What is IRS tax form 8815?

Use Form 8815 to figure the interest income you can exclude from income. The interest income exclusion is phased out at higher income levels. The levels are based on modified adjusted gross income (AGI). Use Form 8815 to figure your modified AGI.

Can grandparents use Series EE bonds to fund 529 account for grandchildren?

A grandparent could list himself or herself as the beneficiary on a 529 plan—the grandparent doesn’t have to be the plan’s owner, so you could use a 529 that the child’s parents own—then redeem the bonds and contribute the proceeds to the 529 within 60 days of the redemption.

Do I have to pay tax on inherited savings bonds?

Taxes on Inherited U.S. Savings Bonds If the decedent didn’t include any of the interest in his income and estate, you must pay tax on the interest when you cash out the bond. Any interest that accumulates after the decedent dies is always included in your income when the bond is cashed out.

What form or schedule should a taxpayer use to claim an exclusion of US Series EE savings bond interest used for qualified educational expenses?

Form 8815 – Exclusion of Interest from Series EE and Series I U.S. Savings Bonds

  • The bonds were issued after 1989;
  • The person in whose name the bonds were issued was age 24 or older before they were issued;
  • The bonds were cashed in during the during tax year;
  • The taxpayer paid qualified higher education expenses;

Are savings bonds a good gift for grandchildren?

Bonds remain a safe and solid option if you’re looking for a way to give your grandchildren small financial gifts that have the potential for a little bit of growth. They’re also great if you want to help your grandchildren save. Kids are likely to spend cash right away.

Can savings bonds be used to pay off student loans?

If the school is qualified for federal student loan programs like federal Stafford loans and federal Perkins loans, you are eligible to cash in your savings bonds for education tax-free.

How to fill out federal form 8815 form?

No. 10822S married . . . . . . and on . . ▶ 2 3 4 5 6 7 8 × . 12 13 × . 14 Form 8815 (2020) fPage 2 Form 8815 (2020) Intentionally Left Blank fPage 3 Form 8815 (2020) General Instructions Section references are to the Internal Revenue Code.

How to calculate eSmart Tax on form 8815?

*For purposes of figuring the amount to report on Form 8815, line 9, do not reduce your educator expenses, if any, by the amount on Form 8815, line 14. 1. Enter the amount from line 2 of Schedule B (Form 1040A or Form 1040). 2. Form 1040 filers, add the amounts on lines 7, 9a, 10 through 14, 15b, 16b, 17 through 19, 20b, and 21. Enter the total.

How to exclude savings bonds from AGI form 8815?

See the instructions for line 9 to figure your modified AGI. U.S. Savings Bonds That Qualify for Exclusion To qualify for the exclusion, the bonds must be series EE or I U.S. savings bonds issued after 1989 in your name, or, if you are married, they may be issued in your name and your spouse’s name.