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Form 8815 College Station Texas: What You Should Know

This means you can roll over the savings bonds to a tax-advantaged school savings plan instead of giving them over to the school because the bonds are tax-exempt for the lifetime of the holder, regardless of who receives them. To use the tax-advantaged program, choose the educational savings plan that best fits your needs. If there are any qualifying limitations, discuss this with your financial aid officer.Ā If the student receives a 529 plan, you will receive an IRS Form 1099-R, Qualifying Education Contribution, which shows you the distributions made on behalf of the student under the education savings plans. This form shows the income tax paid on the qualified education expenses (usually the tuition, fees, and room and board expenses), including rollovers for the student from the savings bond (or cash equivalent) account. It also shows the tax withheld by the school as a percentage of the qualified education costs. The student cannot have used the bonds to pay for any qualified educational expenses. SAVINGS BONDS: AN EDUCATION PLANNING TOOL SAVINGS BONDS: EDUCATION PROGRAM If you have a U.S. Savings Bond in a tax-advantaged retirement account (TESSA, IRA, 401(k), Keogh, SIMPLE IRA, SEP IRA, or TRUST) and need to roll over the savings bond into a tax-free 529 plans, make sure that the transfer is from one U.S. Savings Bond into the tax-advantaged account to another Treasury Bond.Ā Make sure you do not make a transfer from a money market account to an educational savings account. SAVINGS BONDS: AN EDUCATION PLANNING TOOL SAVINGS BONDS: EDUCATION PROGRAMS For detailed information on financial aid, financial aid guidelines, and student financial aid, please contact the Financial Aid Center at or use their onlineĀ Financial Aid Center. If you need to talk to someone about your situation, you can reach an advisor atĀ . You can also email us at or visit our website at for more information. If you wish to learn more about investing in general, get a copy of the new book ā€œThe Intelligent Investor's Guide to College Investingā€ (Wiley).

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