Is it possible to exceed the $10,000 annual limit for purchasing I Savings Bonds by buying gifts for each other? For example, if I bought $10k, my wife bought $10k, our daughter bought $10k, and then we gave each of the others gifts of $10k, could we together effectively purchase $90,000 worth of savings bonds?
Answers
A Savings Bond you give as a gift is purchased using the name and SSN of the recipient. The purchase counts against the annual limit of the recipient. So you can purchase a $10K bond as a gift for your daughter but it will count against her limit.
This may answer other questions.
Do bonds I've bought as gifts through TreasuryDirect but have not yet delivered to the gift recipient apply against my annual limit?It's subtle, but does look as if you can purchase them as a gift for someone else without affecting your or the recipient's annual limit, so long as the bonds are NOT DELIVERED to the recipient's treasury direct account. They only count towards the recipient's annual purchase limit IN THE YEAR THEY ARE DELIVERED. So, if you want to buy the extra this year, and deliver them in some future year when the recipient doesn't buy any, it says that you can do so.
No. Gift bonds are purchased in the name and SSN of the gift recipient. They do not count against your annual limit even if you have purchased them through your TreasuryDirect account but have not yet delivered them. Gift purchases in TreasuryDirect count toward the annual limit of the recipient in the year they are delivered.