IRS 8815 2012 free printable template

Line 6 Worksheet keep a copy for your records 1. Enter the amount from Form 8815 line 5. 2. Enter the face value of all post-1989 paper series EE bonds cashed in 2012 3. For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 10822S Form 8815 2012 Page 2 Intentionally Left Blank Page 3 General Instructions Section references are to the Internal Revenue Code. Multiply line 2 by 50. 50 including post-1989 series EE bonds converted from paper to electronic format and all...

How to fill out IRS 8815

How to fill out IRS 8815

1. Gather all necessary documents related to your tax year, including your tax return and records of any eligible expenses.
2. Download IRS Form 8815 from the IRS website or obtain a physical copy.
3. Begin by entering your name and other personal identifying information at the top of the form.
4. In Part I, report the total amount of the tax-exempt interest you received during the tax year.
5. In Part II, complete the section for calculating the amount of your exclusion, providing detailed information as required.
6. Use the worksheets provided in the instructions to determine your taxable interest income.
7. Review the calculations to ensure everything is accurate and complete.
8. Sign and date the form before submitting it with your tax return.

Who needs IRS 8815?

1. Individuals who received tax-exempt interest, such as from municipal bonds, and who need to calculate and report taxable interest income.

Instructions and Help about IRS 8815

Hello this deal, and today I'm going to be talking about how to fill out these 1099 miscellaneous forms or 1099 mi a/c forms now a lot of times when you've hired a contractor do some work you know you sign a contract you ask them to do certain amount of work they finish it up you pay him off and off you go well at the end of the year you should really be filling out these 1099 forms to tell the IRS how much you paid them and these forms don't really record any taxes you know you're not paying them taxes you're hoping that they'll pay their own taxes you check their credentials their illegal operation they pay their own taxes here you're just reporting what you paid them and that's kind of what I'm focused on today you could fill out a bunch of tax information here as well but just for like hiring contractors you're just reporting what you paid them has nothing to do with taxes they deal with the taxes so the first thing before you can even fill this out is to have your contractor or whoever your piano teacher etc fill out the form w-4 form and this basically they only have to worry about tax deductions or what have you they just what you're after is their name address and their social security number or their tax ID number and so this is what you want to ask them to fill out before they do any work for you and just to kind of tell you what you're up against in general if you pay somebody more than let's say three or six hundred dollars you should really have them fill this out and legally just like for contractors if you fill out the 1099 form you have to fill this out if you pay anybody six hundred dollars or more that's not a gift, so that's kind of where the starting point is so again CAVAM fill out the tent the w-4 form before they start the work after they finish the work record how much you pay them and then at the end of the year you have to fill one of these and let's go over how to fill one of these things out, and it's really simple basically you go to the IRS office, and you ask them for 1099 miscellaneous form, and they give you one of these they'll ask you how many you want if you just want one two or three of these things but if you ask for one they'll give you one with actually two forms on it is coming two forms for a page so don't get confused you only really have to fill out one per person I've had I've known people who've actually thought they had to fill out both of these for one person and that totally screws up everybody's screws of the IRS screws up the taxpayer if you paint one person you fill out one top if you fill out if you pay two people you fill out one for one the bottom for the other the top is not perforated this is what you send the IRS the other copies there's copy one is perforated you can kind of cut across and so you'd be sending one to one person one to the other person, so this is how it works just the top is just your name your address and your telephone number you basically who you are, and then you want...

People Also Ask about

Should I cash out matured savings bonds?

If you want full value, you should hold the Series EE bonds at least until maturity, and if you want extra, you can hold them until 30 years. But once 30 years have passed, it's a good idea to cash them in because you won't get any extra benefit.

What is IRS form 8815 used for?

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.

How do I avoid paying taxes on savings bonds?

You can skip paying taxes on interest earned with Series EE and Series I savings bonds if you're using the money to pay for qualified higher education costs. That includes expenses you pay for yourself, your spouse or a qualified dependent. Only certain qualified higher education costs are covered, including: Tuition.

Are Series EE and I bonds eligible for 8815?

To qualify for the exclusion, the bonds must be series EE or I 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. Also, you must have been age 24 or older before the bonds were issued.

Is there a penalty for not cashing in matured EE savings bonds?

While the Treasury will not penalize you for holding a U.S. Savings Bond past its date of maturity, the Internal Revenue Service will. Interest accumulated over the life of a U.S. Savings Bond must be reported on your 1040 form for the tax year in which you redeem the bond or it reaches final maturity.

Is there a penalty for holding savings bonds past maturity?

While the Treasury will not penalize you for holding a U.S. Savings Bond past its date of maturity, the Internal Revenue Service will. Interest accumulated over the life of a U.S. Savings Bond must be reported on your 1040 form for the tax year in which you redeem the bond or it reaches final maturity.

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What is IRS 8815?

IRS Form 8815 is used to calculate and report the exclusion of interest from qualified U.S. savings bonds for educational expenses.

Who is required to file IRS 8815?

Individuals who have received interest from qualified U.S. savings bonds and are using that interest for qualified educational expenses must file IRS Form 8815 to exclude that interest from their taxable income.

How to fill out IRS 8815?

To fill out IRS Form 8815, provide personal information including your name and Social Security number, enter the amount of interest received from qualified U.S. savings bonds, report the qualified education expenses, and calculate the exclusion amount by completing the specific sections of the form.

What is the purpose of IRS 8815?

The purpose of IRS Form 8815 is to allow taxpayers to exclude from their gross income the interest earned on qualified U.S. savings bonds when used for eligible educational expenses.

What information must be reported on IRS 8815?

Form 8815 requires reporting your name, Social Security number, the amount of savings bond interest, qualified educational expenses, and the calculation of the exclusion amount based on those expenses.