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.
The screens for savings bond interest and educational expenses come at the end of the interest interview.
While doing my 2019 tax return, doing this makes my 1099-INT total zero. Please help.
I'm trying to get TT to recognize my Series EE bonds were used for college expenses (and therefor exempt). In the 1099-INT interview section, I get these questions:
Do any of these apply:
1. The Series EE bonds were issued after 1989 (yes)
2. I cashed Series I bonds (no)
3. I was at least 24 when issued (no)
4. The bonds were issued in my name (yes)
5. None of the above
When I answer yes to #1 and #4 it says "Hmmm .. looks like you won't be bale to get a tax break for your bond interest"
No. Unfortunately, you would not be eligible in those circumstances.
Who Can Take the Exclusion You can take the exclusion if all four of the following apply.
1. You cashed qualified U.S. savings bonds in 2019 that were issued after 1989.
2. You paid qualified higher education expenses in 2019 for yourself, your spouse, or your dependents.
3. Your filing status is any status except married filing separately.
4. Your modified adjusted gross income (AGI) is less than: $96,100 if single, head of household, or qualifying widow(er); $151,600 if married filing jointly. See the instructions for line 9 to figure your modified AGI.
U.S. Savings Bonds That Qualify for Exclusion
To qualify for the exclusion, the bonds must be series EE or I U.S. 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. Also, you must have been age 24 or older before the bonds were issued. A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child.
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?
There is not change in the Savings Bond section @Kurt15.
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.