If you cashed series EE or I U.S. savings bonds this year that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds. Use Form 8815 to figure the amount of any interest you may exclude.
Who can exclude interest on EE bonds?
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.
What form or schedule should a taxpayer use to claim an exclusion of US Series EE savings bond interest used for qualified educational expenses?
Form 8815
Form 8815 – Exclusion of Interest from Series EE and Series I U.S. Savings Bonds. $96,100 (2019) if filing single, head of household, or qualifying widow(er) with dependent child; $151,600 (2019) if filing MFJ.
How do I cash in my EE savings bonds for college?
How do I cash my EE and E bonds? Log in to TreasuryDirect and follow the directions there. The cash amount can be credited to your checking or savings account within two business days of the redemption date. You can cash paper EE and E bonds at most local financial institutions.
Do you have to pay taxes on savings bonds used for education?
Advantages. Backed by the full faith and credit of the United States government, the interest from these bonds is tax-free if used for qualified higher education expenses. Also, interest on Series EE and I savings bonds is usually exempt from state and local taxes.
How to exclude Series EE from form 8815?
1 The bonds were issued after 1989; 2 The person in whose name the bonds were issued was age 24 or older before they were issued; 3 The bonds were cashed in during the during tax year; 4 The taxpayer paid qualified higher education expenses; 5 The filing status on the return is not MFS;
How to exclude savings bonds from AGI form 8815?
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.
How to exclude interest from Series EE bonds?
Form 8815 – Exclusion of Interest from Series EE and Series I U.S. Savings Bonds The taxpayer can exclude interest income from Series EE and Series I US Savings bonds if all of the following are true: The bonds were issued after 1989; The person in whose name the bonds were issued was age 24 or older before they were issued;
What do you need to know about form 8815?
Use Form 8815 to figure the amount of any interest you may exclude. None at this time. About Publication 915, Social Security and Equivalent Railroad Retirement Benefits
