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Fiduciary Tax - Kentucky Department Of Revenue: What You Should Know

The amount you can exclude is the difference between the interest you get  and the amount you saved in an educational financing plan. Example. You have 100,000 in savings bonds, and you save 50,000 for college in an educational financing plan (ESP) for two years. If you use the exclusion, only the 50,000 saved in one year will be  taxable. But you could use the exclusion over a longer time period with no limit as to how much you save. Using savings bonds to pay for higher education — TreasuryDirect Saving bonds for higher education. You can use the savings bond deduction to cover the first 2,000 of qualified higher education expenses paid for with a savings bond. The savings bond deduction can be used for qualified loans, and non-borrowed advances to the student. The money in your savings bond account must be subject to the 3.8% rule (for more information, see  Securing Higher Education with a Savings Bond). Example. You have an ESP plan from an educational financing organization. You buy 100,000 in 10-year certificates of deposit at an interest rate of 3.8% with a 12,000 deposit at the end of the loan term. Furthermore, you can use the savings bond deduction to pay for 6,000 in qualified expenses you paid for educational purposes at an interest rate of 3.8% with the interest and principal of 100,000. Securing Higher Education with a Savings Bond & Savings Bond Deduction (For more information, see Securing Higher Education with a Savings Bond & Savings Bond Deduction). Taxes on retirement distributions — IRS Investing in an education plan. You can deduct an amount paid for educational expenses from a specified retirement plan, including a savings or pension plan. Your deduction is only available when you pay the educational expenses out of a qualified retirement account, which must be a savings, HSA, or 401(k) plan. You can deduct the expenses from your gross income if any of the qualified education expenses is for qualifying education expenses, such as college tuition. Example. You earn 35,000 and spend 6,000 to buy books as part of your education. Furthermore, you can deduct 5,040 from gross income. Qualified retirement account.

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