I am interested in converting my savings bonds to a 529 Plan. Please provide me with the appropriate information as to pros, cons and the proper procedure should I decide to move forward with this decision. Tom's response I'm sorry, but I'm an expert on Savings Bonds, not on 529 plans. All I can tell you is that if you otherwise qualify for the Savings Bond education deduction, you can take the deduction by redeeming your Savings Bonds and putting the money in a 529 plan. Click here for more information on the many limits of the savings bond education deduction and how to claim it on your tax return. That page includes a link to IRS Publication 970, which is a good place to start your education on 529 plans.