EE Savings Bonds used for tuition

Forum|Forum|6 years ago
February 13, 2020
2 replies
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Hi, I cashed some EE savings bonds for my son's education. These bonds were used for qualified education expenses, but I don't know how to input this info. Turbotax did not ask anything about it when I input the 1099 Int with box 3 information.

HelenC12

The screens for savings bond interest and educational expenses come at the end of the interest interview.

On the Review your 1099-INT info screen, select Done.
On the Did you cash any Series EE or I savings bonds? screen, select Yes and Continue.
On the Did you use your U.S. savings bonds to pay for higher education expenses? screen, select Yes and Continue.
Continue entering the information until complete.

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rickbarg

While doing my 2019 tax return, doing this makes my 1099-INT total zero. Please help.

Kurt15

Same question, but now on TT Deluxe 2021.

I enter my 1099-int, which includes box 3 (EE Bond interest) and hit "Continue".

Next page ask if "We need to adjust the taxable Amount", "State income taxes were withheld on this interest)" and "our State doesn't tax all of this interest ", or "none of these apply". There is no question about using for college, and if I click "we need to adjust the taxable amount", none of the options is related to college.

What's different this year?

ErnieS0

There is not change in the Savings Bond section @Kurt15.

Type savings bonds in Search in the top right
Select Jump to savings bonds.
Select Yes on Did you cash any Series EE or I savings bonds
Select Yes on Did you use your U.S. savings bonds to pay for higher education expenses?
Continue through the rest of the screens

The Education Savings Bond Program permits qualified taxpayers to exclude from their gross income all or a portion of the interest earned on the redemption of eligible Series EE and Series I bonds issued after 1989.

You must be at least 24 years old before the bond's issue date.

To qualify for this exclusion, the taxpayer, the taxpayer's spouse, or the taxpayer's dependent at certain post-secondary educational institutions must incur tuition and other educational expenses. Persons with incomes above certain thresholds may not be eligible to participate.

USING SAVINGS BONDS FOR EDUCATION

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