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Form 8815 online Gainesville Florida: What You Should Know

The Qualifying Savings Bond Exemption does not extend from tax year to tax year, or from calendar year to calendar year; rather, itĀ  extends to the entire tax year for which the qualifying savings bond is claimed. (The Exemption from reporting interest is not available to taxpayers who hold savings bonds in a single taxable account.) The following chart provides information to help you determine when you should claim your interest exclusion for savings bonds as ofĀ  2018-19. (See section 2.03 for further information about calculating the interest exclusion.) The interest exclusion applies generally only to qualified savings bonds issued after 2023 and beforeĀ  December 31, 2018. Bonds issued after 2023 must be reported to the federal income tax because a ā€œreductionā€ in an exclusion period does not change the taxable amount. The interest exclusion for savings bonds applies both to the interest you earn (calculation under Section 20.02) and to the interest to which you are entitled (calculation under Section 20.01), including the interest paid on taxable bonds. A redemption period is different from an interest exclusion period. A redemption period is the length (number of tax years) during which theĀ  qualifying savings bond owner does not have to pay tax on the interest. For example, let's say you held a savings bond on December 31, 2017, and bought it on July 1, 2017, and redeemed it on June 30, 2018. If you redeem it on June 30, you would have only one redemption period. A redemption period has not been used with respect to the qualifying savings bond for this tax year. Because the redemption is a taxable event to you, theĀ  year you would have to pay the tax is the year in which the redemption occurred. The following table shows the current cut-off amounts for savings bonds you must reduce.

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