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Deadline On Series HH Savings BondsThe U.S. Treasury has announced that August 2004 will be the last month Series HH Savings Bonds will be issued. These bonds can permit tax deferral of accrued interest for 20 years.This is of special interest to current holders of EE/E Bonds who currently have (and will thereafter lose) the option to exchange them for Series HH Bonds continuing the deferral of taxes on accumulated interest. Series E Bonds began in May 1941 and were no longer issued after November 1965. They stop paying interest 40 years after issue. Series EE/E Bonds were first issued in December 1965. They stop earning interest 30 years after issue. The tax advantage for exchanging EE/E Bonds for HH Bonds is that if one has deferred taking interest and paying taxes on bonds being exchanged (typically the case), then the deferral for reporting accrued interest may be extended for as much as another 20 years. Of course, there are instances when annual reporting of interest on Series EE Bonds is beneficial. If a substantial amount is involved, then deferral may be more important. Our estate planning lawyers are available to help you if you have this interest in your "interest". |
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