Search

Income from U.S. Savings Bonds for Taxpayers Who Pay Qualified Higher Education Expenses


For the tax year 2019, the income exclusion from U.S. savings bonds for taxpayers who pay qualified higher-education expenses begins to phase out if modified adjusted gross income (MAGI)* is above $121,600 for Married Filing Jointly individuals and $81,100 for all other filing statuses.

  

The exclusion is completely phased out if modified adjusted gross income (MAGI) is $151,600 or more for Married Filing Jointly individuals and $96,100 or more for all other filing statuses.


*Adjusted Gross Income (AGI)

The income arrived at after adjustments are subtracted.  AGI is determined prior to subtracting the standard deduction or itemized deductions.  Adjustments may be claimed by taxpayers even if they cannot itemize deductions using Schedule A.

0 views

Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

  • Facebook Social Icon
  • LinkedIn Social Icon

© 2020 by Common Cents Bookkeeping.

Web Design by Starting Gate Marketing