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Savings bond question!!!?
I found some savings bonds of mine the other day and I went and cashed in one for $50. But I'm worried my mom will find out. Nothing will come in the mail about cashing it right? I also heard you have to file taxes on it? I'm only 16.
2 Answers
- Go with the flowLv 71 decade agoFavorite Answer
This will come back to bite you if you cashed one.
Your mom may be holding records.
And she will note one missing.
She will have to contact the government offices and put a request to locate where that savings bond went.
Trust me - parents keep records.
This will cause a heap of a problem for your mom.
Also, you may be getting something in the mail at tax time...
- DON WLv 71 decade ago
I'm surprised that you were allowed to cash them in. My understanding is that you have to be at least 18, or have a parent of guardian with you.
I wouldn't be concerned about having to pay taxes, since the amount if only $50, but a piece of mail might eventually come in early January to your parents with a receipt for possible tax purposes..
Bottom line is that you shouldn't have done it on your own--but I think you know that already.
