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January 28, 2025
Question

how do I enter in I bond interest from withdrawing I bonds for 2024? Also can I receive both the AOTC and I bond interest exclusion for education expenses in same year?

  • January 28, 2025
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    Hal_Al
    Employee
    January 28, 2025

    Q. How do I enter in I bond interest from withdrawing I bonds for 2024?

    A. Enter at the 1099-INT screen. When TurboTax (TT) sees savings bond interest in box 3, it will generate questions about the bond being used for school.

     

    Q. Also can I receive both the AOTC and I bond interest exclusion for education expenses in same year?

    A. No. You will have to reduce the amount of the total bond proceeds claimed, for the exclusion,  by the amount used for the AOTC (usually $4000).  The TT interview will have an entry place for this.