Use EE bonds in 2011

[Greenbriar]

I think this is pretty obvious, but I have to ask anyway, just in case. My clients cashed in their EE bonds in January 2012 for their son's college tuition. they realized they were late and it was an honest mistake. Anyway, is there any chance that they could use the EE bonds interest for their son's 2011 tuition (otherwise eligible had they redeemed them in2 011). Thanks.

[Burke]

Are you saying, can they deduct on the 2011 return? No.

[BP.]

Or are you saying, can they exclude the 2012 interest for tuition paid in 2011? No, but might they have tuition expenses in 2012 also?

[Greenbriar]

EE bonds cashed in 2012

Yes, they wanted to use them for 2011 tuition expenses but you confirmed what I suspected - no can do. Maybe they will have tuition expenses in 2012. Thanks.

[Burke]

Yes, sorry. I should have said exclude the interest, not deduct. Of course the 2011 tuition itself would qualify for a credit or deduction if paid in 2011.