Form 8815 PDF Details

The complexities of managing education-related finances can become somewhat easier to navigate with an understanding of the IRS Form 8815, which is designed to benefit those who invest in education through U.S. savings bonds. Specifically targeting Series EE and I savings bonds issued after 1989 and redeemed to pay for higher education expenses, Form 8815 allows individuals to possibly exclude this interest from their income, providing a valuable tax break. This opportunity is restricted to taxpayers who meet certain criteria, including having paid qualified education expenses for themselves, a spouse, or dependents, and whose filing status isn't listed as married filing separately. Additionally, there's an income threshold that must be considered, as the ability to take this exclusion phases out at higher income levels. The form requires a detailed record of both the educational expenses incurred and the savings bonds redeemed, alongside calculations to figure the excludable amount based on these expenses and one's modified adjusted gross income. For those eligible, this could lead to a significant reduction in taxable income, highlighting the importance of understanding and correctly completing Form 8815 in conjunction with one's annual tax return.

QuestionAnswer
Form NameForm 8815
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesthe form 8815, irs form 8815 instructions, form 8815, irs savings bonds

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Form 8815

Exclusion of Interest From Series EE and I

 

OMB No. 1545-0074

 

U.S. Savings Bonds Issued After 1989

 

 

 

 

2020

 

(For Filers With Qualified Higher Education Expenses)

 

 

 

 

Department of the Treasury

Go to www.irs.gov/Form8815 for the latest information.

 

Attachment

Internal Revenue Service (99)

Attach to Form 1040 or 1040-SR.

 

Sequence No. 167

Name(s) shown on return

 

Your social security number

 

 

 

 

1

(a)

Name of person (you, your spouse, or your dependent) who was enrolled at or attended an eligible educational institution

(b)

Name and address of eligible educational institution

If you need more space, attach a statement.

2Enter the total qualified higher education expenses you paid in 2020 for the person(s) listed in column

(a) of line 1. See the instructions to find out which expenses qualify

2

3Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or fellowship

grants) received for 2020 for the person(s) listed in column (a) of line 1. See instructions

3

4 Subtract line 3 from line 2. If zero or less, stop. You cannot take the exclusion

4

5Enter the total proceeds (principal and interest) from all series EE and I U.S. savings bonds issued

after 1989 that you cashed during 2020

5

6 Enter the interest included on line 5. See instructions

6

7If line 4 is equal to or more than line 5, enter “1.000.” If line 4 is less than line 5, divide line 4 by line 5.

 

Enter the result as a decimal (rounded to at least three places)

. . . . . . .

7

×

.

8

Multiply line 6 by line 7

. . . . . . .

8

 

 

9

Enter your modified adjusted gross income. See instructions

 

9

 

 

 

 

 

 

Note: If line 9 is $97,350 or more if single, head of household, or qualifying

 

 

 

 

 

 

 

widow(er); or $153,550 or more if married filing jointly, stop. You cannot take

 

 

 

 

 

 

 

the exclusion.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10Enter: $82,350 if single, head of household, or qualifying widow(er); $123,550 if

married filing jointly

. . . . . . . . . . . . . . . . . . .

10

11Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on line 13,

and go to line 14

11

12Divide line 11 by: $15,000 if single, head of household, or qualifying widow(er); $30,000 if married

 

filing jointly. Enter the result as a decimal (rounded to at least three places)

12

×

.

13

Multiply line 8 by line 12

13

 

 

14

Excludable savings bond interest. Subtract line 13 from line 8. Enter the result here and on

 

 

 

 

Schedule B (Form 1040), line 3

. . . . . . . . . . .

14

 

 

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 10822S

 

Form 8815 (2020)

Form 8815 (2020)

Page 2

 

 

Intentionally Left Blank

Form 8815 (2020)

Page 3

 

 

General Instructions

Section references are to the Internal Revenue Code.

Future Developments

For the latest information about developments related to Form 8815 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form8815.

Purpose of Form

If you cashed series EE or I U.S. savings bonds in 2020 that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds. Use this form to figure the amount of any interest you may exclude.

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 in 2020 that were issued after 1989.

2.You paid qualified higher education expenses in 2020 for yourself, your spouse, or your dependents.

3.Your filing status is any status except married filing separately.

4.Your modified adjusted gross income (AGI) is less than: $97,350 if single, head of household, or qualifying widow(er); $153,550 if married filing jointly. 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 2020.

A written record of each post-1989 series EE or I bond that you cashed. 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.

Specific Instructions

Line 1

Column (a). Enter the name of the person who was enrolled at or attended an eligible educational institution or for whom you made contributions to a Coverdell education savings account (Coverdell ESA) or a qualified tuition program (QTP). This person must be you, your spouse, or your dependent(s) claimed on Form 1040 or 1040-SR. An eligible educational institution is generally any accredited public, nonprofit, or private college, university, vocational school, or other postsecondary institution. The institution must be eligible to participate in the student aid programs administered by the Department of Education. Virtually all accredited postsecondary institutions meet this requirement.

