IRS 8815 2014 free printable template

Form 8815 Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 OMB No. 1545-0074 2014 (For Filers With Qualified Higher Education Expenses) Department of the Treasury Internal

How to fill out form 8815 - exclusion

How to fill out form 8815 - exclusion:

1. Provide your personal information in the designated sections of the form, including your name, social security number, and tax year.
2. Indicate the type of exclusion you are claiming on line 1. This could be the exclusion of interest from qualified U.S. savings bonds, education savings bond program, or employer-provided adoption benefits.
3. Calculate the amount of excluded interest or benefits you are claiming and enter this amount on line 2.
4. If you are claiming the exclusion of interest from qualified U.S. savings bonds, provide additional information such as the description and serial number(s) of the bond(s) on line 3a.
5. Complete lines 3b and 3c if you are claiming the exclusion of the education savings bond program or employer-provided adoption benefits, respectively. Follow the instructions provided on the form to accurately report the required information.
6. If you are eligible for any other deductions or credits related to the exclusions you are claiming, make sure to complete the appropriate sections on the form.
7. Verify your calculations and ensure all necessary information is accurately filled out before signing and dating the form.

Who needs form 8815 - exclusion?

1. Individuals who have received interest from qualified U.S. savings bonds and wish to exclude this income from their taxable income.
2. Individuals who have participated in the education savings bond program and are eligible to exclude the income from their taxable income.
3. Individuals who have received employer-provided adoption benefits and want to exclude this income from their taxable income.

Instructions and Help about form 8815 - exclusion

People Also Ask about form 8815 - exclusion

How do you avoid taxes on Series EE bonds?

Use the Education Exclusion 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.

Is there anything you can do with a mature EE bond without paying taxes?

One way you might avoid owing taxes on the bond interest is to cash your EE or I bonds before maturity and use the proceeds to pay for college. If you meet this set of rules, the interest won't be taxable: You must have acquired the bonds after 1989 when you were at least age 24. The bonds must be in your name only.

How long do EE bonds earn interest after maturity?

Series EE savings bonds are a low-risk way to save money. They earn interest regularly for 30 years (or until you cash them if you do that before 30 years). For EE bonds you buy now, we guarantee that the bond will double in value in 20 years, even if we have to add money at 20 years to make that happen.

Do I pay taxes on I bonds?

You owe tax on the interest the bond earned until it was reissued.

Do I need to report series I bonds on my taxes?

Interest from your bonds goes on your federal income tax return on the same line with other interest income.

Does cashing a bond count as income?

The 1099-INT will only come when someone cashes the bond or the bond matures. The interest will be reported under the name and Social Security Number of the person who cashes the bond or who owns it when it matures. The 1099-INT will include all the interest the bond earned over its lifetime.

Do you have to pay taxes on EE savings bonds?

You owe tax on the interest the bond earned until it was reissued.

Who files Form 8815?

You cashed qualified U.S. savings bonds in 2022 that were issued after 1989. 2. You paid qualified higher education expenses in 2022 for yourself, your spouse, or your dependents.

How can I avoid paying taxes on savings bonds?

You can roll savings bonds into a 529 college savings plan or a Coverdell Education Savings Account (ESA) to avoid taxes. There are some advantages to either approach. With a 529 college savings plan, you can continue saving money on a tax-advantaged basis for higher education.

Do you have to pay taxes on cashed savings bonds?

In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.

Are savings bonds reported to IRS?

More about savings bonds The interest earned by purchasing and holding savings bonds is subject to federal tax at the time the bonds are redeemed. However, interest earned on savings bonds is not taxable at the state or local level.

How do I report interest on series EE bonds?

You can report interest income from Series E, EE, and I bonds in one of these ways: Report the interest in the year you earn it. Report the entire amount of interest earned when the bond matures or when you redeem it, whichever comes first.

What to do with EE bonds that have matured?

If your savings bond from a Series other than EE, I, or HH has finished its interest-earning life, you could cash it and use the money for something else – a project, a financial need, or a new investment like an interest-earning savings bond or other Treasury security.

Do you have to report cashing in savings bonds?

In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.

How do I avoid paying taxes on Series EE bonds?

Use the Education Exclusion 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.

How do I avoid paying taxes on EE bonds?

Use the Education Exclusion 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.

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

There is no penalty if you simply hold onto the bond after five years. There is value in holding onto most bonds. The longer they mature, the more interest bonds earn.

How do I avoid paying taxes on EE 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.

What happens to an EE bond after 30 years?

Series EE bonds mature after 20 years. They are sold at half their face value and are worth their full value at maturity. Series I bonds are sold at face value and mature after 30 years. Interest is added monthly to the bond's value.

For pdfFiller’s FAQs

What is form 8815 - exclusion?

Form 8815 - exclusion is a tax form used by taxpayers to report qualified savings bond interest that was excluded from their income.

Who is required to file form 8815 - exclusion?

Taxpayers who received qualified savings bond interest and wish to exclude it from their income are required to file form 8815 - exclusion.

How to fill out form 8815 - exclusion?

To fill out form 8815 - exclusion, taxpayers should provide their personal information, details about the bonds, and the amount of excluded interest. The instructions on the form provide a step-by-step guide.

What is the purpose of form 8815 - exclusion?

The purpose of form 8815 - exclusion is to report qualified savings bond interest that can be excluded from the taxpayer's income.

What information must be reported on form 8815 - exclusion?

On form 8815 - exclusion, taxpayers must report their personal information, the type and details of the savings bonds, and the amount of savings bond interest that is being excluded.

When is the deadline to file form 8815 - exclusion in 2023?

The deadline to file form 8815 - exclusion in 2023 is April 18, 2023.

What is the penalty for the late filing of form 8815 - exclusion?

The penalty for the late filing of form 8815 - exclusion can vary depending on the circumstances. It is best to refer to the IRS guidelines or consult a tax professional for specific penalty amounts.

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