Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-27-2008, 12:56 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
What are the rules regarding the Education Savings Bond Exclusion for 2007?

Education Savings Bond Exclusion for 2007

The IRS has stated that "for 2007, the amount of your interest exclusion is phased out (gradually reduced) if your filing status is married filing jointly or qualifying widow(er) and your modified adjusted gross income (MAGI) is between $98,400 and $128,400." However, taxpayer's would not be able to take the deduction their MAGI is $128,400 or more.

For all other Single and Married Filing Separate filing statuses, the interest exclusion is phased out if the MAGI is between $65,600 and $80,600. However, a deduction is disallowed if the MAGI is $80,100 or more.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How does one qualify for Foreign Earned Income Exclusion & Foreign Housing Exclusion? TaxGuru Miscellaneous 0 05-06-2008 04:42 PM
What are Coverdell Education Savings Accounts? paulamar Education Planning 1 03-28-2008 09:03 PM
What are the IRS rules regarding 2007 donations of cars exceeding $500 in value? BebopVT Itemized Deductions 1 02-29-2008 03:35 PM
What are the Annual Exclusion for Gifts in 2007? TaxGuru Estate Planning 0 02-16-2008 12:06 AM
Health Savings Account (HSA's) Limits for 2007 TaxGuru Medical 0 01-07-2008 11:44 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning