Get the free Form 8815

This form is used to calculate the exclusion of interest earned from U.S. savings bonds issued after 1989 for qualified higher education expenses.

How to fill out form 8815

How to fill out Form 8815

1. Download Form 8815 from the IRS website.
2. Provide your name and Social Security Number at the top of the form.
3. Determine your qualified principal residence loan amount for the year.
4. Calculate the amount of the excluded discharge of qualified principal residence debt.
5. Fill out Part I by entering the amount of debt discharged on line 1.
6. Complete the calculations for lines 2 through 5 according to the instructions.
7. If applicable, complete Part II for any applicable election regarding the mortgage.
8. Sign and date the form at the bottom of the second page.
9. Attach Form 8815 to your Form 1040 when you file your taxes.

Who needs Form 8815?

1. Taxpayers who had debt discharged on their principal residence in the tax year.
2. Individuals who qualify for the exclusion of cancellation of debt income under the Mortgage Forgiveness Debt Relief Act.
3. Homeowners who filed Form 982 to report exclusions related to debt discharge.

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 taxpayers to claim a tax exemption for certain qualified education benefits received under the U.S. tax code. It is specifically designed for reporting the exclusion of interest from U.S. savings bonds when used for qualified education expenses.

Who is required to file Form 8815?

Taxpayers who received interest from U.S. savings bonds and used that interest to pay for qualified educational expenses for themselves, their spouses, or their dependents during the tax year are required to file Form 8815.

How to fill out Form 8815?

To fill out Form 8815, taxpayers must provide their personal information, the amount of qualified education expenses, the total interest earned on U.S. savings bonds, and any applicable exclusions. Ensure all calculations are accurate and the form is signed before submission.

What is the purpose of Form 8815?

The purpose of Form 8815 is to allow taxpayers to report interest from U.S. savings bonds that can be excluded from taxable income when applied toward qualified education expenses, thereby reducing their overall tax liability.

What information must be reported on Form 8815?

Form 8815 requires reporting the taxpayer's name, Social Security number, the amount of qualified expenses, the total interest earned on the savings bonds, and the amount of interest being excluded. Additional calculations may be needed to determine the correct exclusion amount.