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jamesofmo
Returning Member

Series EE bond interest used to pay college cost

We cashed our Series EE savings bonds to help pay for our daughter's college education.  As best I can determine we meet the criteria to be entitled to deduct the interest used for her education expenses from our earned income.  Our AGI is  $128,938. We also qualified for an American Opportunity Credit.  What is the process for getting the benefit for the interest deduction?

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1 Reply
Hal_Al
Level 15

Series EE bond interest used to pay college cost

Enter the interest at the 1099-INT screen.  When TurboTax sees that  the amount is in box 3, it will ask you qualifying questions about use of  the savings bonds for education.

 

You cannot double dip. You must reduce the qualifying expenses by the amount you used to claim the  American Opportunity Credit..  The interview handles this.

 

For purposes of $153,550 AGI limit, the amount of excluded savings bond interest is added back.

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