What is Form 8815?
Form 8815 is used to exclude interest earned from Series EE and I U.S. Savings Bonds issued after 1989 from your taxable income. This form is important because it helps eligible taxpayers reduce their tax burden when they use the bond proceeds for qualified education expenses. By filling out this form accurately, you can potentially save money on your taxes while supporting your educational goals. It's a crucial step for anyone looking to benefit from their savings bonds effectively.
What is Form 8815 used for?
Form 8815 is used to exclude interest from certain U.S. savings bonds from taxable income. It helps taxpayers manage their tax liability:
- to report interest from Series EE and I bonds.
- to claim the exclusion on eligible bonds.
- to provide necessary details for IRS review.
How to fill out Form 8815?
- 1
Locate the correct version of Form 8815 in the editor.
- 2
Fill out your personal information at the top of the form.
- 3
Report the total interest from your savings bonds in the designated section.
- 4
Calculate the exclusion amount using the provided instructions.
- 5
Review your form for accuracy before proceeding.
- 6
Check official sources for the latest signature requirements to ensure compliance.
Who is required to fill out Form 8815?
Form 8815 is for taxpayers with qualified savings bond interest and parents of eligible children. It helps exclude certain interest from taxable income.
Taxpayers and their parents use the form to report interest exclusions when filing their federal tax returns.
When is Form 8815 not required?
Form 8815 is not required if your income is above the limit set for the tax year. For 2024, single filers with modified adjusted gross income over $111,800 and married couples filing jointly over $175,200 do not need to file this form.
Additionally, if you do not have any interest from Series EE or I U.S. Savings Bonds issued after 1989, you can skip this form entirely.
When is Form 8815 due?
The deadline for Form 8815 is April 15 of the year following the tax year for which you are filing. If April 15 falls on a weekend or holiday, the due date is the next business day.
To avoid any penalties, file your form on time. If you need extra time, consider filing for an extension. Make sure to check the IRS website for any updates or changes related to tax deadlines.
How to get a blank Form 8815?
To get a blank Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989, visit our platform. The IRS issues this form, and we have a pre-loaded version ready for you to fill out and download.
How to sign Form 8815?
To sign Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989, begin by opening the form in PDF Guru's editor. After filling out the necessary fields, you can create a simple electronic signature if the form allows it.
Once your signature is added, click Done to download the completed form. Always check official sources for specific signature requirements to ensure compliance.
Where to file Form 8815?
Form 8815 can be filed by mail or online when you submit your tax return. It must accompany your Form 1040 or 1040-SR for processing.
Always ensure you have the latest version before mailing your forms for accuracy.