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California online Form 8815: What You Should Know

Note that there is a maximum of 10,000 interest income that may be taxed as ordinary income. The interest deduction you take may be deductible in the year that you paid it or in the year you paid the interest. Additional Note: Savings bonds are treated as savings accounts and cannot earn interest. If you use the interest for qualifying higher education expenses, you generally have made “qualified investment gains” for the year of deposit, withdrawal, or sale if the interest rate is above .15% Additional Note: Interest on bonds may be tax-deductible only for the period of time that the loan is held and your interest income is received. Additional Note: Savings bonds are not treated as ordinary annuities. You can elect to treat the bond as a qualifying higher education expense by attaching Form RC3099 to claim the interest deduction. Additional Note: Interest-bearing bonds paid from qualified higher education funds do not have a 10-year holding period and may not be subject to the 10-year holding period rule. These bond payments must be made before you turn 71. The money is not treated as cash for tax purposes. Additional Note: Interest income is not deductible when you receive it from a qualified higher education expense for which you claim the education tax benefit. This includes any qualified higher education expense for which you can claim a qualified higher education income for the year. For the purposes of this limitation, interest income is from qualified higher education expenses to which you could otherwise elect to exempt the full amount of interest as “qualified higher education expenses.” For additional information, see the Pub. 524 instructions for the tax year in which you receive interest income, use Form 8815 with Form RC3099 to claim the interest deduction, and consult a tax professional if you have any questions. Oct 1, 2023 — Get forms, instructions, and publications. Online 4; Location near you 8 540 2EZ California Resident Income Tax Return. Form 540 2EZ 18  Taxes on Savings Bonds Form 8815 & More | H&R Block Use Form 8815 to figure the interest income you can exclude from income. The interest income exclusion is phased out at higher income levels. Additional Note: The income limit for the phase out of the interest deduction is 10,000 per year (not per interest payment).

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