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Research Center — TreasuryDirect
<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="viewport" content="initial-scale=1"> <title>Research Center — TreasuryDirect</title> <link rel="stylesheet" type="text/css" href="/styles/style.css"> <link rel="icon" href="/images/favicon.svg" type="image/svg+xml"> <style> .scrollButton:hover{ background-color: #0379ca; opacity: 100% !important; } </style> </head> <body> <div class="container"> <a class="sr-only sr-only-focusable" href="#main">Skip Navigation</a> </div> <div class="text-white bg-usa-blue-dark" role="banner"> <div class="container-xxl"> <div class="row"> <div class="col-md py-1 media small"> <img class="align-self-center mr-2" src="/images/icons/us_flag_small.png" alt="U.S. flag"> <div class="media-body"> <span class="mr-2">An official website of the United States government</span> <a class="d-block d-md-inline-block text-td-blue-light arrow-collapse" role="button" href="#" data-toggle="collapse" data-target="#official-site-collapse" aria-expanded="false" aria-controls="official-site-collapse"> Here’s how you know <svg class="bi-chevron-down" width="1.1em" height="1.1em" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 320 512"><path fill="currentColor" d="M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z"/></svg> </a> </div> </div> <div class="col-md py-1 border-top border-md-0 border-usa-gray-light small text-md-right"> <a class="text-white" href="https://www.treasury.gov" target="_blank" rel="nofollow noopener noreferrer">U.S. Department of the Treasury</a> </div> </div> </div> <div id="official-site-collapse" class="collapse container-xxl border-top border-md-0 border-usa-gray-light"> <div class="row"> <div class="p-3 col-md-6"> <div class="media"> <img class="w-2-5em h-2-5em mr-2" src="/images/icons/icon-dot-gov.svg" alt=""> <div class="media-body"> <strong>Official websites use .gov</strong><br> A <strong>.gov</strong> website belongs to an official government organization in the United States. </div> </div> </div> <div class="p-3 col-md-6"> <div class="media"> <img class="w-2-5em h-2-5em mr-2" src="/images/icons/icon-https.svg" alt=""> <div class="media-body"> <strong>Secure .gov websites use HTTPS</strong><br> A <strong>lock</strong> (<span class="icon-lock-white"></span>) or <strong>https://</strong> means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites. </div> </div> </div> </div> </div> </div> <header id="header-site" class="bg-white"> <div class="container-xxl"> <nav class="navbar navbar-expand-lg navbar-td p-0"> <a class="navbar-brand d-lg-none py-3" href="/"><img src="/images/logo-treasurydirect-color.svg" alt="TreasuryDirect Home"></a> <button class="navbar-toggler btn btn-outline-td-blue nav-text-small shadow-none" data-toggle="collapse" data-target="#site-nav-collapse" aria-controls="site-nav-collapse" aria-expanded="false" aria-label="Toggle navigation"> <span class="align-middle">Menu</span></button> <div class="collapse navbar-collapse flex-wrap navbars" id="site-nav-collapse"> <a class="navbar-brand d-none d-lg-block py-lg-4 order-lg-0" href="/"><img src="/images/logo-treasurydirect-color.svg" alt="TreasuryDirect Home"></a> <div class="navbar-nav ml-lg-auto align-items-center order-lg-2"> <a class="btn btn-sm btn-td-orange text-white shadow-none" 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class="nav-item dropdown"> <a class="nav-link dropdown-toggle" href="#" id="site-nav-savings-bond-link" role="button" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false">Savings Bonds</a> <div class="dropdown-menu" aria-labelledby="site-nav-savings-bond-link"> <div class="dropdown-menu-wrapper"> <a class="dropdown-item" href="/savings-bonds/">About U.S. Savings Bonds</a> <a class="dropdown-item" href="/savings-bonds/buy-a-bond/">Buy a Bond</a> <a class="dropdown-item" href="/savings-bonds/gift-a-bond/">Gift a Savings Bond</a> <a class="dropdown-item" href="/savings-bonds/cashing-a-bond/">Cash In a Bond</a> <a class="dropdown-item" href="/savings-bonds/savings-bond-calculator/">Savings Bond Value Calculator</a> <a class="dropdown-item" href="/savings-bonds/manage-bonds/">Manage Bonds</a> <a class="dropdown-item" href="/savings-bonds/forms/">Forms for Savings Bonds</a> <a class="dropdown-item" href="/savings-bonds/treasury-hunt/">Treasury Hunt</a> </div> </div> </li> <li 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<main id="main"> <section class="jumbo-stage"> <div class="background text-center" style="background-image: url('/images/content/stage-research-center.jpg');"> <div class="container-xxl"> <img src="/images/content-icons/icon-circle-book.svg" alt=""> <h1>Research Center</h1> </div> </div> <div class="container-xxl"> <div class="content"> <div class="content-inner"> <p>Here you can find interesting historical information, helpful articles, educational tools, and information on potential securities frauds.