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Fillable Printable Form 8815

Fillable Printable Form 8815

Form 8815

Form 8815

Form 8815
Department of the Treasury
Internal Revenue Service (99)
Exclusion of Interest From Series EE and I
U.S. Savings Bonds Issued After 1989
(For Filers With Qualified Higher Education Expenses)
Information about Form 8815 and its instructions is at www.irs.gov/form8815.
Attach to Form 1040 or Form 1040A.
OMB No. 1545-0074
2016
Attachment
Sequence No.
167
Name(s) shown on returnYour social security number
1
(a)
Name of person (you, your spouse, or your dependent) who
was enrolled at or attended an eligible educational institution
(b)
Name and address of eligible educational institution
If you need more space, attach a statement.
2
Enter the total qualified higher education expenses you paid in 2016 for the person(s) listed in
column (a) of line 1. See the instructions to find out which expenses qualify ........
2
3
Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or
fellowship grants) received for 2016 for the person(s) listed in column (a) of line 1 (see instructions)
3
4 Subtract line 3 from line 2. If zero or less, stop. You cannot take the exclusion ......4
5
Enter the total proceeds (principal and interest) from all series EE and I U.S. savings bonds issued
after 1989 that you cashed during 2016...................
5
6 Enter the interest included on line 5 (see instructions)...............6
7
If line 4 is equal to or more than line 5, enter “1.000.” If line 4 is less than line 5, divide line 4 by line
5. Enter the result as a decimal (rounded to at least three places) ...........
7
×
.
8 Multiply line 6 by line 7.........................
8
9 Enter your modified adjusted gross income (see instructions)....9
Note: If line 9 is $92,550 or more if single, head of household, or
qualifying widow(er) with dependent child, or$146,300 or more if
married filing jointly, stop. You cannot take the exclusion.
10
Enter: $77,550 if single, head of household, or qualifying widow(er) with
dependent child; $116,300 if married filing jointly ........
10
11
Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on line
13, and go to line 14.................
11
12
Divide line 11 by: $15,000 if single, head of household, or qualifying widow(er) with dependent
child; $30,000 if married filing jointly. Enter the result as a decimal (rounded to at least three
places) ...............................
12
×
.
13 Multiply line 8 by line 12.........................
13
14
Excludable savings bond interest. Subtract line 13 from line 8. Enter the result here and on
Schedule B (Form 1040A or 1040), line 3 ..................
14
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 10822S
Form 8815 (2016)
Form 8815 (2016)
Page 2
Intentionally Left Blank
Form 8815 (2016)
Page 3
General Instructions
Section references are to the Internal Revenue Code.
Future Developments
For the latest information about developments related to Form 8815 and
its instructions, such as legislation enacted after they were published,
go to www.irs.gov/form8815.
Purpose of Form
If you cashed series EE or I U.S. savings bonds in 2016 that were issued
after 1989, you may be able to exclude from your income part or all of
the interest on those bonds. Use this form to figure the amount of any
interest you may exclude.
Who Can Take the Exclusion
You can take the exclusion if all four of the following apply.
1. You cashed qualified U.S. savings bonds in 2016 that were issued
after 1989.
2. You paid qualified higher education expenses in 2016 for yourself,
your spouse, or your dependents.
3. Your filing status is any status except married filing separately.
4. Your modified AGI (adjusted gross income) is less than: $92,550 if
single, head of household, or qualifying widow(er) with dependent child;
$146,300 if married filing jointly. 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. Also, you
must have been age 24 or older before the bonds were issued. A bond
bought by a parent and issued in the name of his or her child under age
24 does not qualify for the exclusion by the parent or child.
Recordkeeping Requirements
Keep the following records to verify interest you exclude.
• Bills, receipts, canceled checks, or other documents showing you paid
qualified higher education expenses in 2016.
• A written record of each post-1989 series EE or I bond that you cash.
Your record must include the serial number, issue date, face value, and
total redemption proceeds (principal and interest) of each bond. You
can use Form 8818, Optional Form To Record Redemption of Series EE
and I U.S. Savings Bonds Issued After 1989, as your written record.
Specific Instructions
Line 1
Column (a). Enter the name of the person who was enrolled at or
attended an eligible educational institution or for whom you made
contributions to a Coverdell education savings account (CoverdellESA)
or a qualified tuition program (QTP). This person must be you,your
spouse, or your dependent(s) claimed on line 6c of Form 1040or Form
1040A. An eligible educational institution is generally anyaccredited
public, nonprofit, or private college, university, vocationalschool, or
other postsecondary institution. The institution must beeligible to
participate in the student aid programs administered bythe Department
