College Savings Bonds Program Offered: Starting Jan....

College Savings Bonds Program Offered: Starting Jan. 1, parents can take advantage of a savings bond program that will allow them to put away money for their children’s college education tax-free. The program involves the U.S. Treasury’s Series EE savings bonds. Federal tax on the bonds’ interest will be forgiven if the proceeds are used for tuition. The program is limited to married couples with adjusted gross incomes of $60,000 a year and under, and single people with incomes of $40,000 and under. For those with higher incomes, the tax-deductibility is reduced according to a scale. The bonds may only be bought by parents for their children; other relatives may not participate.