</p> </div> </div> </div> </section> <section> <div class="section-container container-xxl"> <div class="grid-row-container row "> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <figure> <img src="/images/content/man-silhouette-sitting.jpg" alt="" > </figure> <div class="body-copy"> <h3>History of our Programs</h3> <p>The financing of the national debt through the sale of government securities has a rich and interesting history, going back to the Revolutionary War period. In this section, we provide a brief history of our securities programs.</p> <h4><a href="/research-center/history-of-savings-bond/">Savings Bond Program </a></h4> <h4><a href="/research-center/history-of-marketable-securities/">Treasury Marketable Securities</a></h4> <h4><a href="/timeline.htm">Visual History of U.S. Savings Bonds</a></h4> <h4><a href="/research-center/myra/">The <em>my</em>RA program</a></h4> </div> </div> </div> </div> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <figure> <img src="/images/content/penny-on-gray-background.jpg" alt="" > </figure> <div class="body-copy"> <h3><a href="/research-center/tools/">Tools for Teachers - Money Math: Lessons for Life</a></h3> <h4><a href="/kids/kids.htm">For Kids </a></h4> <div class="collapse-block py-3" style="" id="id-tools-for-parents-205744"> <a class="collapse-summary h3 text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-tools-for-parents-205744-1" aria-controls="id-tools-for-parents-205744-1" aria-expanded="false"> Tools for parents </a> <div id="id-tools-for-parents-205744-1" class="collapse"> <div class="collapse-details mt-4"> <ul> <li><a href="https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/?utm_source=Email&utm_medium=Email&utm_campaign=AMLS_2022&utm_id=AMLE_Distinguished_Schools" target="_blank" rel="nofollow noreferrer noopener">Money as You Grow</a> identifies financial literacy milestones for children at various developmental stages and conversation starters on key money topics. </li> <li><a href="https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/bookshelf/?utm_source=Email&utm_medium=Email&utm_campaign=AMLS_2022&utm_id=AMLE_Distinguished_Schools" target="_blank" rel="nofollow noreferrer noopener">Money as You Grow Bookshelf</a> can help adults weave money skills into the time they may already spend reading to children. There are 21 books and accompanying parent guides. In each parent guide, you will find a synopsis of the story, key ideas, something to think about, things to do before you read, ideas to talk about and activities to do (age specific). Securing copies of the books and placing them for check out with the parent guides in your school’s parent resource center is a great extended learning activity. </li> </ul> </div> </div> </div> </div> </div> </div> </div> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <figure> <img src="/images/content/abstract-graph.jpg" alt="" > </figure> <div class="body-copy"> <h4><a href="/research-center/communication-materials/">Communications Materials about Savings Bonds</a></h4> <h4><a href="/laws-and-regulations/fraud/">Frauds, Phonies and Scams</a></h4> <h4><a href="/laws-and-regulations/links/">Links to Other Sites of Interest</a></h4> </div> </div> </div> </div> </div> <div class="body-copy"> <h2 class="h1" id="articles">Articles about Treasury Securities</h2> <div class="collapse-block py-3" style="" id="id-using-your-tax-refund-for-treasurydirect-339824"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-using-your-tax-refund-for-treasurydirect-339824-1" aria-controls="id-using-your-tax-refund-for-treasurydirect-339824-1" aria-expanded="false"> Using Your Tax Refund for TreasuryDirect </a> <div id="id-using-your-tax-refund-for-treasurydirect-339824-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Using Your Tax Refund for TreasuryDirect</h1> <p>You can have your tax refund directed to your TreasuryDirect account to use for Treasury security purchases. Note: this option will be discontinued January 1, 2025. See our <a href="/research-center/faq-irs-tax-feature/" target="_blank">FAQ</a>.</p> <p>You can request the IRS or your state tax department to deposit your tax return directly into your TreasuryDirect account where you can use the funds to purchase savings bonds or marketable Treasury securities. All you need to do is provide TreasuryDirect's routing number and your TreasuryDirect account number in the refund instructions on your tax return, before January 1, 2025.</p> <p>On your tax return, enter:</p> <ul> <li>the TreasuryDirect routing number, 051736158, in the “Routing number” field.</li> <li>your TreasuryDirect account number in the “Account number” field. </li> <li>“Savings” as the account type.</li> </ul> <p>Providing these instructions in the "refund" area on your tax return will direct your refund to the Zero-Percent C of I in your TreasuryDirect account where it will be available to fund the purchase of one or more Treasury securities.</p> <p>You can also use your federal tax refund to <a href="/research-center/faq-irs-tax-feature/">purchase Series I savings bonds</a> in paper form. Starting January 1, 2025, this option will be discontinued.</p> <p>Don't have a TreasuryDirect account? ... <a href="/savings-bonds/manage-bonds/treasurydirect/">open one now</a>.