Get the free Form 8815

Use this form to figure the amount of any interest on series EE and I U.S. savings bonds that you may exclude from your income if you have paid qualified higher education expenses.

How to fill out form 8815

How to fill out Form 8815

1. Gather your tax documents including your Form 1040 and any relevant forms showing your tax-exempt interest.
2. Locate Form 8815 from the IRS website or your tax preparation software.
3. Begin filling out your name and Social Security number at the top of the form.
4. In Part I, enter the amount of qualified interest you earned during the tax year in the appropriate section.
5. If applicable, calculate the amount of your interest that is taxable and enter it in Part II.
6. Follow the instructions to determine if you can exclude any of the interest from your taxable income.
7. Check the corresponding box if you are a qualifying individual and complete any additional sections as needed.
8. Review your completed Form 8815 for accuracy.
9. Attach Form 8815 to your Form 1040 when filing your tax return.

Who needs Form 8815?

1. Any taxpayer who has received tax-exempt interest from municipal bonds or other sources and is filing a Form 1040.
2. Individuals who have a qualified benefit from education savings bonds and are eligible to exclude interest.
3. Taxpayers who are claiming an education-related tax benefit related to qualified interest.

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 by individuals to report and claim the exclusion of interest from qualified U.S. savings bonds that are used to pay for qualified higher education expenses.

Who is required to file Form 8815?

Individuals who have income from qualified U.S. savings bonds and are using the interest from those bonds to pay for qualified higher education expenses may be required to file Form 8815.

How to fill out Form 8815?

To fill out Form 8815, taxpayers must provide their personal information, the details of the qualified U.S. savings bonds, including their interest income, and the amounts spent on eligible higher education expenses. Instructions for each section are provided in the form itself.

What is the purpose of Form 8815?

The purpose of Form 8815 is to allow taxpayers to exclude certain interest income from U.S. savings bonds from taxable income if the funds are used for eligible educational expenses, thereby providing a tax benefit for education funding.

What information must be reported on Form 8815?

Form 8815 requires taxpayers to report their name, Social Security number, the amount of interest from U.S. savings bonds, and eligible higher education expenses incurred, along with any other relevant details specific to the bonds and education costs.