Savings bond education tax exclusion Form 2023-2024

Savings bond education tax exclusion 2024 Form: What You Should Know

Income-Qualified 529 Plan Bonds — the U.S. Treasury The Education Savings Bond Program permits qualified taxpayers to exclude from their gross income all or a portion of the interest Using bonds for higher education — TreasuryDirect If you want to buy savings bonds to later get this tax exclusion for a child's higher education, you must register the bonds in your name, not the child's. Exclusion of Interest From Series EE and I U.S. Savings Bonds Use this form to figure the amount of any interest you may exclude. You can take the exclusion if all four of the following apply. 2 If the interest earnings are more than 3,000, you may include the entire interest earnings as income at a  2 (26 USC § 135). If the interest earnings are less than 3,000, you may do so in the following limited circumstances. When the amount was less than 100, but your interest earnings were 5,000 or more, report it as income on your statement as income in the “Interest Income” box. After the earnings, use this schedule 2 Exclude interest from series EE and I U.S. savings bonds from your income on line 31, Form 1040 (or on lines 27, 28, or 29 of Form 1040A), and Form  2  Report on line 31 of Form 1040 (or line 27, 28, or 29 of Form 1040A), line 3 of Form 1040EZ, or line 37 of Schedule 5 or Schedule 8 to take the exclusion in these limited circumstances.

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