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IRS Form 8815 Exclusion of Interest From Series Ee and I U.S. Savings Bonds Issued After 1989 (For Filers With Qualified Higher Education Expenses)
What Is IRS Form 8815?
IRS Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 (For Filers With Qualified Higher Education Expenses) , is a fiscal document used by individual taxpayers to exclude the specific bond interest from their income.
Alternate Names:
- Tax Form 8815.
As long as you paid for higher education expenses throughout the year covered in the form with the help of the bond interest, you will be entitled to exclude this kind of interest income by notifying tax authorities about your wish.
This statement was released by the Internal Revenue Service (IRS) in 2023 , making previous editions of the form obsolete. An IRS Form 8815 fillable version is available for download below.
Form 8815 Instructions
Follow these Form 8815 instructions to let the IRS know about your intention to exclude certain bond interest during the filing of your income statement:
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Make sure you comply with Form 8815 requirements established for taxpayers entitled to exclude bond interest from your income - the bonds in question were issued later than 1989, during the tax year you financed your own higher education or took care of academic costs of your spouse or dependents, you are not filing your tax return separately from your spouse, and your income is below the relevant threshold set by tax organizations.
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Identify the person whose name is written on the tax return by their full name and social security number . List the names of people that attended educational facilities and provide the information on these institutions. In case you require more space to elaborate on the education of your family members during the latest tax year, you may attach a separate sheet that clarifies those details.
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Follow the formulas in the document to figure out whether you can take the exclusion in the first place and how big the excludable bond interest will be . You will have to indicate the total amount of education expenses you paid for yourself and other members of your family, specify the proceeds you received from the savings bonds if you cashed them during the last year, and record the income you managed to generate during the same period. Note that there will be different numbers you have to use in your calculations depending on your marital status - there are different thresholds established for single filers, heads of households, surviving spouses, and married taxpayers that prefer to file the paperwork together.
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Once you are done with computations, make a copy of the document for yourself - the third and fourth pages of the instrument contain worksheets you need to fill out and retain . Attach this statement to your main tax return and file it before the deadline in April so that the government is aware of your successful qualification for the exclusion.
Download IRS Form 8815 Exclusion of Interest From Series Ee and I U.S. Savings Bonds Issued After 1989 (For Filers With Qualified Higher Education Expenses)
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