</p> </div> </div> </div> <div class="collapse-block py-3" style="margin-top: -.1em;" id="purchase-limits"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#purchase-limits-1" aria-controls="purchase-limits-1" aria-expanded="false"> Purchase Limits </a> <div id="purchase-limits-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Purchase Limits</h1> <p>Are you confused about how much you're allowed to purchase in savings bonds or Treasury marketable securities each year? It's simple!</p> <h2>Savings Bonds</h2> <p>Different purchase limits apply for electronic savings bonds and paper savings bonds.</p> <p><strong>Electronic (TreasuryDirect)</strong></p> <p>Through your TreasuryDirect account - which is established using your name and social security number, bank information, driver’s license and e–mail address – you can invest in electronic savings bonds (also referred to as book–entry savings bonds) each calendar year by purchasing as much as:</p> <ul> <li>$10,000 in Series EE bonds, and</li> <li>$10,000 in Series I bonds.</li> </ul> <p><strong>Paper</strong></p> <p>Paper Series I savings bonds may be purchased only with your IRS tax refund. Starting January 1, 2025, this option will be discontinued. See our <a href="/research-center/faq-irs-tax-feature/" target="_blank">FAQ</a>. For these bonds, the purchase limit per calendar year is:</p> <ul> <li>$5,000</li> </ul> <p><strong>Exceptions: </strong>Savings bonds you purchase as gifts aren’t included in your annual limit. The purchase amount of electronic savings bonds you transfer, deliver as gifts, or de-link to another TreasuryDirect account holder is applied to the annual purchase limit of the recipient. It is applied in the year the bonds are delivered to the recipient’s account.</p> <p><strong>Note:</strong> The three purchase limits above apply separately. That is, in a single calendar year you could buy $10,000 in electronic Series EE bonds, $10,000 in electronic Series I bonds, and $5,000 in paper Series I bonds.</p> <h2>Treasury Marketable Securities -- Bills, Notes, Bonds, Floating Rate Notes, and TIPS</h2> <p>The most important thing to remember about purchasing marketable bills, notes, bonds, Floating Rate Notes, or TIPS is that the limits are set for each auction, not by year. The limit for noncompetitive purchases is $10 million for each security type and term, for each auction. This limit applies regardless of whether you're buying a bill, note, bond, Floating Rate Note, or TIPS, and regardless of what method you use to make the purchase (TreasuryDirect, broker, or dealer). </p> <p>In other words, you could invest as much as $10 million in each security listed below -- in every auction offering -- without violating the purchase limit. For example, you can purchase:</p> <ul> <li>$10 million <strong>each</strong> in 4-, 8-, 13-, 26-, and 52-week Treasury bills,</li> <li>$10 million <strong>each</strong> in 2-, 3-, 5-, 7-, and 10-year Treasury notes,</li> <li>$10 million in 30-year Treasury bonds,</li> <li>$10 million in 2-year Floating Rate Notes, and</li> <li>$10 million <strong>each</strong> in 5-, 10-, and 30-year Treasury TIPS.</li> </ul> <p>Besides the maximum noncompetitive bid limit, we also have a household limit. This limit applies to a person, spouse and children under the age of 21 having a common address. These individuals within a household need to total their bids to make sure that their bids do not exceed the noncompetitive bid limits for each auction as stated above.</p> <p>For example, in a Treasury bill auction, a husband, wife, an 18 year-old living at home and a 21 year-old living at home each placed a bid in the auction. The husband, wife and 18 year-old would not be allowed in total to bid over the maximum limit of $10 million. But, the 21 year-old living at home would be allowed to bid separately up to the maximum bid of $10 million.</p> <p>Reinvestments in TreasuryDirect don't count toward the purchase limit. TreasuryDirect provides an option for automatic reinvestments. When making your original purchase of a bill, note, bond, or Floating Rate Note, you can schedule reinvestment of the security simply by completing the "Schedule Reinvestment" section on the BuyDirect® page. See <a href="/indiv/help/treasurydirect-help/how-do-i/#reinvest">detailed instructions</a>. The purchase limit does not apply in TreasuryDirect when a security is purchased in this way.</p> <p><strong>NOTE:</strong> At this time, TIPS can't be reinvested in TreasuryDirect.</p> <h2>Zero-Percent Certificate of Indebtedness (Zero-Percent C of I, or C of I)</h2> <p>A Zero-Percent C of I is a security that can be funded in your TreasuryDirect account and used to purchase other securities. It's issued daily with a one-day maturity that automatically rolls over at maturity - and continues to do so until the customer requests redemption. It does not earn interest. The purpose of a C of I is to accumulate funds for the purchase of another eligible security in the TreasuryDirect system.</p> <p>A C of I may be funded in several ways:</p> <ul> <li>Payroll deduction,</li> <li>Depositing proceeds from your securities (interest, redemption, maturing proceeds), and</li> <li>Withdrawing funds from a designated bank account.</li> </ul> <p>There is no limit to the amount that may be held in your C of I. However, only $1,000 may be withdrawn from a designated bank account for each transaction.