Irs form 8815-2025

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Form 8815 is used to calculate the exclusion of interest from Series EE and I U.S. Savings Bonds issued after 1989 for taxpayers who cashed these bonds in 2021 and incurred qualified higher education expenses. The form outlines eligibility criteria, including income limits and the requirement that the taxpayer must not be married filing separately. It provides detailed instructions on how to report qualified expenses, nontaxable educational benefits, and the necessary calculations to determine the amount of interest that can be excluded from taxable income.

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Click ‘Get Form’ to open it in the editor.
In Line 1, enter the name of the person who attended an eligible educational institution. In Column (b), provide the name and address of that institution.
For Line 2, input the total qualified higher education expenses you paid in 2021 for the individual listed in Line 1. Ensure these expenses qualify as per IRS guidelines.
On Line 3, enter any nontaxable educational benefits received for the same individual. This includes scholarships or grants that do not count as taxable income.
Proceed to Line 6 and enter the total proceeds from all series EE and I U.S. savings bonds cashed during 2021.
Complete Lines 9 through 14 by following the instructions provided on each line, ensuring accurate calculations based on your modified adjusted gross income.

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How much does a $50 EE bond cost?

Under the rules, an individual can buy a maximum of $10,000 worth in each series in a single calendar year, or a total of $20,000. Series EE U.S. Savings Bonds are an appreciation-type (or accrual-type) savings security. They are sold at face value, so youll pay $50 for a $50 bond.

How to avoid paying taxes on series EE bonds?

You can skip paying taxes on interest earned with Series EE and Series I savings bonds if youre using the money to pay for qualified higher education costs. That includes expenses you pay for yourself, your spouse or a qualified dependent. Only certain qualified higher education costs are covered, including: Tuition.

What is the income limit for student loan interest deduction?

To qualify for the deduction in tax year 2024, your modified adjusted gross income must be below $100,000 if you file as Single or Head of Household, or below $200,000 if you file as Married Filing Jointly.

What is the income limit for form 8815?

Limits. The exclusion is subject to income limitations: Your modified adjusted gross income (AGI) is less than $111,800 if single, head of household, or qualifying surviving spouse. Your modified adjusted gross income (AGI) is less than $175,200 if married filing jointly.

Do I need to report series I bonds on my taxes?

I cashed some Series E, Series EE, and Series I savings bonds. How do I report the interest? In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year.

form 8815 instructions

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What is the IRS form 8815 used for?

If you cashed series EE or I U.S. savings bonds this year that were issued after 1989, you may be able to exclude from your income part or all of the interest on those bonds. Use Form 8815 to figure the amount of any interest you may exclude.

How to avoid tax on EE bonds?

You can choose not to pay federal income tax on them until you cash them or they mature, whichever is first. Under certain conditions, you can avoid federal income tax on interest by using the interest to pay for higher education.

What are the income limits for savings bonds for education in 2025?

In 2025, the interest exclusion from U.S. savings bonds for taxpayers who pay qualified higher education expenses begins to phase out for modified adjusted gross incomes (MAGIs) above $149,250 for joint returns and $99,500 for all other returns.

Irs form 8815-2025

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How much does a $50 EE bond cost?

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What is the income limit for form 8815?

Do I need to report series I bonds on my taxes?

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