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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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Question
Form 8815 - Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 (For Filers With Qualified Higher Education Expenses)

Answer
If you cashed series EE or I U.S. savings bonds that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds.
Who Can Take The Exclusion 
You can take the exclusion if all four of the following apply:
  1. You cashed qualified U.S. savings bonds that were issued after 1989.
  2. You paid qualified higher education expenses for yourself, your spouse, or your dependents.
  3. Your filing status is any status except married filing separately.
  4. Your modified AGI (adjusted gross income) is less than: $94,550 if single or head of household; $149,300 if married filing jointly or qualifying widow(er).
U.S. Savings Bonds That Qualify For Exclusion 
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.  A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child.
Recordkeeping Requirements - keep the following records to verify interest you exclude
  • A written record of each post-1989 series EE or I bond that you cash. Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. You may use Form 8818, Optional Form To Record Redemption of Series EE and I U.S. Savings Bonds Issued After 1989.
  • Bills, receipts, canceled checks, or other documents showing you paid qualified higher education expenses during the tax year.
For more information, please see IRS Form 8815.

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Views: 1440 Created on: Jun 15, 2013
Date updated: Dec 10, 2018
Posted in: Income

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