The I Bond Thread

[Sunset]

So I bonds have limit of 1 per SSN. If I already own one under my name/ssn, can I open another as Joint owner with my daughter as Primary and me as Secondary ?

Your daughter can buy one. She will own it. She can add you as a POD/TOD.
Either by: the second-named owner or beneficiary. But you don't own it as second-named owner, it just takes effect upon daughter's death.

But I don't think (I'm NOT an expert) that anyone can have a Joint bond that has the meaning of a regular CD.

https://www.treasurydirect.gov/indiv/research/indepth/ibonds/registeringibonds.htm

 

[braumeister]

Your daughter can buy one. She will own it. She can add you as a POD/TOD.

But keep in mind that AFAIK any owner must have their own TD account.

 

[retired1]

But keep in mind that AFAIK any owner must have their own TD account.

Thanks Sunset and braunmeister. I think you’re right. I’ll also check TD website I’m hoping TD website is smart to figure that my SS already has a 10K I bond and instruct me

 

[rkser]

We MFJ are planning to buy $5k from out Tax Refunds, I wonder whose account that $5k will be deposited ? or do they divide with $2.5k in mine & $2.5k in DW's account

 

[Dash man]

We MFJ are planning to buy $5k from out Tax Refunds, I wonder whose account that $5k will be deposited ? or do they divide with $2.5k in mine & $2.5k in DW's account

My guess is it’ll go to the first listed on the 1040.

 

[londo]

We MFJ are planning to buy $5k from out Tax Refunds, I wonder whose account that $5k will be deposited ? or do they divide with $2.5k in mine & $2.5k in DW's account

See IRS form 8888. You get to specify how much goes under each person's name.

 

[Sunset]

See IRS form 8888. You get to specify how much goes under each person's name.

Thanks for this... I didn't know.

Maybe my DW should say thanks, I always got the refund deposited in my account by default. Now I [-]have[/-] can to share share it with her.

 

[steelyman]

I Bond rate 11/2021

I got my entity account (trust) signature verification done at the credit union on Friday. They used a medallion signature guarantee which seems overkill to me but they see a lot more in their business than I do.

It was dropped in the mailbox and picked up yesterday. I’ll be curious to see how long the process takes. I’d like to be able to use the account in 2021 but it’s not a disaster if it takes longer.

Yay! This account is now active as of today. I made a $10K purchase for CY 2021.

That’s pretty darn good on Treasury’s part I think. Now that it’s established and funded there’s little more to do.

[ADDED] It took about 3 weeks from the time the authorization was dropped in my home mailbox for pickup. Same as what was reported previously.

 

[Gearhead Jim]

People are posting about mailing something to start their TD account, but we (DW & I) were able to set up our individual accounts and link to our separate checking accounts, all on the TD site. What am I missing?

 

[REWahoo]

I think those posting about mailing something are setting up accounts for a trust. Individual account set up on TD can be done online - at least our two accounts were.

 

[finnski1]

People are posting about mailing something to start their TD account, but we (DW & I) were able to set up our individual accounts and link to our separate checking accounts, all on the TD site. What am I missing?

That's exactly how I did it. Very easy. I don't think you're missing anything.

 

[steelyman]

I Bond rate 11/2021

People are posting about mailing something to start their TD account, but we (DW & I) were able to set up our individual accounts and link to our separate checking accounts, all on the TD site. What am I missing?

I don’t think you’re missing anything. In my case, the extra step seemed necessary because I was creating a new “entity” account (versus an individual account which I already had). This new account is titled as my trust and uses the same taxpayer identification number (SS #) as my existing individual account. It has its own new Treasury Direct account number.

The entity account allows me to buy an additional $10K per calendar year.

 

[misanman]

I had to send in paperwork and there's nothing unusual about my account. They sent an email that said they were unable to verify my credentials and that I needed to complete and mail in a form. No explanation as to the details.

 

[MandM]

I had a Treasury Direct account as I previously converted paper I-Bonds and direct purchased some I-bonds 8-9 years ago when I lived in a different location. I had a different bank account in TD that I closed after I moved and it would not allow me to set-up a new bank account to my existing TD account online as one of their security measures to protect that money.

So that is why I had to get the paperwork confirmed by medallion guarantee with my new bank account and mail it in. Most new individual accounts can be done online.

 

[Gearhead Jim]

Thanks.

 

[Out-to-Lunch]

I had to send in paperwork and there's nothing unusual about my account. They sent an email that said they were unable to verify my credentials and that I needed to complete and mail in a form. No explanation as to the details.

Same for me...

 

[SloHan]

A good informative thread for me. Thanks! Created a Treasury Direct Account and bought my first I Bond today.

 

[Act2]

I recently opened a TreasuryDirect account and had to send the confirmation paperwork. Of three other family members who opened accounts the past three months, two opened online without delay and one had to do the confirmation paperwork. All were individual accounts, nothing fancy.

 

[PaunchyPirate]

I had ignored the I-Bond topic until recently, but am now wondering if it makes sense to start buying them. I get the financial aspect of them.

But as a single person, age 60, who will be relying on my intelligent niece (in her 40s) to sort out my financial estate upon my death, I'm wondering if it would be an unnecessary complexity added to my nest of brokerage and savings accounts.

I was reviewing how to set up beneficiaries for individual I-Bonds. It looks like I can "register" them as "Owner and Beneficiary". I would probably just make my niece the beneficiary and consider them to automatically go to her rather than be thrown into the estate pool which would be divided between my 10 heirs. At least until I would have enough I-Bonds to make it substantial to the estate. This would be part of her compensation for doing the estate work.

Does anyone know if I were to set her up as the beneficiary, would I need to know HER social security number? The TD website help doesn't show the registration screens. I'd rather not have to ask her for her SS#.

 

[MandM]

When I set it up in the early 2010s, if you wanted to name a beneficiary you did need a SS# for them. I only had one of my two brothers SS#, so I set them up as my beneficiary. I can't speak for the current process, but I can't imagine you not needing a SS# now. You can set it up without one now, and then later go in and add a beneficiary to that registration.

Sent from my SM-G955U using Early Retirement Forum mobile app

 

[Free2BMe]

Great info. Thanks ... I opened up two accounts (one for me, one for DH) and transferred $20,000 today. Easy peasy.

 

[Retire2023]

For those that had to mail in the paperwork to the Treasury, how long after you were notified of the receipt of your forms, to when the account was finalized, or otherwise approved? I selected the wrong account type when setting up one of the accounts and had to mail in the request to change. I got an email today that they received it, and to "give them time to make the update/change". Was hoping to add that extra $10k before the end of the month.

 

[Act2]

Dropped paperwork in the mail to TreasuryDirect on 11/18/21, got email on 12/7 that hold on the account had been lifted.

 

[misanman]

I think in my case it was about two weeks.

 

[Retire2023]

Thanks Act 2 and misanman! It might be cutting it close, but there's still a chance to make that purchase this year and then do another $30K (3 account types) in January!