Investors & landlords

Savings bond exclusion rules.  Look at these to see if meet all 7 of them.  I put the income amount below as this is where many lose the exclusion.  

There are 7 rules the goverment requires be forfilled prior to being able to qualify for education tax exclusion for US Savings Bond:

1. Qualified higher education expenses must be incurred during the same tax year in which the bonds are redeemed
2. You must be at least 24 years old on the first day of the month in which you bought the bonds
3. When using bonds for your child's education, the bonds must be registered in your name and/or your spouse's name. Your child can be listed as a beneficiary on the bond, but NOT as an Owner or Co-Owner
4. When using bonds for your own education, the bonds must be registered in your name
5. If you are married, you must file a joint return to qualify for the exclusion
6. You must meet certain income requirements - income requirements for education tax exclusion for US Savings Bonds - listed below
7. Your post-secondary institution must qualify for the program by being a college, university, or vocational school that meets the standard for federal assistance (such as guaranteed student loan programs)

For single taxpayers, the tax exclusion begins to be reduced with a $69,950 modified adjusted gross income and is eliminated for adjusted gross incomes of $84,950 and above.

For married taxpayers filing jointly, the tax exclusion begins to be reduced with a $104,900 modified adjusted gross income and is eliminated for adjusted gross incomes of $134,900 and above. Married couples MUST file jointly to be eligible for the exclusion.