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Posted by WBruzek on July 12, 2007, 1:48 am
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Since my daughter was born, we've been accumulating lots of
bonds with a variety of owners, co-owners and beneficiaries.
Some were gifts, some from bond programs at work, etc.
Some are owned by either my wife or I or both, or by my
daughter and my wife, or by my daughter and me. I would like
to use them to pay her college room and board expenses. We
don't qualify for form 8815 tax exclusions. What is the
best way to use these bonds? Because she is in a much lower
tax bracket, can we cash in anything with her name on them
paying the money to her, thereby paying less tax?
Also, I'd like to cash in enough bonds to cover and pay the
taxes that I would owe "on the spot." Assuming that I'm
financially ignorant enough not to be investing this tax
money in some other way, is this a terrible idea?
Thanks in advance,
Wayne
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