</p> <p>By remembering these simple rules, you should avoid exceeding any and all purchase limits.</p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-transferring-securities-from-legacy-treasury-direct-to-treasurydirect-434283"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-transferring-securities-from-legacy-treasury-direct-to-treasurydirect-434283-1" aria-controls="id-transferring-securities-from-legacy-treasury-direct-to-treasurydirect-434283-1" aria-expanded="false"> Transferring Securities from Legacy Treasury Direct to TreasuryDirect </a> <div id="id-transferring-securities-from-legacy-treasury-direct-to-treasurydirect-434283-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Transferring Securities from Legacy Treasury Direct to TreasuryDirect</h1> <p>Have you wondered how to transfer your securities from Legacy Treasury Direct to TreasuryDirect? The process is simple.</p> <p>Any security in Legacy Treasury Direct is eligible to be transferred – Treasury notes, Treasury bonds, or TIPS. You can send any of them to an account in TreasuryDirect, and it won't cost you anything.</p> <p>Here’s how to make the transfer:</p> <ol> <li><a href="/savings-bonds/manage-bonds/treasurydirect/">Open an account</a> in TreasuryDirect. (If you already have an account in TreasuryDirect, you may skip this step.)</li> <li>Complete <a href="/forms/sec5179.pdf">FS Form 5179</a>. In the form's section 3, check the box for “Transfer to an Established Online TreasuryDirect Account Number.” Your signature on this form must be certified. For details, see the form's instructions.</li> <li>Mail your FS Form 5179 to the address shown on the form. </li> </ol> <p>Take these three steps and you can begin enjoying TreasuryDirect, a system that's available online 24 hours a day, seven days a week.</p> </div> </div> </div> <div class="collapse-block py-3" style="margin-top: -.1em;" id="retirement"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#retirement-1" aria-controls="retirement-1" aria-expanded="false"> Retirement Planning </a> <div id="retirement-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Retirement Planning</h1> <p>Experts estimate you'll need 70-80 percent of your pre-retirement income—lower earners will need 90 percent or more—to maintain your standard of living when you stop working. This is based on the assumption that you'll cut out many of your current expenses, like commuting costs, when you retire.</p> <p>When you use savings bonds during retirement, you can:</p> <ul> <li>Avoid dipping into your retirement accounts early by using your savings bonds instead. </li> <li>Defer paying taxes on interest your savings bonds earn. You can wait until you cash (redeem) your bonds or they mature, whichever comes first. If redemption or maturity occurs after you retire, you might pay less, as you might be in a lower tax bracket then.</li> </ul> <p>Savings bonds are backed by the full faith and credit of the United States government. </p> <p>If you don't know which savings bond is best for your needs, visit our <a href="/savings-bonds/comparing-ee-and-i-bonds/">I and EE Savings Bond comparison page. </a> </p> <h2>Making Your Retirement Planning Easier with TreasuryDirect.</h2> <p><a href="/savings-bonds/manage-bonds/treasurydirect/">TreasuryDirect</a> makes it easy for you to plan and manage your retirement savings electronically. You can:</p> <ul> <li>Purchase any amount of savings bonds from $25 to $10,000 per series — in penny increments. </li> <li>View your account online 24 hours a day, 7 days a week.</li> <li>Deposit the funds into your designated checking or savings account when you redeem your bonds.</li> </ul> </div> </div> </div> <div class="collapse-block py-3" style="margin-top: -.1em;" id="education"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#education-1" aria-controls="education-1" aria-expanded="false"> Education Planning </a> <div id="education-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Education Planning</h1> <h2>Education Tax Exclusion </h2> <p>The education tax exclusion permits qualified taxpayers to exclude from their gross income all or part of the interest paid upon the redemption of eligible savings bonds, when the bond owner pays qualified higher education expenses at an eligible institution.</p> <h2>Who Can Take the Exclusion</h2> <p>You can take the exclusion if all five of the following apply:</p> <ul> <li>You cashed qualified U.S. savings bonds in the same tax year for which you are claiming the exclusion.</li> <li>You paid qualified higher education expenses in that same tax year for yourself, your spouse, or your dependents.</li> <li>Your filing status is any status except married filing separately. </li> <li>Your modified adjusted gross income was less than the cut-off amount set by the Internal Revenue Service. This amount typically changes every year. See <a href="https://www.irs.gov/pub/irs-pdf/f8815.pdf" target="_blank" rel="noreferrer noopener">IRS Form 8815</a> for the current amount.</li> <li>You were 24 or older before your savings bonds were issued.