by Steve Blank <steve@[EMAIL PROTECTED]
>
Jun 26, 2007 at 03:30 PM
TheBreeze said the following on 6/26/2007 6:51 AM:
> Is it possible to make the interest on US Savings Bonds tax-free whe you
use
> the money for college tution? If so, how do you work it?
>
>
It is possible but there are very specific rules, including that the
bonds had to be purchased after 1989 and in the name of someone who was
at least 24 at the time of purchase. There are also maximum income
requirements.
To claim the interest exclusion you have to file IRS form 8815 which has
instructions, found at http://www.irs.ustreas.gov/pub/irs-pdf/f8815.pdf
You also should read about the Education Savings bond Program beginning
on page 56 of the 2006 Publication 17 "Your Federal Income Tax". This is
also available at the IRS website.
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Che****re, CT 06410
(203)250-7761
