Who pays the taxes when you cash in your child's Savings Bond?

Question

I cashed one of my daughter's savings bonds.
(She is under 18) .
For tax purposes, who is responsible to report the this ?

Answer 1

I didn't think that a savings bond could be cashed by anyone other than the person named on the bond without forgery. But if you have some sort of joint ownership or power of attorney over the bonds, then that would make you both liable for any taxes. You should look into that to make sure.

Answer 2

The child.

The person whose name is on the bond is responsible for reporting the income and paying any tax due. Unless this was a large bond with a lot of accrued interest there won't be much tax due, if any.

Answer 3

YOU