Form 8815 Savings Bond Interest Exclusion For Has - Turbotax 2023-2024

Form 8815 Savings Bond Interest Exclusion For Has - Turbotax: What You Should Know

Form 8815 Use Form 8815 to figure the interest income you can exclude from income. The income exclusion of interest is phased out at higher income levels. Form 8815 is available on IRS.gov to taxpayers. Interest income exclusion from series EE and US Savings Bonds If Interest income is from Series EE and Series I U.S. Savings bonds, you can exclude 10% of the interest and collect tax-free on the remaining 85%. You may be able to exclude as much as 10,600 per year if you meet the following requirements: You are claiming the interest income exclusion for both the bond's maturity date and its redemption date, and the two bonds are equal if the dates coincide. You have no other income-earning activity or deductions that could be used to reduce, delay, or eliminate your interest income exclusion. There was no reduction in the bonds' maturity date or redemption date because the bonds were redeemable immediately from your account, or because the bonds were in a non-interest-bearing status before redeeming the bonds.

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