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Modesto California Form 8815: What You Should Know

Taxes on Savings Bonds | H&R Block Savings Bond Investment Tax Exclusion & Deduction:  Exclusion : Income (or gains) from savings bonds that qualifies for the current federal income tax exclusion amount for interest, would not be subject to taxes if the bonds were held as investment income and the qualified dividends and capital gains were used in making investment decisions and other investments. Deferral: In the event that qualified savings bonds paid out taxable dividends, capital gains, or would otherwise be includible in income, qualified savings bonds could be held as investments with no tax consequences on the qualified dividends, capital gains, or income they generated and paid. Investment Qualifying Period : Qualified savings bonds held for a year by a U.S. person, including married individuals filing separate returns, may qualify for their investment qualification periods without regard to the holding period. If qualified savings bonds were paid out in taxable dividends, capital gains, or would otherwise be includible in income, the qualified savings bonds received such benefits when the qualified bonds qualified for the current federal income tax exclusion amount for interest, would not be subject to taxes if the bonds were held as investment income and the qualified dividends and capital gains were used in making investment decisions and other investments. Note: If qualified savings bonds were not held as investments and qualified dividends and capital gains were not used, the qualified savings bonds received such benefits when the qualified bonds qualified that amount to income.  If qualified savings bonds were held for one year or longer, qualified bonds received such benefits when their qualified savings bond holding periods qualified the current federal income tax exclusion amount for interest, and would not qualify for any other federal income tax deduction. Tax Exclusion : The interest deduction on qualified savings bond interest is limited to 50 percent of the total value of the bonds on the date at issue. Tax Exclusion : The interest deduction on qualified savings bonds paid after December 31, 2012, is limited to 50 percent of the total value of the bonds on the date at issue. Tax Exclusion : When a qualified savings bond interest is excluded from your income for capital gain and qualified dividends, the amount of those benefits is subject to qualified higher income threshold requirements (see below).

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