Printable Form 8815 High Point North Carolina 2023-2024

Printable Form 8815 High Point North Carolina: What You Should Know

City of High Point — High point, NC Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 [Docket #2012110] [Docket #20163062] [Docket #20120222] [Docket#20171042] [Docket #20121016] [Eligibility Information] I. EXCLUSION OF INTEREST Income from series EE and I U.S. Savings Bonds issued since June 29, 1989, to individuals residing in the 50 United States, the District of Columbia, and who have income and assets in excess of 18,000,000 or earned income, as shown by the taxpayer's adjusted gross income for the taxable year of taxation. A. What If I'm Taxed on Interest From Series EE and I U.S. Savings Bonds Issued Before 1989? Interest (interest in this document referred to as “earnings”) received under a U.S. savings bond contract should generally be excluded from income on the taxpayer's income tax return. An exception to this rule allows you to receive the interest on a series EE U.S. savings bond contract that was issued up to 90 days before the due date of your tax return, if your adjusted gross income for the taxable year of taxation does not exceed a specified amount. The taxpayer must make this election as follows: Step 1: Determine the amount of interest included in gross income using the following formula: I = P — (T + E) where P is the rate per annum, T is the number of months that must elapse to qualify for the exclusion, E is the greatest of the number of months before (for example, 90 days) or after (for example, 365 days) the due date of the tax return, and, E is the total of all interest received on the series EE U.S. savings bond contract. For example, in 2017, the taxpayer's adjusted gross income for the taxable year of taxation is 180,100. The rate per annum for a savings bond is 0.25%, or 10.00 per month per 12,000 of value, for all years of interest.

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