Hi,
My child is attending college this fall. I have about $4000 in old EE savings bonds (in my name) that I plan to roll into a 529 as I do not want to take a 529 distribution until NEXT year when I have fall and spring semesters to pay for. Our income falls below limits to exclude the interest from the bonds, but my question are
1. Can we also get the $4000 deduction for the AOTC in the same year?
2. Also when rolling over the savings bond into the 529 on line 2 of form 8815 it asks if we had any qualified educational expenses - which we will- but I only want to put it toward the 529 not toward any tuition expenses that year- what should I put in that line to reflect that? I realize I could put the tuition in there and do the bond interest exclusion directly but it doesn't cover room and board like a 529 does and I worry that all the interest will not be excluded as it's pickier, and again, would rather keep in 529 to earn a bit more until I need a distribution more badly next year.
Thanks!
