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The conversion to HH bonds is done AFTER the bonds reach final
maturity, 2026. THEN you have a year to do it, but your EE bonds
aren't earning interest anymore so you should do it as soon as
they reach that final maturity.
The HH bonds pay interest into your bank account every 6 months,
on the first business day of the month. Therefore, at that point
the interest is taxable. However, you don't pay the accumulated
deferred interest from the 30 years you held the EE bonds until
the HH bonds mature, 40 years from your original purchase.
When you consider the tax deferrment aspect, the HH bonds are
a pretty good deal.
Best wishes, Chris
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