Get the free Form 8815 - irs

This form is used to calculate the interest from U.S. savings bonds that may be excluded from income tax for filers who have qualified higher education expenses.

How to fill out form 8815 - irs

How to fill out Form 8815

1. Obtain IRS Form 8815 from the IRS website or your tax preparation software.
2. Fill in your name, Social Security number, and tax year at the top of the form.
3. In Part I, enter the total amount of your qualified USA savings bonds redeemed during the tax year.
4. Calculate the amount of interest earned on the bonds and enter it in Part II.
5. Complete the calculations to determine the amount of interest you can exclude from your income.
6. If you meet the income limits, enter the deduction on the appropriate line of your Form 1040 or 1040-SR.
7. Review the form and instructions for accuracy before filing.

Who needs Form 8815?

1. Taxpayers who redeemed USA savings bonds to pay for qualified higher education expenses.
2. Individuals who meet the income limitations for excluding the interest earned on these bonds.

People Also Ask about

How do I avoid paying taxes on series EE bonds?

If you cashed series EE or I U.S. savings bonds this year that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds. Use Form 8815 to figure the amount of any interest you may exclude.

Will I get a 1099 from TreasuryDirect?

We put a 1099 into your TreasuryDirect account if: You cash a savings bond in TreasuryDirect. (We don't provide a 1099 if you only buy or hold a savings bond.) You hold a marketable security in TreasuryDirect and the security earns interest.

Do I need to report I bonds on my tax return?

Interest from your bonds goes on your federal income tax return on the same line with other interest income.

Do you have to pay taxes on i-bonds?

What tax advantages do Series EE and Series I savings bonds offer? You don't have to pay state or local income tax on them. You can choose not to pay federal income tax on them until you cash them or they mature, whichever is first.

Do I need to report interest income less than $10?

Reporting under $10: Even if you earned less than $10 in interest and didn't receive a 1099-INT, you're still required to report it. While the IRS might not pursue such small amounts aggressively, it's best to be thorough and avoid any potential issues.

What is the IRS form 8815 used for?

Use Form 8815 to figure the amount of any interest you may exclude. You may take the exclusion if all four of the following apply: To qualify for the exclusion, the bonds must be series EE U.S. savings bonds issued after 1989 in your name, or, if you are married, they may be issued in your name and your spouse's name.

What is the income limit for form 8815?

Limits. The exclusion is subject to income limitations: Your modified adjusted gross income (AGI) is less than $111,800 if single, head of household, or qualifying surviving spouse. Your modified adjusted gross income (AGI) is less than $175,200 if married filing jointly.

Do bonds get reported to IRS?

When you earn interest, the IRS expects you to report that income on your tax return. Whether or not that income is taxable depends on the type of bond you invest in. The interest you earn on corporate bonds is generally always taxable.

For pdfFiller’s FAQs

What is Form 8815?

Form 8815 is a tax form used to report the exclusion of interest from certain U.S. savings bonds for qualified taxpayers.

Who is required to file Form 8815?

Taxpayers who are eligible to exclude interest earned on U.S. savings bonds from their taxable income, generally based on income levels and qualified education expenses, are required to file Form 8815.

How to fill out Form 8815?

To fill out Form 8815, taxpayers must provide their personal information, calculate the amount of savings bond interest to be excluded, and report any necessary income adjustments as per the form's guidelines.

What is the purpose of Form 8815?

The purpose of Form 8815 is to allow eligible taxpayers to report and calculate the exclusion of interest earned on U.S. savings bonds that may be used for qualifying education expenses.

What information must be reported on Form 8815?

Form 8815 requires reporting of taxpayer's name, Social Security number, the amount of bond interest earned, and details of qualified education expenses used for the exclusion.