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:
- Select Federal
Taxes tab
- Select Wages &
Income
- Choose I'll choose
what to work on
- Select Interest
and Dividends
- Locate the option Interest on
1099INT
and click the Start /Update button
- 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.
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