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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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