Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

What's New This Year

Income

Education Savings Bond Interest Exclusion

For 2013, the amount of the interest exclusion is phased out for Married Filing Jointly taxpayers or Qualifying Widow(er) taxpayers whose modified AGI is between $112,050 and $142,050. If the modified AGI is $142,050 or more, no deduction is allowed.

Caution

Married taxpayers who file separately do not qualify for the exclusion.

For Single and Head of Household filing statuses, the interest exclusion is phased out for taxpayers whose modified AGI is between $74,700 and $89,700. If the modified AGI is $89,700 or more, no deduction is allowed.