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8815 Instructions 2021-2022 Form: What You Should Know

Unused interest from prior-year savings bonds — TreasuryDirect Using your savings bonds: Interest from prior-year savings bonds must be used for qualified higher education expenses under § 135 of the Higher Education Act of 1965, as amended. Unused interest from prior-year savings bonds can be used to cover qualified higher education expenses under § 135 of the Higher Education Act of 1965, as amended. It may be returned to the U.S. Treasury after you repay any balances. However, the interest is never refunded or returned to the original owner of the bond. Tax consequences of savings bonds, interest has been paid before the bonds are redeemable. Example:  You held ten 20,000 savings bonds in 2012. Your account balance and interest were 30,000 in 2013. The bond proceeds were 3,000. You sold the bonds in 2022 for 10,000. You received 6,000 in dividends on the bonds and 16,000 in interest. In this example, the 30,000 is the 6,000 from the sale, 2,000 interest from the bond proceeds, and 5,000 of unused interest from the bonds. If you want to use the unused interest to pay qualified higher education expenses, you must pay taxes on the money as ordinary income, not capital gain. (However, you must include the recovered interest in capital gain if you sell the bonds.) See TreasuryDirect for more information on tax treatment of interest from savings bonds. Questions? You are not alone in your interest in using bonds or savings for higher education. For many individuals and businesses, this interest is also part of their retirement savings plans.

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