Why does Savings Bond giver need my kid’s Social Security Number?
Thursday, March 10th, 2005
Categorized as: Savings Bonds as gifts and prizes
My daughter’s godfather wants to start buying her savings bonds and has asked for her social security number in order to do this. We have already received two $25 saving bonds without having to use her social security number. Is this necessary?
Tom’s response
When you buy a savings bonds as a gift, you can give either your own or the recipient’s Social Security Number. The SSN isn’t used for tax purposes - whoever cashes in the bond has to supply their SSN to the IRS.
However, the SSN on the bond is used to trace the bond in case it’s lost.
I encourage people to use the recipient’s SSN so that if the bond is ever lost, it can be found. No one ever thinks to look for lost bonds under the SSN of giver of a gift bond.
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Loading...FDIC Insured Certificates of Deposit can pay 1 or 2% more than savings bonds when held for a similar length of time. See top CD Rates Below:
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Tom Adams