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West Jordan Utah Form 8815: What You Should Know
If the bonds were issued in denominations greater than 25,000, the taxpayer can exclude 100% of the interest income, up to a total limit of 100,000. If the taxpayer claims the exclusion, then his or her original Form 888 is treated as a Form 8815 for tax purposes. Form 4797 Form 4797 and Form 8815 Form 4797 is designed to help taxpayers reduce interest and other tax deductions. It has many of the same features as Form 8815 but more information than Form 8815. Form 8815 is designed to help taxpayers save or reduce tax. However, Form 4797 can reduce even more. The following questions, answered below, may help determine if you should consider using Form 4797 instead of Form 8815. If you are claiming an exclusion from the income of interest and other deductions for savings bonds issued after December 1987, then answer as follows: (A) Do you wish to claim the exclusion for savings bonds issued in the denominations of 50,000 and 200,000, or more, with each bond valued at 1,000 or more, on any given date? If the answer is yes, you should only answer No if you are claiming the exclusion, and you have a higher exemption amount. For example, if you are requesting a savings bond with a 100,000 value, you should answer Yes. If the answer is No and you have more than 1,000 saved, you should answer No to ensure you do not exceed your 100,000 exemption. Please contact me if you have any questions regarding saving bonds. (B) If the answer is No and you have any bonds that have redeemed on the date you wish to deduct interest, then you should answer Yes. However, any bonds redeemed before the date you wish to deduct the interest (on the date you claim the exclusion) will have to be classified as earnings and will be counted against your exemption. If you don't qualify for the savings, then leave this part blank and answer Yes, but if you did qualify for savings you will still have to answer Yes.
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