Get the free Form 8815

This form is used to determine the exclusion of interest from certain U.S. savings bonds for filers with qualified higher education expenses. It helps calculate the amount of interest that may be

How to fill out form 8815

How to fill out Form 8815

1. Obtain Form 8815 from the IRS website or your tax preparer.
2. Fill in your personal information at the top of the form, including your name and Social Security number.
3. Provide details about the qualified U.S. savings bonds that were redeemed in the tax year.
4. Calculate the amount of interest earned on the savings bonds.
5. Complete any additional sections required based on your specific situation, such as exceptions for education expenses.
6. Double-check your entries for accuracy.
7. Sign and date the form before submission.

Who needs Form 8815?

1. Individuals who redeemed U.S. savings bonds and used the proceeds for qualified educational expenses.
2. Taxpayers looking to exclude interest income from their taxable income based on specific criteria.

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 calculate and report their exclusion of interest income from U.S. savings bonds when the bonds are cashed.

Who is required to file Form 8815?

Individuals who cashed U.S. savings bonds and are eligible to exclude some or all of the interest income for tax purposes based on 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, details of the U.S. savings bonds cashed, the amount of interest income, and the qualified education expenses that justify the exclusion.

What is the purpose of Form 8815?

The purpose of Form 8815 is to provide a means for eligible taxpayers to report and exclude interest income from U.S. savings bonds that they used for qualified education expenses.

What information must be reported on Form 8815?

Form 8815 must report personal identification details, the tax year, the total interest income earned from the savings bonds, the portion of interest to be excluded, and the amounts of qualified education expenses.