Comments on: The fine print of the US Savings Bond college education deduction http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/ Sat, 07 Nov 2009 18:55:17 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-49896 Thu, 22 Oct 2009 16:09:36 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-49896 Andrew - in order to get this deduction, your son would have to be listed as a dependent on your tax return. If that's the case, you only have to show that the tuition expenses were paid. Typically colleges issue tax forms to the student showing how much tuition was paid. Tom Adams Andrew - in order to get this deduction, your son would have to be listed as a dependent on your tax return.

If that's the case, you only have to show that the tuition expenses were paid. Typically colleges issue tax forms to the student showing how much tuition was paid.

Tom Adams

]]> by: Andrew Smith http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-49878 Wed, 21 Oct 2009 17:21:10 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-49878 Hi Tom, Thank you for providing such invaluable information on this site. My question: I have EE Series bonds in my name, my son is currently in college and I want to pay for his tuition using the bonds. However, my ex-wife pays for the tuition and then I write her a check for my portion of my son's tuition. Do I have to pay the college directly for the tuition to get the tax benefits? What's the best way to go about this? Thank you for your help. Regards, Andrew Hi Tom,

Thank you for providing such invaluable information on this site.

My question: I have EE Series bonds in my name, my son is currently in college and I want to pay for his tuition using the bonds. However, my ex-wife pays for the tuition and then I write her a check for my portion of my son's tuition. Do I have to pay the college directly for the tuition to get the tax benefits? What's the best way to go about this?

Thank you for your help.

Regards,
Andrew

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-41834 Sun, 31 May 2009 19:33:48 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-41834 Garen - To be eligible for this deduction, this bond would have to have you and your spouse as co-owners, not you and your daughter. Tom Adams Garen - To be eligible for this deduction, this bond would have to have you and your spouse as co-owners, not you and your daughter.

Tom Adams

]]> by: Garen Wisner http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-41354 Thu, 28 May 2009 03:48:56 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-41354 I have several bonds that I bought (above age 24) that the "To" lists my dependent daughter with "Or" of my name (e.g. co-owners). The SS# lists my daughter but as I understand this means nothing. If I satisfy all the other rules and use this for qualified educational expenses for my dependent daughter is the interest non-taxable? Form 8815 states: "A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child." I have several bonds that I bought (above age 24) that the "To" lists my dependent daughter with "Or" of my name (e.g. co-owners). The SS# lists my daughter but as I understand this means nothing.

If I satisfy all the other rules and use this for qualified educational expenses for my dependent daughter is the interest non-taxable? Form 8815 states: "A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child."

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-39887 Thu, 07 May 2009 15:40:48 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-39887 David - no, there is no Savings Bond tax benefit for buying a house. Tom Adams David - no, there is no Savings Bond tax benefit for buying a house.

Tom Adams

]]> by: David http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-39832 Wed, 06 May 2009 15:23:05 +0000 http://www.savings-bond-advisor.com/the-fine-print-of-the-us-savings-bond-college-education-deduction/#comment-39832 Tom My wife has EE bonds and is wanting to cash some of them in to use for buying her first house. If she does that are the taxes less? Tom

My wife has EE bonds and is wanting to cash some of them in to use for buying her first house. If she does that are the taxes less?

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