Column (b). Enter the name and address of the institution. If the person was enrolled at or attended more than one, list all of them. Also, if you contributed to a Coverdell ESA for the person, enter “Coverdell ESA” and the name and address of the financial institution where the account is located. For contributions to a QTP, enter “QTP” and the name and address of the program.

Line 2

Qualified higher education expenses include tuition and fees required for the enrollment or attendance of the person(s) listed on line 1, column (a), at the institution(s) listed in column (b). They also include contributions to a Coverdell ESA or a QTP for the person(s) listed on line 1. Qualified expenses do not include expenses for:

Room and board; or

Courses involving sports, games, or hobbies that are not part of a degree- or certificate-granting program.

Do not include on line 2 expenses that were:

Covered by nontaxable educational benefits paid directly to, or by, the educational institution;

Used to figure an education credit on Form 8863; or

Used to figure the nontaxable amount of a distribution from a Coverdell ESA or QTP.

Line 3

Enter on this line the total qualified higher education expenses included on line 2 that were covered by nontaxable educational benefits. These benefits include the following.

Scholarship or fellowship grants excludable from income under section 117. See chapter 1 of Pub. 970 for more information.

Veterans’ educational assistance benefits.

Employer-provided educational assistance benefits that are not included in box 1 of your Form(s) W-2.

Payments, waivers, or reimbursements of educational expenses under a QTP.

Any other payments (but not gifts, bequests, or inheritances) for educational expenses that are exempt from income tax by any U.S. law.

Do not include on line 3 nontaxable educational benefits paid directly to, or by, the educational institution.

Example. You paid $10,000 of qualified higher education expenses in 2020 to the college your son attended. None of the expenses are used to figure an education credit or the nontaxable amount of a Coverdell ESA or QTP. You claim your son as a dependent on your 2020 tax return. Your son received a $2,000 nontaxable scholarship grant for 2020, which was paid directly to him. In this case, enter $10,000 on line 2 and $2,000 on line 3.

Line 6

If you reported any of the interest before 2020, see Pub. 550 for the amount to enter. Otherwise, enter the amount from Form 8818, line 8 (if you used that form to record the bonds cashed), or use the following worksheet to figure the amount to enter.

Line 6 Worksheet (keep a copy for your records)

1. Enter the amount from Form 8815, line 5 . . . .

1.

2.Enter the face value of all post-1989 paper series EE

bonds cashed in 2020

2.

3. Multiply line 2 by 50% (0.50)

3.

4.Enter the face value of all electronic series EE bonds (including post-1989 series EE bonds converted from paper

to electronic format) and all series I bonds cashed in 2020 .

4.

5. Add lines 3 and 4

5.

6.Subtract line 5 from line 1. Enter the result here and on

Form 8815, line 6

6.

 

 

 

 

Form 8815 (2020)

Page 4

 

 

Line 9

Follow these steps before you fill in the Line 9 Worksheet below.

Step

Action

1If you received social security benefits, use Pub. 915 to figure the taxable amount of your benefits.

2If you are claiming both the premium tax credit (PTC) and self-employed health insurance deduction, see Self-Employed Health Insurance Deduction and PTC in Pub. 974, Premium Tax Credit, and complete the appropriate worksheets.

3If you made contributions to a traditional IRA for 2020 and you were covered by a retirement plan at work or through self- employment, use Pub. 590-A to figure your IRA deduction.

4Figure any amount to be entered on the dotted line next to line 22 of Schedule 1 (Form 1040).

5Complete the following lines on your Form 1040 or 1040-SR and Schedule 1 (Form 1040) if they apply.

 

IF you use . . .

THEN complete lines . . .

 

Form 1040 or 1040-SR

2a, 3b–6b, 7, and 10b

 

Schedule 1 (Form 1040)

1–8, and 10*–19

 

 

 

6If any of the following apply, see Pub. 550.

You are filing Form 2555 (relating to foreign earned income) or Form 4563 (exclusion of income for residents of American Samoa).

You have employer-provided adoption benefits for 2020.

You are excluding income from Puerto Rico.

You have investment interest expense attributable to royalty income.

* For purposes of figuring the amount to put on Form 8815, line 9, do not reduce your educator expenses, if any, by the amount on Form 8815, line 14.

Line 9 Worksheet (keep a copy for your records)

1. Enter the amount from line 2 of Schedule B (Form 1040) 1.

2.Add the amounts from Form 1040 or 1040-SR, lines 1, 3b, 4b, 5b, 6b, and 7, and the amounts from Schedule

1 (Form 1040), lines 1 through 8. Enter the total . .

2.

3. Add lines 1 and 2

. . . . . . . . .

3.

4.Add the amounts from Form 1040 or 1040-SR, line 10b, and Schedule 1 (Form 1040), lines 10 through 19, plus any amount entered on the dotted line next to line

22. Enter the total

.

.

.

.

.

.

.

.

.

4.

5.Subtract line 4 from line 3. Enter the result here and on

Form 8815, line 9

5.

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Writing segment 4 in irs form 8815

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