Q. Can I deduct the interest on Series EE Savings bonds if you used it to pay college tuition for myself?
A. Yes, qualified bonds can be used for education for yourself, your spouse or your dependents.
But certain rules must be met, and you may not qualify.
You can take the exclusion if all of the following apply:
You cashed qualified U.S. savings bonds in the same tax year for which you are claiming the exclusion.
You paid qualified higher education expenses in that same tax year for yourself, your spouse, or your dependents.
Your filing status is any status except married filing separately.
Your modified adjusted gross income was less than the cut-off amount set by the Internal Revenue Service. This amount typically changes every year. SeeIRS Form 8815for the current amount.
You were 24 or older before your savings bonds were issued.
To qualify for the exclusion, the bonds must be Series EE or Series I savings bonds issued after 1989 in your name, or, if you are married, they may be issued in your name and your spouse's name. Note: A bond bought by a parent or grandparent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or the child.