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Yes, it can. 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 (your Modified Adjusted Gross income must be less than $146,300 (married filing jointly) or $92,550 (single) and you are not filing as Married Filing Separately).
Please follow below steps for data entry:
For more information, please refer to Who Can Cash in Bonds Tax Free.
I am not able to find where I can input anything about using the bonds to pay for tuition. I know it is supposed to ask that question, but it isn't. Is there any way to bypass this?
Follow these steps to get the prompt about EE bonds for tuition:
It is not asking these questions. Here is what comes up after I input the interest:
Tell us if any of these uncommon situations apply:
We need to adjust the taxable amount
State income taxes were withheld on this interest
Our state doesn't tax all of the interest
None of these apply
Check none of these apply on this screen.
Then after you are done with all interest and select Done.
It should show after you completely leave the interest section (it doesn't show after each individual 1099-INT).
Ok, so I got to that window and it asked if I used it for tuition. I said yes. It was issued in my name, so I also clicked on that. Then it said Sorry it looks like you won't get a tax break for your bond interest.
Please review this Turbo Tax link to see if you meet the seven tests required to write these off against your child's qualified college expenses.
Note income limits have changed in 2019. The AGI income limits are now $81,100 for single filers and $121,600 for married couples filing jointly.
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