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E File 2012 Tax Return

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E File 2012 Tax Return

E file 2012 tax return Publication 3402 - Additional Material Prev  Up  Next   Home   More Online Publications
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E file 2012 tax return 10. E file 2012 tax return   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. E file 2012 tax return Eligible educational institution. E file 2012 tax return Dependent for whom you claim an exemption. E file 2012 tax return MAGI when using Form 1040A. E file 2012 tax return MAGI when using Form 1040. E file 2012 tax return Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. E file 2012 tax return S. E file 2012 tax return savings bonds. E file 2012 tax return If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. E file 2012 tax return However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. E file 2012 tax return Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. E file 2012 tax return S. E file 2012 tax return savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. E file 2012 tax return You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. E file 2012 tax return Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. E file 2012 tax return Your filing status is not married filing separately. E file 2012 tax return Qualified U. E file 2012 tax return S. E file 2012 tax return savings bonds. E file 2012 tax return   A qualified U. E file 2012 tax return S. E file 2012 tax return savings bond is a series EE bond issued after 1989 or a series I bond. E file 2012 tax return The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). E file 2012 tax return   The owner must be at least 24 years old before the bond's issue date. E file 2012 tax return The issue date is printed on the front of the savings bond. E file 2012 tax return    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). E file 2012 tax return Qualified education expenses. E file 2012 tax return   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. E file 2012 tax return Tuition and fees required to enroll at or attend an eligible educational institution. E file 2012 tax return Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. E file 2012 tax return Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). E file 2012 tax return Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). E file 2012 tax return Adjusted qualified education expenses. E file 2012 tax return   You must reduce your qualified education expenses by all of the following tax-free benefits. E file 2012 tax return Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). E file 2012 tax return Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). E file 2012 tax return Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). E file 2012 tax return Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). E file 2012 tax return Any expenses used in figuring the American opportunity and lifetime learning credits. E file 2012 tax return See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. E file 2012 tax return Eligible educational institution. E file 2012 tax return   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. E file 2012 tax return S. E file 2012 tax return Department of Education. E file 2012 tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. E file 2012 tax return The educational institution should be able to tell you if it is an eligible educational institution. E file 2012 tax return   Certain educational institutions located outside the United States also participate in the U. E file 2012 tax return S. E file 2012 tax return Department of Education's Federal Student Aid (FSA) programs. E file 2012 tax return Dependent for whom you claim an exemption. E file 2012 tax return   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. E file 2012 tax return Modified adjusted gross income (MAGI). E file 2012 tax return   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. E file 2012 tax return However, as discussed below, there may be other modifications. E file 2012 tax return MAGI when using Form 1040A. E file 2012 tax return   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). E file 2012 tax return MAGI when using Form 1040. E file 2012 tax return   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. E file 2012 tax return    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. E file 2012 tax return If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. E file 2012 tax return Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. E file 2012 tax return Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). E file 2012 tax return    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. E file 2012 tax return Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. E file 2012 tax return See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. E file 2012 tax return Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. E file 2012 tax return However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. E file 2012 tax return To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. E file 2012 tax return The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. E file 2012 tax return The denominator (bottom part) of the fraction is the total proceeds you received during the year. E file 2012 tax return Example. E file 2012 tax return In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. E file 2012 tax return S. E file 2012 tax return savings bond. E file 2012 tax return They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. E file 2012 tax return In 2013, they paid $7,650 of their daughter's college tuition. E file 2012 tax return They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. E file 2012 tax return Their MAGI for 2013 was $80,000. E file 2012 tax return   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. E file 2012 tax return They must pay tax on the remaining $450 ($3,000 − $2,550) interest. E file 2012 tax return Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. E file 2012 tax return Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. E file 2012 tax return Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. E file 2012 tax return Attach Form 8815 to your tax return. E file 2012 tax return Prev  Up  Next   Home   More Online Publications