Get the free Form 8815

This form is used to determine the amount of interest from series EE or I U.S. savings bonds that can be excluded from income for tax purposes, particularly for those who have incurred qualified higher

How to fill out form 8815

How to fill out Form 8815

1. Gather necessary documentation, including your tax return and any other income information.
2. Obtain Form 8815 from the IRS website or your tax professional.
3. Fill in your name, address, and Social Security number at the top of the form.
4. Calculate your total tax-exempt interest and enter it in the appropriate section of the form.
5. Determine the amount of your qualifying exemptions and income thresholds.
6. Complete the required calculations to determine your tax-exempt interest exclusion.
7. Review the form for accuracy and completeness.
8. Attach Form 8815 to your tax return when you file.

Who needs Form 8815?

1. Taxpayers who received tax-exempt interest income from certain investments, typically including those with qualifying U.S. savings bonds.
2. Individuals who may qualify for exclusion from gross income on certain amounts of tax-exempt 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 to report the exclusion of interest from qualified U.S. Savings Bonds used for higher education expenses.

Who is required to file Form 8815?

Individuals who received interest from qualified U.S. Savings Bonds and used that interest 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 need to provide information regarding their qualified U.S. Savings Bonds, the amount of interest earned, and details about the qualified higher education expenses incurred.

What is the purpose of Form 8815?

The purpose of Form 8815 is to allow taxpayers to claim the exclusion of interest income from qualified U.S. Savings Bonds to help offset the cost of higher education expenses.

What information must be reported on Form 8815?

Form 8815 requires reporting information such as the amount of qualified U.S. Savings Bonds interest earned, the names and Social Security numbers of the bond owners, and the details of the qualified higher education expenses paid.