a Question has driven me crazy? U.S. Saving bonds!!!?

Question

My MAGI 75000 and I earned 4500 on u.s. saving bonds which I used it to pay for educational expenses.

how to calculate the phase out, can any body tell me how much I can deduct after phase out??

after phase out, should I include the remainging balance after phasing out in my income

do I need to exclude all of it??????????

Answer 1

1. Make sure you know the name of the person for whom the expenses were paid and the name and address of eligible educational institution. If you do not have this information, you can exclude none (you cannot exclude any).
2. Enter the total qualified higher education expenses you paid in 2007 for the person(s).
3. Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or fellowship grants) received for 2007 for the person(s).
4. Subtract line 3 from line 2. If zero or less, stop. You cannot take the exclusion.
5. Enter the total proceeds (principal and interest) from all series EE and I U.S. savings bonds issued after 1989 that you cashed during 2007
6. Enter the interest included on line 5
7. If line 4 is equal to or more than line 5, enter “1.000.” If line 4 is less than line 5, divide line 4 by line 5. Enter the result as a decimal (rounded to at least three places)
8. Multiply line 6 by line 7
9. Enter your modified adjusted gross income (MAGI)
Note: If line 9 is $80,600 or more if single or head of household, or $128,400 or more if married filing jointly or qualifying widow(er), stop.
You cannot take the exclusion.
10. Enter: $65,600 if single or head of household; $98,400 if married filing jointly or qualifying widow(er)
11. Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on line 13, and go to line 14
12. Divide line 11 by: $15,000 if single or head of household; $30,000 if married filing jointly or qualifying widow(er). Enter the result as a decimal (rounded to at least three places)
13 . Multiply line 8 by line 12
14. Subtract line 13 from line 8. This is the amount that you can exclude. Enter the result on Schedule B (Form 1040), line 3, or Schedule 1 (Form 1040A), line 3, whichever applies.

If you cannot take the exclusion, then the entire amount is taxable. If you can take the exclusion, you must still report the entire amount on Schedule B (Form 1040) or Schedule 1 (Form 1040A), but you do not pay tax on the excluded amount. If only some of the $4500 is excluded, then you pay tax on the remaining amount.

Answer 2

There are a lot of restrictions on being able to exclude them, and someone gave you a very good answer yesterday to this same question on what can be excluded, if anything, for federal.

For state, you can exclude the interest.

Answer 3

prepare for 8815 to get your exclusion http://www.irs.gov/pub/irs-pdf/f8815.pdf
To answer your question I need the following information.
1 Amount of Education Expense
2 Amount of Financial Aid received
3 Total amount of savings bonds cashed
4 Interest portion of savings bonds
5 Your MAGI
6 Your Filing status

If you email this info to me i will complete the form, or you can use the link and complete it yourself.

Answer 4

i don't think of she hates you perhaps she has no concept on a thank you to save or what you need so she buys something for the living house. as some distance by means of fact the bond some you want a ss# so as that must be why she positioned your hubby's call as she is common with of her son's social and not yours. the element is she did a very good element, attempt to not seem to locate something to get disenchanted approximately. i would not cling on her each and every be conscious. each and every so often we ought to %. our battles. next time have your husband tell his mom to get you a cutting-edge card from American show so which you would be able to save in what ever shop you like. she would be able to be comfortable with it coming from him. in order that which you realize my mom in regulation has merely offered me a million present for my birthday by means of fact I gave her daughter a birthday celebration as our b days have been a week aside. Later it became thrown in my face and that i deliver it returned to her.