EE U.S. SAVINGS BONDS
In 1990, the Treasury Department announced the "Education Bond Program." This program allows interest to be completely or partially excluded from federal income tax when the bond owner pays qualified higher institution or state tuition plan in the same calendar year the bonds are redeemed. Payments to state tuition plans have been eligible since January 1, 1998.
Interest earned from the bonds may be excluded from income if used to pay qualified higher education expenses. The exclusion is phased out beyond certain income levels, and the bond must be purchased after the holder has turned 24. Newly issued Series I bonds will permit the same exclusion.
To qualify, you must be at least 24 years old on the first day of the month in which you bought the bond(s). When using bonds for your child's education, the bonds must be registered in your name and/or your spouse's name. Your child can be listed as a beneficiary on the bond, but not as a co-owner. When using bonds for your own education, the bonds must be registered in your name.
Eligible institutions include colleges, universities, and vocational schools that meet the standards for federal assistance (such as guaranteed student loan programs).
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