Under “Denomination,” choose the amount of the bond’s face value from the pull-down menu.
How do I have my war bonds cashed?
Log in to TreasuryDirect and follow the on-screen instructions. Within two business days after the redemption date, the cash amount will be credited to your bank or savings account. There are two options: Whether you have a local bank account and it accepts savings bonds, inquire if it will accept yours.
What is the procedure for cashing a war bond that is not in my name?
If you merely want to cash in a bond that you planned to give as a gift to someone else, contact your local Federal Reserve Bank or branch and get the “Request for Refund of Purchase” form. You will be entitled to a refund of the amount you paid for the bond, plus any accumulated interest, if you complete it and follow the other instructions. The Southern California office is located at 950 S. Grand Ave., Los Angeles, CA 90015.
Q: I’d like to purchase large-denomination US Treasury notes with three other investors. My broker, on the other hand, claims that he can only take one taxpayer identification number on the purchase. If there is only one tax ID number, how can we all handle our various tax duties for the interest these notes pay? Also, how do I contact the Association of Individual Investors? James C.
A: To answer your first question, there are two rather simple options. The simplest option is to form an investing partnership with the four of you and use the partnership’s taxpayer identification number to make purchases. The partnership’s terms will specify how the stake will be split. On their own tax returns, the four investors should disclose their individual shares of the interest payments.
What is the current value of a WWII war bond?
The United States Treasury’s savings bond website includes a fantastic, user-friendly “Savings Bond Calculator” that will determine the value of your bonds for you. It will value U.S. Treasury E, EE, and I bonds, as well as savings notes.
If your bonds are Series E bonds, which were used to fund World War II, the calculator estimates that they are worth at least $3,600 each, for a total of more than $43,000 USD.
You don’t say how you got them, but before you start licking your chops, consider the tax implications of redeeming these bonds.
Where can I have war bonds redeemed?
During World War II, your parents or grandparents may have acquired government bonds to assist fund the country’s war effort. In the 1940s, these bonds, legally designated as Series E Savings Bonds, were simply referred to as “war bonds.” You could buy a $100 bond at a discount, say $75, and then redeem it when it matured at full value. There were both larger and smaller denominations available. Bonds that were held past their original maturity date continued to generate interest for another 40 years, and are now worth several times their face value. Many banks including the US Treasury Department accept war bonds for redemption.
Paper bonds
Your bank or credit union should be able to cash in your paper savings bonds. If you’re going to a financial institution where you’re not a member or customer, check to see if they’ll cash your bond before you go.
Confirm what documents you’ll need to bring with you by contacting the bank. Here’s what you should bring with you in general.
It’s important to remember that bonds can’t be cashed by just anyone. Savings bonds can only be cashed by the bond owner or co-owner, which includes “survivors,” or those identified on the bond who received ownership after the original owner died. You are not the registered owner (a savings bond is nontransferable) and cannot cash in the bond if you purchased it through an auction site like eBay.
If the child is too young to sign the payment request and the child lives with the parent or the parent has legal custody of the child the parent may cash in the child’s savings bond.
Anyone else who wants to cash in a bond must show proof of legal authority to do so.
You’ll sign each bond and receive the cash value at the bank. The bank will either hand you a 1099 tax form or mail it to you before the end of the tax year after you’ve cashed in your bond.
Paper bonds can also be redeemed through the mail. To cash in by mail, obtain an FS Form 1522 from the US Department of Treasury, have your signature certified, then mail the form to the address shown on the form.
Electronic bonds
By connecting into your TreasuryDirect account and setting up a direct payment to your bank or savings account, you can cash in your electronic bonds. Within two business days, the cash amount may be credited to your bank account.
How do I redeem my late parents’ bonds?
If you are now the owner of the savings bonds or if your parent listed you as the survivor beneficiary on the bonds, take them to a bank or other financial institution. In the presence of a bank official, fill out the redemption form on the back of the bonds and sign it. A driver’s license or other form of identification is required. You must also provide proof of death if you are mentioned as a survivor. This is usually done by a verified copy of the death certificate. The bank will redeem the bonds and pay you the proceeds.