</li> </ul> <h2>Savings Bonds That Qualify for the Exclusion</h2> <p>To qualify for the exclusion, the bonds must be Series EE or Series I savings bonds issued after 1989 in your name, or, if you are married, they may be issued in your name and your spouse's name. <strong>Note:</strong> A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or the child.</p> <h2>More Information </h2> <p>For more information on the exclusion, see <a href="https://www.irs.gov/pub/irs-pdf/f8815.pdf" target="_blank" rel="noreferrer noopener"> IRS Form 8815</a>.</p> <p>To apply for the exclusion, attach IRS Form 8815 to IRS Form 1040 or IRS Form 1040-SR and send both to the Internal Revenue Service.</p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-tax-planning-669339"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-tax-planning-669339-1" aria-controls="id-tax-planning-669339-1" aria-expanded="false"> Tax Planning </a> <div id="id-tax-planning-669339-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Tax Planning</h1> <p>Savings bonds offer many tax advantages:</p> <ul> <li>Interest on savings bonds is subject to taxes imposed under the Internal Revenue Code of 1986. The bonds are exempt from taxation by any State or political subdivision of a State, except for estate or inheritance taxes.</li> <li>The education tax exclusion permits qualified taxpayers to exclude from their gross income all or a portion of the interest paid upon the redemption of eligible Series EE and I Bonds issued after 1989. The bond owner must use the bonds to pay for qualified higher education expenses at an eligible institution. Find out more about <a href="#education">Education Planning</a>.</li> <li>Buy savings bonds in a child's name. If the child's interest is reported annually, taxes might be eliminated on interest earnings during years when the child's income is sufficiently low.</li> <li>When <a href="#retirement">planning for retirement,</a> keep in mind that you can cash savings bonds to supplement your retirement income and report the tax-deferred interest as income for that year, when you may be in a lower income tax bracket.</li> </ul> <p>If you only look at the rate your savings bonds are earning, they may not seem like a competitive investment at first. But when you factor in all the tax advantages, your bonds are earning more than you think.</p> <h2>Reporting Interest</h2> <p>There are two ways you can report the interest your savings bonds earn.</p> <ul> <li>Annually.</li> <li>When you cash the savings bonds or when they reach final maturity, whichever comes first.</li> </ul> <p>If you want to switch from deferred reporting to annual reporting of interest, you must do it for all your savings bonds. You must also report all interest earned up to the year of the change in reporting procedure. If you later wish to change from annual reporting to deferred reporting, either attach to your tax return a statement asking for this change or submit <a href="https://www.irs.gov/pub/irs-pdf/f3115.pdf" target="_blank" rel="noreferrer noopener">IRS Form 3115</a> (the fee for the form is waived in this case). See <a href="https://www.irs.gov/pub/irs-pdf/p550.pdf" target="_blank" rel="noreferrer noopener">IRS Publication 550</a> for details.</p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-estate-planning-435200"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-estate-planning-435200-1" aria-controls="id-estate-planning-435200-1" aria-expanded="false"> Estate Planning </a> <div id="id-estate-planning-435200-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Estate Planning</h1> <p>Savings bonds can be useful in estate planning because, on the death of the original bond owner, ownership goes to the co-owner or beneficiary, if the bond has either. A will is not needed.</p> <p>It's important to register your bonds correctly. Registrations for Series EE and I Bonds, both electronic and paper bonds, can vary, so it's a good idea to find out how to register each type of bond. View information about registrations for <a href="/savings-bonds/buy-a-bond/register-a-bond/">EE and I Savings Bonds</a>.</p> <h2>Trusts </h2> <p>A trust is a right of property, real or personal, held by one person appointed or required by law to administer a trust, for the benefit of another. </p> <ul> <li>Can be created for any purpose which is not illegal or against public policy. </li> <li>No limit to the number of trustees or the number of persons who may create a trust. </li> <li>Can be established by any organization or competent adult holding a legal title to property.</li> <li>A testamentary trust can be created under the will of a decedent.</li> </ul> <p>The person who creates a trust is called the grantor, maker, donor, trustor, or settlor. The person charged with administering a trust is called the trustee. The party for whose benefit a trust is created, or who is to enjoy the income of the trust, is called the beneficiary or donee.</p> <p>See information about <a href="/savings-bonds/cashing-a-bond/trusts/">trust registrations for electronic bonds</a>.</p> <h2>Trust Instrument </h2> <p>A Trust Instrument is the document that sets out in writing the authority, duties, and rights of the parties involved. The instrument may be called an Agreement, Indenture, Declaration, or Deed. In the case of a testamentary trust, the trust instrument is the decedent's will.