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    mstrawn's Avatar
    mstrawn Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 10, 2008, 10:38 AM
    Savings Bond payroll deductions
    Can payroll deductions for United States Savings Bonds qualify as a pre-tax benefit to reduce income tax liability
    delite's Avatar
    delite Posts: 202, Reputation: 3
    Full Member
    		  
    #2

    Jul 10, 2008, 08:58 PM
    In general no. as such no tax deduction from wages for bond purchases without bonafide ira, or 401k .
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jul 10, 2008, 09:32 PM
    Inverstment to U.S. saving bonds is not tax deductible.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 11, 2008, 06:01 AM
    While MukatA's assertion is correct, it is not complete.

    If you use the proceeds from cashing in Savings Bonds to pay for higher education costs, the interest on the bonds may be exempt from taxation.
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