Ask a CPA

No. Only the original FAFSA form produced by the US Department of Education is acceptable. Photocopies, facsimiles, reproductions, and electronic versions are all Not acceptable.

The exchange of one life insurance policy for another one is considered a tax free exchange.
Also an exchange of a annuity contract for another anuity contract with identical recipients is a tax-free exchange.
A endowment policy for another endowment policy that provides for regular payments beginning no later than the date payments would have started under the old policy is considered a tax-free exchange.

Yes. You can check risk ratings and portfolio allocations in Morningstar Mutual Funds at http://www.morningstar.com

Yes. You can check risk ratings and portfolio allocations in Morningstar Mutual Funds at http://www.morningstar.com

As of January 1, 2012, paper savings bonds will no longer be sold at financial institutions. This action supports Treasury’s goal to increase the number of electronic transactions with citizens and businesses.EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education, supplemental retirement income, birthday and graduation gifts, and other special events. Series EE Bonds purchased on or after May 1, 2005, earn a fixed rate of return, letting you know what the bonds are worth at all times. EE Bonds purchased between May 1997 and April 30, 2005, are based on 5-year Treasury security yields and earn a variable market-based rate of return.

I Bonds have an annual interest rate that reflects the combined effects of a fixed rate and a semiannual inflation rate. They are an accrual-type security. Interest, if any, is added to the bond monthly and is paid when you cash the bond. I Bonds are sold at face value; i.e., you pay $50 for a $50 bond. Current Rate: 3.06% through April 30, 2012 Minimum purchase:$50 for a $50 I Bond when purchasing paper bond certificates. $25 for a $25 I bond when purchased electronically via TreasuryDirect

You are limited to a $15,000 annual purchase of EE bonds. You buy an EE bond for half of its face value. Foe example a $100 face baond would cost $50. EE bonds can be exchanged for HH bonds.

The maximum amount of I bonds an individual may buy each year is $10,000 in electronic bonds and $5,000 in paper I bonds. Federal I bonds cannot be exchanged for Federal HH bonds like Federal EE bonds can be.

Federal EE and I bonds earn interest for 30 years. The interest rate is reset every 6 months for each bond. You do not have to report the interest earned as income on your tax return until you cash the bond in or it reached its final maturity, whichever comes first.

The interest earned on your savings bonds is subject to federal income tax, which can be deferred until redemption, final maturity, or other taxable disposition, whichever occurs first. Savings bonds are subject to estate, inheritance, gift, or other excise taxes, whether federal or state. Special tax benefits are available to qualified owners of EE Bonds under the Education Savings Bond Program.