</p> <p>Learn more about:</p> <div class="collapse-block py-3" style="" id="id-savings-bonds-in-trust-form-510397"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-savings-bonds-in-trust-form-510397-1" aria-controls="id-savings-bonds-in-trust-form-510397-1" aria-expanded="false"> Savings Bonds in Trust Form </a> <div id="id-savings-bonds-in-trust-form-510397-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Savings Bonds in Trust Form</h1> <p>Savings bonds can be registered to trusts in the name of the trustee of a personal trust estate. Personal trust estates are defined in the governing regulations as trust estates established by natural persons in their own right for the benefit of themselves or other natural persons in whole or in part, and common trust funds comprised in whole or in part of such trust estates. </p> <p>Paper savings bonds registered to individuals may be reissued to a personal trust estate as follows: </p> <ul> <li><a href="/help-center/glossary/glossary-of-terms/#singleowner">Single ownership</a> form may be reissued to a new sole owner including a trustee of a personal trust estate created by the owner or which designates as beneficiary either the owner or a person related to him/her by blood (including legal adoption) or marriage.</li> <li><a href="/help-center/glossary/glossary-of-terms/#coowner">Co-ownership</a> form may be reissued to a trustee of a personal trust estate created by either co-owner or by someone else if either co-owner is a beneficiary of the trust or a beneficiary of the trust is related by blood or marriage to either co-owner.</li> <li><a href="/help-center/glossary/glossary-of-terms/#beneficiary">Beneficiary</a> form may be reissued to eliminate the names of the owner and the beneficiary and to name as new owner the trustee of a personal trust estate, which was created by the owner or which designates as beneficiary either the owner or a person related to him/her by blood (including legal adoption) or marriage.</li> </ul> <p>Savings bonds reissued to a personal trust estate are no longer issued in paper form but, instead, are issued as electronic bonds in TreasuryDirect. See information about <a href="/savings-bonds/cashing-a-bond/trusts/">trust registrations for electronic bonds</a>. </p> <h2>Irrevocable and Revocable Trusts</h2> <p>An irrevocable trust is one that the grantor may not rescind or cancel. The governing regulations do not require that either term be included in the registration of savings bonds.</p> <p>A revocable trust is one which the grantor has the option of rescinding or canceling. </p> <p>More information on personal trusts is available in "<a href="/forms/savpdp0049.pdf" target="_blank">Questions and Answers about Trusts</a>."</p> <div class="collapse-block py-3" style="" id="id-reissuing-savings-bonds-to-a-trust-890386"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-reissuing-savings-bonds-to-a-trust-890386-1" aria-controls="id-reissuing-savings-bonds-to-a-trust-890386-1" aria-expanded="false"> Reissuing Savings Bonds to a Trust </a> <div id="id-reissuing-savings-bonds-to-a-trust-890386-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Reissuing Savings Bonds to a Trust</h1> <h2>How to Reissue Paper Savings Bonds to a Trust</h2> <p>The following information on trust registration applies only to paper savings bonds.</p> <ul> <li><a href="/forms/sav1851.pdf">FS Form 1851</a> must be signed by everyone named in the current registration of the bonds, in the presence of an authorized certifying officer, except that the signature of a beneficiary is not required for Series EE, HH, or I savings bonds. </li> <li>If one of two people named on the bonds is deceased, then FS Form 1851 and a certified copy of the death certificate must be provided. (We don't return a death certificate or other legal evidence.) The death certificate is not needed if the deceased person is a beneficiary named on Series EE, HH, or I savings bonds.</li> <li>Pay special attention to item 5 on the FS Form 1851, as it concerns tax matters.</li> </ul> <p><strong>Note:</strong> Savings bonds reissued to a personal trust estate are no longer issued in paper form, but are issued as electronic bonds in TreasuryDirect. </p> <p>See information about <a href="/savings-bonds/cashing-a-bond/trusts/">trust registrations for electronic bonds</a>. </p> <h2>Additional Requirements for Reissue of HH or H Bonds to a Trust</h2> <p>When Series HH or H bonds are reissued to a trust, the new owner must certify that the taxpayer identification number is correct and must not be subject to backup withholding. Certification is accomplished by completing an <a href="https://www.irs.gov/pub/irs-pdf/fw9.pdf" target="_blank" rel="noreferrer noopener">IRS Form W-9</a> or a similar certification statement on FS Form 1851 (reissue application). </p> <h3>Who is responsible for signing Form W-9:</h3> <ul> <li><strong>If a Social Security Number is provided</strong> to identify the trust, the Form W-9 must be filled out and signed by the person to whom the Social Security Number belongs. </li> <li><strong>If an Employer Identification Number is provided</strong> to identify the trust, one of the trustees must complete and sign Form W-9. The certification statement is incorporated in FS Form 1851; therefore, if the person whose certification is required has joined in signing FS Form 1851 and provided the appropriate taxpayer identification number on that form, a separate Form W-9 will not be required.