Get the free Form 8815

This form is used to deduce the amount of interest from series EE and I U.S. savings bonds that can be excluded from income if qualified higher education expenses are paid. It includes instructions

How to fill out form 8815

How to fill out Form 8815

1. Obtain a copy of Form 8815 from the IRS website or your tax professional.
2. Enter your name and Social Security number at the top of the form.
3. In Part I, provide information regarding your qualifying education expenses.
4. In Part II, calculate your refundable credit based on your expenses.
5. Attach any required documentation, such as proofs of payment.
6. Review the instructions carefully to ensure accuracy.
7. Sign and date the form before submitting it with your tax return.

Who needs Form 8815?

1. Individuals who have qualifying education expenses for higher education.
2. Students who received certain tax credits and need to claim them.
3. Taxpayers claiming a refund based on education-related expenses.

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 eligible individuals to claim a credit for the tax on undistributed capital gains.

Who is required to file Form 8815?

Individuals who have undistributed capital gains and are subject to certain income thresholds must file Form 8815.

How to fill out Form 8815?

To fill out Form 8815, provide your personal information, report your undistributed capital gains, and calculate the credit based on the instructions provided with the form.

What is the purpose of Form 8815?

The purpose of Form 8815 is to allow taxpayers to claim a credit for taxes imposed on certain undistributed capital gains from mutual funds and other regulated investment companies.

What information must be reported on Form 8815?

Form 8815 requires reporting of personal information, details of undistributed capital gains, and any options to calculate the credit based on the gains reported.