WebJun 12, 2024 · Tax-free treatment is available if the savings bond money is used for tuition and fees required for college enrollment or attendance, contributions to a 529 plan, or contributions to a Coverdell ESA. WebNov 1, 2024 · See the note above about using savings bonds for higher education. Whether the bonds are paper or electronic, to use them for college expenses, the …

I bonds — TreasuryDirect

WebIf you use savings bonds to pay for qualified higher education expenses, the IRS will waive your tax bill. You must be at least 24 years old when you buy the bonds. If you plan to use... WebOct 21, 2024 · Using Series I Bonds to Pay for Education Expenses . You won't pay any tax on the interest income you earn from your Series I savings bonds if you use them to … high performant

How to Cash in Your U.S. Savings Bonds - Investopedia

Webbond’’ means any United States savings bond issued— (A) after December 31, 1989, (B) to an individual who has attained age 24 before the date of issuance, and (C) at discount under section 3105 of title 31, United States Code. (2) Qualified higher education expenses (A) In general The term ‘‘qualified higher education ex- WebOct 4, 2024 · Savings Bonds are popular among grandparents who want to help their grandkids pay for college. The interest on Series EE and Series I savings bonds purchased in 1990 or a later year is tax-free if the bonds are used to pay for college or rolled over into a 529 plan (subject to income phaseouts). WebFeb 24, 2024 · Use the Education Exclusion . With that in mind, you have one option for avoiding taxes on savings bonds: the education exclusion. You can skip paying taxes on interest earned with Series EE and Series … how many awards has taylor