</li> </ul> <h3>When Direct Deposit is Required</h3> <p>When Series HH bonds bearing issue dates of October 1989 and after are reissued to a personal trust, a trustee must complete and sign an SF 1199A providing the appropriate direct deposit information for semiannual interest payments.</p> <p>The forms mentioned above are available at financial institutions in the United States.</p> <h3>Where to Submit Requests for Reissue</h3> <p>The bonds, FS Form 1851, IRS Form W-9, and SF 1199A (if appropriate), and any required evidence should be submitted to Treasury Retail Securities Services, PO Box 214, Minneapolis, MN 55480-0214.</p> <h3>How to Cash (Redeem) Savings Bonds Belonging to a Trust</h3> <p>When savings bonds are registered in the name of a trust, the trustee(s) requests payment. The bonds should be submitted to Treasury Retail Securities Services, PO Box 214, Minneapolis, MN 55480-0214.</p> </div> </div> </div> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-sample-registrations-346148"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-sample-registrations-346148-1" aria-controls="id-sample-registrations-346148-1" aria-expanded="false"> Sample Registrations </a> <div id="id-sample-registrations-346148-1" class="collapse"> <div class="collapse-details mt-4"> <h1>Sample Trust Registrations for Paper Savings Bonds</h1> <p>The following information on trust registration applies only to paper savings bonds. See information about <a href="/savings-bonds/cashing-a-bond/trusts/">trust registrations for electronic securities</a>.</p> <table class="table table-hover table-striped border"> <tr> <th>Complete</th> <th>Abbreviated</th> </tr> <tr> <td>12-3456789 <br /> Tenth National Bank Trustee under agreement <br /> with Paul E. White dated 2-1-80 </td> <td>12-3456789 <br /> 10TH NATL BK TR U/A <br /> PAUL E. WHITE DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Carl A. Black and Henry B. Green Co- <br /> Trustees under agreement with Paul E. White <br /> dated 2-1-80</td> <td>12-3456789 <br /> CARL A. BLACK & HENRY B. GREEN CO-TR <br /> U/A PAUL E. WHITE DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Carl A. Black and Henry B. Green Co- <br /> Trustees under agreement with Paul E. White <br /> dated 2-1-80 for the benefit of Mary White and <br /> Beth White</td> <td>12-3456789 <br /> CARL A. BLACK & HENRY B. GREEN CO <br /> U/A PAUL E. WHITE DTD 2-1-80 FBO MARY <br /> WHITE & BETH WHITE</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White Trustee under agreement with <br /> Mary White dated 2-1-80 </td> <td>12-3456789 <br /> PAUL E. WHITE TR U/A MARY WHITE <br /> WHITE & BETH WHITE</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White Trustee under agreement with <br /> Mary White dated 2-1-80 </td> <td>12-3456789 <br /> PAUL E. WHITE TR U/A MARY WHITE <br /> DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White Trustee under declaration of <br /> trust dated 2-1-80</td> <td>12-3456789 <br /> PAUL E. WHITE TR U/D/T DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White Trustee under declaration of <br /> trust dated 2-1-80 for the benefit of Mary Smith</td> <td>12-3456789 <br /> PAUL E. WHITE TR U/D/T DTD 2-1-80 FBO <br /> MARY SMITH</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White and Mary White Co-Trustees <br /> under declaration of trust dated 2-1-80 </td> <td>12-3456789 <br /> PAUL E. WHITE & MARY WHITE CO-TR <br/> U/D/T DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White and Mary White Co-Trustees <br /> under declaration of trust dated 2-1-80 for the <br /> benefit of Sally White </td> <td>12-3456789 <br /> PAUL E. WHITE & MARY WHITE CO-TR <br /> U/D/T DTD 2-1-80 FBO SALLY WHITE</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White Trustee under agreement with <br /> Paul E. White and Mary White dated 2-1-80</td> <td>12-3456789 <br /> PAUL E. WHITE TR U/A PAUL E. WHITE & <br /> MARY WHITE DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Beloit National Bank Trustee under agreement <br /> with Paul E. White dated 2-1-80 (Trust No.1)</td> <td>12-3456789 <br /> BELOIT NATL BK TR U/A PAUL E. WHITE <br /> DTD 2-1-80 (TR NO.1)</td> </tr> <tr> <td>12-3456789 <br /> First National Bank and Sally White Successor <br /> Co-Trustees under agreement with Paul E. <br /> White dated 2-1-80 as amended 3-1-81 for the <br /> benefit of Mary White</td> <td>12-3456789 <br /> 1 ST NATL BK & SALLY WHITE SUC CO U/A <br /> PAUL E. WHITE DTD 2-1-80 AS AM FBO <br /> MARY WHITE</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White and Mary White Co-Trustees of <br /> the White Family Trust dated February 1, 1980</td> <td>12-3456789 <br /> PAUL E. WHITE & MARY WHITE CO-TR OF <br /> THE WHITE FAM TR DTD 2-1-80</td> </tr> <tr> <td>12-3456789 <br /> Thomas White Trustee under the will of Robert <br /> Smith deceased</td> <td>12-3456789 <br /> THOMAS WHITE TR U/W ROBERT SMITH <br /> DECD</td> </tr> <tr> <td>12-3456789 <br /> Thomas White and Tenth National Bank Co- <br /> Trustees under the will of Robert Smith <br /> deceased</td> <td>12-3456789 <br /> THOMAS WHITE & 10TH NATL BK CO-TR <br /> U/W ROBERT SMITH DECD</td> </tr> <tr> <td>12-3456789 <br /> Paul E. White, Mary White, Sally Smith, Bob <br /> Jones, Tom Black, and Beth Jones Trustees <br /> under the will of George White deceased</td> <td>Three different options: <br /><br /> <ol> <li>PAUL E. WHITE, MARY WHITE, SALLY <br /> SMITH, BOB JONES, TOM BLACK, & <br /> BETH JONES TR U/W GEORGE WHITE DECD</li> <li>PAUL E. WHITE, MARY WHITE, ET. AL. <br /> TR U/W GEORGE WHITE DECD</li> <li>TRUSTEES U/W GEORGE WHITE DECD</li> </ol> </td> </tr> </table> </div> </div> </div> </div> </div> </div> <p class="h4"><a href="/savings-bonds/manage-bonds/convert-paper-to-electronic/">Converting Paper Savings Bonds to Electronic Form</a></p> </div> </div> </section> <button type="button" class="btn btn-td-blue scrollButton d-print-none" onclick="topFunction()" id="myBtn" title="Back to Top" style="display: none; position: fixed; bottom: 1em; right: 1em; opacity: 50%; z-index: 99999999"> <svg class="bi-chevron-down" style="transform: rotate(180deg)" width="2em" height="2em" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 320 512"> <path fill="currentColor" d="M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z"></path> </svg> </button> </main> <footer> <nav> <div class="container-xxl hide-print"> <div class="wrapper py-5"> <div class="row mb-4 text-md-center"> <div class="col-12"> <a href="/"><img src="/images/logo-treasurydirect-color.svg" alt="TreasuryDirect Home"></a> <form id="search-form-page-footer" action="https://search.usa.gov/search" accept-charset="UTF-8" method="get" class="py-2 mx-md-auto"> <div class="input-group"> <input type="text" name="query" id="query-page-footer" autocomplete="off" class="form-control" placeholder="Search…" aria-label="Search TreasuryDirect" aria-describedby="button-site-search-footer-submit"> <input name="utf8" type="hidden" value="✓"> <input type="hidden" name="affiliate" id="affiliate2" value="treasurydirect"> <div class="input-group-append"> <button class="btn btn-td-green font-weight-bold" type="submit" id="button-site-search-footer-submit" aria-label="Submit"> <span class="icon-search-solid-white"></span> </button> </div> </div> </form> </div> </div> <div class="row"> <div class="col-12 col-md-4"> <h3>Connect With Us</h3> <ul class="list-unstyled nav-text-large social-icons"> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/treasurydirect/"><span class="icon-twitter mr-2"></span>X (formerly Twitter)</a></li> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://www.facebook.com/fiscalservice/"><span class="icon-facebook mr-2"></span>Facebook</a></li> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/TreasuryDirect/"><span class="icon-youtube mr-2"></span>YouTube</a></li> <li><a class="no-icon" href="/rss/"><span class="icon-rss mr-2"></span>RSS Feeds</a></li> </ul> </div> <div class="col-12 col-md-4"> <h3>Legal Information</h3> <ul class="list-unstyled nav-text-small"> <li><a href="/legal-information/foia/">Freedom of Information Act</a></li> <li><a href="/legal-information/privacy/">Privacy</a></li> <li><a href="/legal-information/terms/">Terms & Conditions</a></li> <li><a href="/legal-information/data-quality/">Data Quality</a></li> <li><a href="/legal-information/developers/">For Web Developers</a></li> <li><a href="/legal-information/accessibility/">Accessibility</a></li> </ul> </div> <div class="col-12 col-md-4"> <h3>Related Sites</h3> <ul class="list-unstyled nav-text-small"> <li><a target="_blank" rel="noopener noreferrer" href="https://www.treasury.gov">treasury.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://fiscaldata.treasury.gov">fiscaldata.treasury.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.usaspending.gov">USAspending.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://fiscal.treasury.gov">Bureau of the Fiscal Service</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.usa.gov">USA.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.data.gov">Data.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.regulations.gov">Regulations.gov</a></li> </ul> </div> </div> </div> </div> </nav> </footer> <script src="/scripts/jquery.min.js" charset="utf-8"></script> <script src="/scripts/bootstrap.bundle.min.js" charset="utf-8"></script> <script src="/scripts/components.js" charset="utf-8"></script> <script src="/scripts/back-to-top.js" charset="utf-8"></script> <!-- START DAP Universal Analytics Code --> <script id="_fed_an_ua_tag" src="https://dap.digitalgov.gov/Universal-Federated-Analytics-Min.js?agency=TRE&subagency=FS&exts=xml,prn,json,csv,tsv"></script> <!-- END DAP Universal Analytics Code --> <!-- Google Translate Code --> <script type="text/javascript"> function googleTranslateElementInit() { new google.translate.TranslateElement({ pageLanguage: 'en', floatPosition: google.translate.TranslateElement.FloatPosition.BOTTOM_RIGHT }); 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