how do I deposit savings bonds?

Whose name are the bonds in? How much total?

Cashing the savings bonds is easy. You take ID and go to the bank. The bank then issues a 1099-INT for the interest amount.

Rolling the money tax free into a 529 plan is possible, provided you meet the rules to exclude interest income. You had to buy them in YOUR name (not the children’s). You had to be 24 or older when they purchased and your income can’t be too high. See IRS publication 970. If eligible, you attach a form to your tax return to exclude the interest.

Photocopy the bonds before cashing them. (Note, the IRS *does* check the dates and ownership.)

If they’re twenty years old, then they have been bought when interest premiums have been rather high. They will yield 12%, no obstacle. My ING direct account yields lower than 5%. For those who cannot put food for your desk, or power your automobile to work, money them in; but you can earn more money off of them than you are going to possible choices. If that you would be able to get a bank card with a low interest cost, and may responsibly use it and pay it off, it can be a greater substitute.

try your bank…they may have a limit on how many you can cash in one day. My bank it was 8 or 10 a day