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Form 8815 for New Jersey: What You Should Know

If filing married filing separately. · 18,250 (2022) if filing married filing jointly. Use Form 8815, line 5, to figure the interest income you can exclude from income. The interest income exclusion is phased out at higher income levels. Interest on an installment sale of Series EE bonds cashed in 2023 was phased out at 12,500, effective January 1, 2020, and at 10,500, effective January 1, 2021. The interest income exclusion was phased out at 30,000 by January 1, 2010, and at 20,000 by January 1 of each of the next four calendar years, beginning January 1, 2014. Interest on Series EE bonds that are drawn on or sold by the U.S. Savings Bond Trust or by a mutual fund company that is eligible to distribute to its investors, but not by a qualified 529 savings plan, was phased out at 12,500, effective January 1, 2020, and at 10,500, effective January 1, 2021. The amount excluded from taxable income is less than 1 percent. Interest on Series I bond was phased out at 30,000, effective January 1, 2010, and at 20,000, effective January 1, 2021. Interest on Series I bond that are drawn on or sold by the U.S. Savings Bond Trust or by a mutual fund company that is eligible to distribute to its investors, but not by a qualified 529 savings plan, was phased out at 20,000, effective January 1, 2010, and at 10,500, effective January 1, 2021. The amount excluded from taxable income is less than 1 percent. The interest income exclusion for U.S. Savings Bonds includes interest on any series EE bonds that are drawn on or sold by the U.S. Savings Bond Trust or by a mutual fund company that is eligible to distribute to its investors. See the discussion in Part VI of this article on the treatment of State Bank Bonds from Part IX of this article on the taxable treatment of Qualified State 529A Achieving a Better Life Experience Program (ABLE) Accounts. Form 2106 — Exemption From Federal Income Tax Use Form 2106 to figure the tax-free amount you may have to report under paragraph (c)(3) of Part III (relating to the deduction of interest). Taxable.

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