I Bond and gift limit
I’m confused…Let’s say that my wife and I want to give each of our (2) sons $15,000 per year. So that’s $30,000 per year, $15,000 from each of us. Of the $15,000, can I give $10,000 in I-Bonds and my wife give $10,000 in I-Bonds, or can each son only receive a max of $10,000 in I-Bonds per year? I believe that it is the latter but I want to make sure.
Terry Says
OK, here’s how it should work. You and your wife EACH open a separate TD account, using your own SS number. (Can use the same bank account if it has both your names on it.)
Then each of you can buy your own $10,000 worth of I-bonds this year. And each of you can give your son (the same son!) $10,000 worth of I-bonds HELD IN YOUR GIFT BOX and using your son’s SS number on the gift — in each of your accounts.
Yes, that way he would “have” $20,000 total worth of I-bonds.
Now, before doing this, please remember that these bonds are meant to be held for 5 years, and that during that time interest rates could fall at the adjustment each May and November. Buy now and you get six full months of interest at the current 6.89%– and then the new rate set in May will go into effect for the subsequent 6 months.
