income limits are met). still have to be reported on FAFSA though.</p>
<p>Illogically, student owned bonds cannot be used tax free unless the student was over 24 when they were purchased.</p>
<p>Thanks…I think I’m DONE with the FAFSA (hooray!!!) as youngest child will be a senior in college this year AND doesn’t plan to go to law school or medical school. We have some bonds were were considering cashing in this year as we are still paying tuition etc. All have our socials on them but some have the KID’s names. So…are they ours or the kids?</p>
<p>thumper, how do they read? I have bonds that are joint – have one SSN, but owned by both parties – and others that I hold but which are payable to my son upon my death (so my SSN is on those, too). If they are titled “parent AND kid,” they are joint; if they are titled “parent, POD kid,” they are owned by the parent.</p>
<p>More info here: [Invest</a> FAQ: Bonds: U.S. Savings Bonds](<a href=“http://invest-faq.com/cbc/bonds-us-savings.html]Invest”>http://invest-faq.com/cbc/bonds-us-savings.html)</p>
<p>Hmm…oddly these bonds have my ss number…and my kids’ names. My guess is they were purchased by my mom who had MY SS number…and she had to put someone’s down.</p>
<p>I think they are payable, however, to the kids.</p>
<p>Thanks everyone! It was already factored into my AGI. I used TurboTax and it did it for me ;)</p>