Can I claim my parent as a dependent and myself as head of household?

You may claim a parent as a dependent, and yourself as head of household if the for tests above are passed.

Read more at: http://www.irs.gov/pub/irs-pdf/p501.pdf

Do I have to pay tax on US Savings Bonds?

US Savings Bond Interest, IRS and Tax

Do I have to pay tax on US Savings Bonds?

US Savings Bonds - Series E and EE Bonds, and Freedom Shares

First offered in May, 1941 Series E - US Savings Bonds, and its successor, Series EE - US Savings Bonds, offer tax deferred accumulation of interest until you redeem the US Savings Bonds. Series EE US Savings Bonds have been offered since January 1980. Series EE US Savings Bonds can be purchased for ½ their face value. The difference between the US Savings Bonds purchase price and the redemption value is your taxable interest. You don't have to report the taxable interest on your tax return until you redeem the US Savings Bonds or they finally mature. However, you can make an election to report the taxable interest on your tax return annually. Because US Savings Bonds are issued by the federal government you do not have to pay state tax or local tax on the interest. You'll receive a Form 1099-INT in the tax year that the US Savings Bonds are redeemed. Freedom Shares, which were issued between 1967 and 1970 work the same way as Series E and EE US Savings Bonds.

All of the accumulated interest on E and EE US Savings Bonds is taxable in the tax year that they mature and must be reported on your tax return. One way to avoid the tax is to trade the E or EE US Savings Bonds for HH bonds. This will continue to defer the tax and you won't need to report the tax on your tax return. Special tax rules apply for US Savings Bond Tuition Plans.