Series EE savings bonds

Paying for College
1

<p>I completely forgot about savings bonds when filling out the FAFSA (out of sight in safe deposit box, out of mind). Is this something I can add when I update with my 2013 tax information? I completed the FAFSA as did not file returns yet so I have to go in and change some of that. Where do I include the savings bond amounts? Some are in my name, some are in the kids names. Use face value even if they havent come to maturity yet?</p>

<p>What about on the CSS. I haven't filed that yet, where do I put the savings bond information on there? This is my first time doing any of this and I appreciate any help you can give me. Thanks.</p>

2

<p>Go to the gov website and they have a value calc for each one. Very easy to use. </p>

3

<p>You put them under assets. If they are in your name def out them under your assets and not kid’s.</p>

4

<p>You can calculate the current value at this link. On the left is a link to the savings bond wizard which you can download and run on your PC. I prefer that.</p>

<p><a href=“Calculate the Value of Your Paper Savings Bond(s)”>http://www.treasurydirect.gov/BC/SBCPrice&lt;/a&gt;&lt;/p&gt;

<p>Savings bonds would be investments on the fafsa. I assume CSS has a similar category.</p>

5

<p>Adding: I would try to value them today or tomorrow as the value will likely go up on the 1st and not be what the value was when you submitted fafsa. Then update fafsa now with the new values. It’s not a problem to do that. Those with only parent’s names on them are parent assets. Those with student’s name on them, like from birthdays or Christmas are student assets.</p>

6

<p>Question: if an asset is left off of FAFSA or PROFILE that is filed, by accident or even intent, when correcting this oversite is the value of the day of correction allowed to be used or the value of the day that the original filing with the rest of the assets? My guess would be that one would have to use the value of the day of the original filing since account assets can be spent or transferred in between time. </p>

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<p><a href=“http://www.montana.edu/wwwfa/forms/Parent%20Asset%20Info_03_13.pdf”>http://www.montana.edu/wwwfa/forms/Parent%20Asset%20Info_03_13.pdf&lt;/a&gt;&lt;/p&gt;

<p>See the underlined statement.</p>

8

<p>My interpretation is that the asset has to be valued as of the date the FAFSA was signed, not the date it was reported as being left off. </p>

9

<p>I don’t see the need for interpretation, that’s what the document in the link indicates. As of the date signed(past tense).</p>

10

<p>Am I going by name only or the social security number on the bonds? The majority of them are not in mine or my kids names, does that matter. Names yes- SS#, no.</p>

11

<p>Are you saying there is a mismatch on the names and social security numbers on the bonds? First you say most aren’t in either of your names, then you say Names yes, SS no. I’m confused. If not you or your kids names, whose name is on them?</p>

12

<p>Some are in my name. Some are in their name. Some of them are my name “or” their name. SS#'s are mostly of whomever purchased them.</p>

13

<p>This thread reminded me to look up the kids’ bonds they were given around their births. Oldest 2 lucked out and are earning a fixed 4% on them. Youngest is only earning a little over 1%. There seems to have been a change in the way the interest was calculated right around the time she was born in 1995.</p>

14

<p>The ones in your name only I presume have only your SSN. Those would be parental assets. They most likely are the only ones that would qualify for the education savings bond tax exclusion:</p>

<p><a href=“Using bonds for higher education — TreasuryDirect”>http://www.treasurydirect.gov/indiv/planning/plan_education.htm&lt;/a&gt;&lt;/p&gt;

<p>I’m not an expert on bond titling and haven’t looked at the bonds my kids received for birthdays or whatever since I entered them into the savings bond wizard on my PC years ago. I think the kid’s names are on them with my wife as custodian because they were minors. I don’t know who’s SSNs are on them but I have reported them as student assets.</p>

<p>We don’t have any titled ‘or’ which a quick google search seems to mean either you or the student could cash them in. Maybe someone with more expertise will chime in on this.</p>

15

<p>I realize this thread is about a year old, but it is pertinent to the upcoming FAFSA/CSS season. My senior D has two savings bonds in her name. One has an SSN that presumably belongs to her great uncle who gave her the bond and the other has her dad’s/my husband’s SSN. Her asset? Parent asset? Her great uncle’s asset? Frankly, we could cash in the great uncle’s bond to avoid having to deal with this since it’s now worth $1 more than the face value.</p>