If you cashed series EE or I U.S. savings bonds in 2022 that were issued after 1989, you may be able to exclude all or part of the interest earned.
To qualify for the exclusion, all four of the following must apply:
- The bond cashed in 2022 was issued after 1989
- You paid qualified higher education expenses for yourself, your spouse or your dependent
- Your filing status is not married filing separate
- Your modified adjusted gross income is less than:
- $100,800 if single, head of household or qualifying widow
- $158,650 if married filing jointly
Which Bonds qualify?
The bonds must be series EE or I U.S. savings bonds issued after 1989. They must have been issued in your name, or, if you are married, they may be issued in your name and your spouse’s name. You must have been age 24 or older before the bonds were issued. 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.
What information do I need to claim the exclusion in the program?
To complete the exclusion form in the program, you need the student's name, higher education institution name and address, total amount of qualified expenses paid, total amount of nontaxable scholarships, total proceeds from the bonds (principal and interest), total interest.
Keep for your records
Keep the following records to verify interest you exclude.
- Bills, receipts, canceled checks, or other documents showing you paid qualified higher education expenses in 2022.
- A written record of each post-1989 series EE or I bond that you cashed. Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. You can use Form 8818, Optional Form To Record Redemption of Series EE and I U.S. Savings Bonds Issued After 1989, as your written record.