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Exclusion Of Interest From Series Ee And I Us Savings Bonds: What You Should Know

Form 8815 — Exclusion of Interest from Series EE and Series I U.S. Savings Bonds Sep 13, 2023 — Form 8815 — Exclusion of Interest from Series EE and Series I U.S. Savings Bonds · 126,900 (2018) if filing single, head of household, or  Taxes on Savings Bonds Form 8815 & More | H&R Block. Form 8815 is also available at your local branch of the Internal Revenue Service, and you must be accompanied by a social security number when completing your form online. For taxpayers with two or more education creditable years If a taxpayer has two or more qualifying education credits on file, the exclusion applies to all the portion of the education expenses that is attributable to the education that qualified for the credit in the year the taxpayer files the return. Taxes on Savings Bonds Form 8815 & More | H&R Block. Form 8815 is also available at your local branch of the Internal Revenue Service, and you must be accompanied by a social security number when completing your form online. If you have more than one educational credit, it may be necessary to take additional steps. For details, see Tax Credits on IRS.gov. For taxpayers without creditable education, use IRS.gov to figure the exclusion. Exclusion for Education With a Credit For More Than One Credit (Source: IRS) For example, let's say you had two education credits. Each of them would be used for one education purpose. It might make most sense to use Form 8815 when figuring the exclusion of interest. Example 1—Form 8815—Exclusion of Interest From Series EE and Series I U.S. Savings Bonds You filed your tax return in 2018. You have two education credits. The first credit is an amount determined by applying certain percentages to your income from all the qualifying education activities you participated in the 5 preceding tax years. The other education credit is an amount calculated that assumes that you attended the same or equivalent educational institution during the 5 preceding tax years. Since you attended the same or equivalent educational institution in all your years of higher education, both of these educational creditable years are counted toward eligibility for this exclusion. Based on your education earnings in 2018, Form 8815 determines your 2023 exclusion from interest, based on the percentage amounts in effect for 2018.

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FAQ - Exclusion Of Interest From Series Ee And I Us Savings Bonds

How can I exclude interest from a Series EE or I bond in 2019?
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.nFeb 3, 2022n
Who can exclude interest on Series I US Savings 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.
How is the exclusion of a savings bond calculated?
The actual calculation subtracts any nontaxable educational benefits such as scholarships from the qualified higher education costs. This net cost is then compared to the total proceeds from the redemption of eligible savings bonds (principal and interest). If the net cost is greater, all the interest may be excluded.
What is the exclusion for income from US Savings Bonds?
Form 8815 - Exclusion of Interest from Series EE and Series I U.S. Savings Bonds. $96,100 (2023) if filing single, head of household, or qualifying widow(er) with dependent child; $151,600 (2023) if filing MFJ.
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