Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 6:18:23 AM

My son cashed in EE savings bonds to use toward college tuition payments. However he is not filing taxes because he had no income. How do I report interest or do I need to if he used it to pay tuition

0 4 1184
4 Replies
New Member
Jun 6, 2019 6:18:24 AM

Thank you.  Do I do so on my returns since he is a dependent. or file a separate return for him even though he did not work?

Expert Alumni
Jun 6, 2019 6:18:26 AM

Yes, the savings bond education tax exclusion permits qualified taxpayers to exclude from their gross income all or part of the interest paid upon the redemption of eligible Series EE and I Bonds issued after 1989, when the bond owner pays qualified higher education expenses at an eligible institution.

Enter Form 1099-INT for Savings Bond interest under:

  1. Select Federal Taxes tab
  2. Select Wages & Income
  3. Choose I'll choose what to work on
  4. Select Interest and Dividends
  5. Locate the option Interest on 1099INT  and click the Start /Update button
  6. Enter in the Savings Bond interest into Box 3.

When you complete entering this form, click "Done" to see the next interview questions regarding how you used this interest (see screenshots below - click to enlarge). When you're finished, TurboTax will determine if you qualify for the exclusion.

New Member
Jun 6, 2019 6:18:27 AM

Thank you.  Do i do so on my tax return since he is a dependent, or do I need to file a return for him since he owned the EE bonds?

Expert Alumni
Jun 6, 2019 6:18:29 AM

Yes, you may include this on your return since your dependent has no other income.