IRS 8815 2024 free printable template

Line 6 Worksheet keep a copy for your records 2. Enter the face value of all post-1989 paper series EE bonds cashed in 2024. 3. Multiply line 2 by 50 0. 50. bonds including post-1989 series EE bonds converted from paper to electronic format and all series I bonds cashed in 2024. In previous years. and on Form 8815 line 6. Page 4 Line 9 Follow these steps before you fill in the Line 9 Worksheet below. Cat. No. 10822S. Form 8815 2024 Intentionally Left Blank Page 3 General Instructions Section...

How to fill out IRS 8815

How to fill out IRS 8815

1. Obtain the IRS Form 8815 from the official IRS website or your tax preparation software.
2. Fill in your name and Social Security Number at the top of the form.
3. Determine your qualified education expenses by reviewing your 1098-T form.
4. Complete Part I by entering your total qualified education expenses for the tax year.
5. If applicable, complete Part II to calculate the amount of your refundable credit.
6. Check the instructions for any additional credits you may be eligible for and fill them out accordingly.
7. Review the completed form for accuracy, then sign and date it.
8. Submit the form along with your federal tax return.

Who needs IRS 8815?

1. Individuals who have incurred qualified education expenses for higher education and are claiming the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).
2. Students or parents of students who meet the income limits and other eligibility criteria set by the IRS.

People Also Ask about

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.

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What is IRS 8815?

IRS Form 8815 is used to report the exclusion of certain amounts received from a qualified disability trust by a beneficiary.

Who is required to file IRS 8815?

Taxpayers who are beneficiaries of a qualified disability trust that receives amounts to be excluded from gross income must file IRS Form 8815.

How to fill out IRS 8815?

To fill out IRS Form 8815, provide information such as the amount received from the trust, any applicable exclusions, and the beneficiary's details. Instructions can be found on the IRS website or in the form's instructions.

What is the purpose of IRS 8815?

The purpose of IRS Form 8815 is to enable beneficiaries of qualified disability trusts to calculate and report the exclusion of certain amounts received from the trust from their gross income.

What information must be reported on IRS 8815?

Information that must be reported on IRS Form 8815 includes the beneficiary's name and Social Security number, the amount received, and any applicable exclusions related to the trust distributions.