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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: $91,000 if single or head of household; $143,950 if married filing jointly or qualifying widow(er) with dependent child. See the instructions for line 9 to figure your modified AGI.

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

• Bills, receipts, canceled checks, or other documents showing you paid qualified higher education expenses in 2014.

• 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 can use Form 8818, Optional Form To Record Redemption of Series EE and I U.S. Savings Bonds Issued After 1989, as your written record.

http://www.irs.gov/pub/irs-pdf/f8815.pdf


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Views: 697 Created on: Jun 15, 2013
Date updated: Aug 14, 2015

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