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Started By
Message
Treasury I Bond contribute more than $10K
Posted on 7/1/22 at 2:10 pm
Posted on 7/1/22 at 2:10 pm
I have some cash in savings from the sale of a previous home that we were going to use to build a new home.
We have delayed our plans to build now due to inflated cost of materials.
We have purchased another home to live in for at least 2 years before we reconsider building.
Lets say I have about $100k in cash savings that I don't need for 2 years and want to put this in Treasury I Bonds.
My wife and I can do $10K each per year. We could both do $10K in October and again in April but that's only $40K.
We have 2 minor children and we can do one each per year for both of them as well for another $40K. However, when cashing out I believe the money has to be utilized for the benefit of the children.
Would a down payment on the house they will be living in count?
We have delayed our plans to build now due to inflated cost of materials.
We have purchased another home to live in for at least 2 years before we reconsider building.
Lets say I have about $100k in cash savings that I don't need for 2 years and want to put this in Treasury I Bonds.
My wife and I can do $10K each per year. We could both do $10K in October and again in April but that's only $40K.
We have 2 minor children and we can do one each per year for both of them as well for another $40K. However, when cashing out I believe the money has to be utilized for the benefit of the children.
Would a down payment on the house they will be living in count?
5
Posted on 7/1/22 at 2:26 pm to Tiger Vision
thefinancebuff
According to this you could also buy spouse a gift I-bond and hold it until a year they dont max their Ibond purchase.
That way you and spouse could put in $40k this year.
According to this you could also buy spouse a gift I-bond and hold it until a year they dont max their Ibond purchase.
That way you and spouse could put in $40k this year.
Posted on 7/1/22 at 2:29 pm to TorchtheFlyingTiger
quote:
According to this you could also buy spouse a gift I-bond and hold it until a year they dont max their Ibond purchase.
That way you and spouse could put in $40k this year.
Thanks. Going to look into that. Sounds easier than trying to loophole through the kids.
Posted on 7/1/22 at 2:56 pm to Tiger Vision
Why Oct and Apr for purchases not now and Jan 1?
Posted on 7/1/22 at 4:47 pm to Tiger Vision
I’m interested in this as well. Have a similar amount of money I’m just holding right now. Need something 2 years max to do with it.
This post was edited on 7/1/22 at 4:48 pm
Posted on 7/1/22 at 5:13 pm to Tiger Vision
If you are owed a tax refund you can get it in Ibonds
Posted on 7/1/22 at 9:06 pm to Tiger Vision
Entities, trusts (do one for each spouse ). And like you said gifts. And kids.
I was about to buy some more yesterday but it was showing a July 1 purchase date so I missed cut off. There’s no reason to buy them at the beginning of the month, because you get credit (holding time and interest) for the entire month no matter what day of month you purchase.
Same re gifts. The interest and holding time begins accruing when you purchase not when you gift.
Notes of clarification: you are stuck (for better or worse) with the prevailing rate for the first six months you own , then it resets to the prevailing rate (set every May 1 and Nov 1).
And the $10k limit is calendar year.
I was about to buy some more yesterday but it was showing a July 1 purchase date so I missed cut off. There’s no reason to buy them at the beginning of the month, because you get credit (holding time and interest) for the entire month no matter what day of month you purchase.
Same re gifts. The interest and holding time begins accruing when you purchase not when you gift.
Notes of clarification: you are stuck (for better or worse) with the prevailing rate for the first six months you own , then it resets to the prevailing rate (set every May 1 and Nov 1).
And the $10k limit is calendar year.
This post was edited on 7/1/22 at 9:38 pm
Posted on 7/1/22 at 9:50 pm to Tiger Vision
How do I get out of it if I need to?
Posted on 7/1/22 at 11:02 pm to Jimmy2shoes
Wait a year (or 11 months if you buy on last day of year) from purchase. I don’t think there are any emergency type exceptions
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