tailieunhanh - USING SAVINGS BONDS FOR EDUCATION

The Education Savings Bond Program permits qualified taxpayers to exclude from their gross income all or a portion of the interest earned on the redemption of eligible Series EE and Series I bonds issued after 1989. You must be at least 24 years old before the bond's issue date. To qualify for this exclusion, the taxpayer, the taxpayer's spouse, or the taxpayer's dependent at certain post-secondary educational institutions must incur tuition and other educational expenses. Persons with incomes above certain thresholds may not be eligible to participate. The tax exclusion is described in 26 . 135 (see ) | PD P 0051 E Department of the Treasury Bureau of the Public Debt Revised January 2012 USING SAVINGS BONDS FOR EDUCATION The Program Question What is the Education Savings Bond Program Answer The Education Savings Bond Program permits qualified taxpayers to exclude from their gross income all or a portion of the interest earned on the redemption of eligible Series EE and Series I bonds issued after 1989. You must be at least 24 years old before the bond s issue date. To qualify for this exclusion the taxpayer the taxpayer s spouse or the taxpayer s dependent at certain post-secondary educational institutions must incur tuition and other educational expenses. Persons with incomes above certain thresholds may not be eligible to participate. The tax exclusion is described in 26 . 135 see . Question What qualifies as an eligible educational institution Answer Post-secondary institutions including vocational schools that meet the standards for participation in federal assistance such as guaranteed student loan programs qualify for the program. Proprietary institutions such as beautician or secretarial schools generally do not qualify. Question What educational expenses qualify for the interest exclusion Answer Eligible educational expenses include tuition and fees such as lab fees and other required course expenses required for the enrollment of or attendance by the taxpayer or the taxpayer s spouse or dependent at an eligible educational institution. Payments to qualified state tuition programs are also eligible. However expenses relating to any course or other education involving sports games or hobbies are eligible only if required as part of a degree or certificate-granting program. The costs of room and board as well as books aren t eligible expenses. The amount of eligible expenses is reduced by the amount of any scholarships fellowships employer-provided educational assistance and other tuition reduction. Eligible expenses must be incurred during the

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