qualifying education expenses for I bonds?

Aug 22, 2007 2 Replies
J

Hi all.



What qualifies as an educational expense for I bond use? I have sold some older I bonds and my daughter is starting college. I assume the basic tuition qualifies, but can I include the school's room and board, books etc? Do the expenses need to have been incurred this year (same year as bond sales) or can they be up to next April



15th? thanks for your expertise, Joe Weinstein
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D

According to IRS Publication 970:

Qualified education expenses. These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption.

  1. Tuition and fees required to enroll at or attend an eligible educational institution. 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.
  2. Contributions to a qualified tuition program (QTP) What's New (see chapter 8).
  3. Contributions to a Coverdell education savings account (ESA) (see chapter 7).
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J

publication,

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and take a look at Form8815,
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for exceptions, exclusions,> and an example.

thank you very much!

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