of Education. Virtually all accredited postsecondaryinstitutions meet
this requirement.
Column (b). Enter the name and address of the institution. If theperson
was enrolled at or attended more than one, list all of them.Also, if you
contributed to a Coverdell ESA for the person, enter“Coverdell ESA”
and the name and address of the financialinstitution where the account
is located. For contributions to a QTP,enter “QTP” and the name and
address of the program.
Line 2
Qualified higher education expenses include tuition and fees required for
the enrollment or attendance of the person(s) listed on line 1, column (a),
at the institution(s) listed in column (b). They also include contributions
to a Coverdell ESA or a QTP for the person(s) listed on line 1. Qualified
expenses do not include expenses for:
• Room and board or
• Courses involving sports, games, or hobbies that are not part of a
degree or certificate granting program.
Do not include on line 2 expenses that were:
• Covered by nontaxable educational benefits paid directly to, or by, the
educational institution,
• Used to figure an education credit on Form 8863, or
• Used to figure the nontaxable amount of a distribution from a
Coverdell ESA or QTP.
Line 3
Enter on this line the total qualified higher education expenses included
on line 2 that were covered by nontaxable educational benefits. These
benefits include:
• Scholarship or fellowship grants excludable from income under
section 117. See chapter 1 of Pub. 970 for more information.
• Veterans’ educational assistance benefits.
• Employer-provided educational assistance benefits that are not
included in box 1 of your Form(s) W-2.
• Payments, waivers, or reimbursements of educational expenses under
a QTP.
• Any other payments (but not gifts, bequests, or inheritances) for
educational expenses that are exempt from income tax by any U.S. law.
Do not include on line 3 nontaxable educational benefits paid directly
to, or by, the educational institution.
Example. You paid $10,000 of qualified higher education expenses
in 2016 to the college your son attended. None of the expenses are
used to figure an education credit or the nontaxable amount of a
Coverdell ESA or QTP. You claim your son as a dependent on line 6cof
your 2016 tax return. Your son received a $2,000 nontaxable
scholarship grant for 2016, which was paid directly to him. In thiscase,
enter $10,000 on line 2 and $2,000 on line 3.
Line 6
If you reported any of the interest before 2016, see Pub. 550 for the
amount to enter. Otherwise, enter the amount from Form 8818, line 8 (if
you used that form to record the bonds cashed), or use the following
worksheet to figure the amount to enter.
Line 6 Worksheet (keep a copy for your records)
1.Enter the amount from Form 8815, line 5 .... 1.
2.
Enter the face value of all post-1989 paper series EE
bonds cashed in 2016 ........2.
3.Multiply line 2 by 50% (.50) .......3.
4.
Enter the face value of all electronic series EE bonds
(including post-1989 series EE bonds converted from paper
to electronic format) and all series I bonds cashed in 2016 .
4.
5.Add lines 3 and 4 .......... 5.
6.
Subtract line 5 from line 1. Enter the result here and on
Form 8815, line 6 ..........6.
Form 8815 (2016)
Page 4
Line 9
Follow these steps before you fill in the Line 9 Worksheet below.
StepAction
1
If you received social security benefits, use Pub. 915 to figure the
taxable amount of your benefits.
2If you are claiming both the premium tax credit (PTC) and
self-employed health insurance deduction, see Self-Employed
Health Insurance Deduction and PTC in Pub. 974, Premium Tax
Credit, and complete the appropriate worksheets.
3If you made contributions to a traditional IRA for 2016 and you
were covered by a retirement plan at work or through self-
employment, use Pub. 590-A to figure your IRA deduction.
4
If you file Form 1040, figure any amount to be entered on the
dotted line next to line 36.
5Complete the following lines on your return if they apply.
IF you file Form...THEN complete lines...
10408b, 9a–21, 23*–32
1040A8b, 9a–14b, 16*, and 17
6
If any of the following apply, see Pub. 550:
• You are filing Form 2555 or 2555-EZ (relating to foreign earned
income), or Form 4563 (exclusion of income for residents of
American Samoa),
• You have employer-provided adoption benefits for 2016,
• You are excluding income from Puerto Rico, or
• You have investment interest expense attributable to royalty
income.
*
For purposes of figuring the amount to put on Form 8815, line 9, do not reduce
your educator expenses, if any, by the amount on Form 8815, line 14.
Line 9 Worksheet (keep a copy for your records)
1.
Enter the amount from line 2 of Schedule B (Form
1040A or 1040) .........1.
2.
Form 1040 filers, add the amounts on lines 7, 9a,10
through 14, 15b, 16b, 17 through 19, 20b, and21.
Enter the total. Form 1040A filers, add theamounts on
lines 7, 9a, 10, 11b, 12b, 13, and 14b.Enter the total 2.
3.Add lines 1 and 2 ........3.
4.
Form 1040 filers, enter the total of the amountsfrom
lines 23 through 32, plus any amount entered on the
dotted line next to line 36. Form 1040A filers, enter
the amount from lines 16 and 17.....4.
5.
Subtract line 4 from line 3. Enter the result here and on
Form 8815, line 9 .........5.
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