What is a 8815 tax form?

What is a 8815 tax form?

Use Form 8815 to figure the interest income you can exclude from income. The interest income exclusion is phased out at higher income levels. The levels are based on modified adjusted gross income (AGI). Use Form 8815 to figure your modified AGI.

What are the requirements for a qualified savings bond?

A qualified U.S. savings bond is a series EE bond issued after 1989 or a series I bond. The bond must be issued either in your name (sole owner) or in your and your spouse’s names (co-owners). You must be at least 24 years old before the bond’s issue date.

Do I have to claim savings bonds on my taxes?

Is savings bond interest taxable? The interest that your savings bonds earn is subject to: federal income tax, but not to state or local income tax. any federal estate, gift, and excise taxes as well as any state estate or inheritance taxes.

What is the exclusion for income from US savings bonds?

The education tax exclusion permits qualified taxpayers to exclude from their gross income all or part of the interest paid upon the redemption of eligible savings bonds, when the bond owner pays qualified higher education expenses at an eligible institution.

Will I get a 1099 for cashing in savings bonds?

Yes. IRS Form 1099-INT is provided for cashed bonds. The form may be available when you cash your bond or after the end of the tax year. 1099-INTs are posted in TreasuryDirect in January.

How do you cash in savings bonds for college?

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.

Can I use EE bonds to pay for college?

The interest earned on series EE and Series I bonds can be used tax-free for college if the following conditions are met: The funds are used for qualified educational expenses for parent or dependent child. The expense occurs in the same tax year in which the bonds are redeemed.

How much is a savings bond worth after 30 years?

The government promised to pay back its face value with interest at maturity, bringing its value to $53.08 by May 2020. A $50 bond purchased 30 years ago for $25 would be $103.68 today. Here are some more examples based on the Treasury’s calculator. These values are estimated based on past interest rates.

How do I avoid taxes when cashing in Savings Bonds?

The Treasury gives you two options:

1. Report interest each year and pay taxes on it annually.
2. Defer reporting interest until you redeem the bonds or give up ownership of the bond and it’s reissued or the bond is no longer earning interest because it’s matured.

Will I get a 1099 for cashing in Savings Bonds?

How do you exclude interest from a Series EE or I Bond?

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.

How do I avoid paying taxes on EE bonds?

Use the Education Exclusion You can skip paying taxes on interest earned with Series EE and Series I savings bonds if you’re using the money to pay for qualified higher education costs. That includes expenses you pay for yourself, your spouse or a qualified dependent.

What do you need to know about federal form 8815?

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. Column (a).

How to figure out interest exclusion on form 8815?

Use Form 8815 to figure the interest income you can exclude from income. The interest income exclusion is phased out at higher income levels. The levels are based on modified adjusted gross income (AGI). Use Form 8815 to figure your modified AGI. For 2020, the exclusion begins to phase out at:

How to enter US savings bond interest in form 8815?

Select the enrollee (the individual on the return with qualified education expenses) and enter the educational institution information. Note: This is a guide to entering US Savings Bond interest into Form 8815 in TaxSlayer Pro.

How to add eSmart to federal form 8815?

1. Enter the amount from line 2 of Schedule B (Form 1040A or Form 1040). 2. Form 1040 filers, add the amounts on lines 7, 9a, 10 through 14, 15b, 16b, 17 through 19, 20b, and 21. Enter the total. Form 1040A filers, add the amounts on lines 7, 9a, 10, 11b, 12b]