Can I use interest from US savings bonds to pay student loan interest?
by admin ~ May 25th, 2009 . Filed under: United States .
Dave asked:
I cashed some US EE savings bonds this past year. I also paid interest on my student loans from college, but I did not pay enough/have enough deductions to file them as a separate deduction. I’ve read about the Education Savings Bond program, and I was curious, can I avoid filing the interest from my savings bonds if I used them to pay interest on my student loans?
After inserting the interest from my student loans into TurboTax, it says my adjusted income is too much to be able to deduct my student loan interest payments. Is it still deductible?
Fred
I cashed some US EE savings bonds this past year. I also paid interest on my student loans from college, but I did not pay enough/have enough deductions to file them as a separate deduction. I’ve read about the Education Savings Bond program, and I was curious, can I avoid filing the interest from my savings bonds if I used them to pay interest on my student loans?
After inserting the interest from my student loans into TurboTax, it says my adjusted income is too much to be able to deduct my student loan interest payments. Is it still deductible?
Fred
May 25th, 2009 at 5:58 pm
The deduction for current school expenses but you dont have to claim the adjusted gross income section of your 1040a or 1040.