8815 Exclusion of Interest From Series EE and I U.S. Savings

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)
©

Attach to Form 1040 or Form 1040A.

Name(s) shown on return

1

(a)
Name of person (you, your spouse, or your dependent) who
was enrolled at or attended an eligible educational institution

OMB No. 1545-0074

2008
Attachment
Sequence No. 57
Your social security number

(b)
Name and address of eligible educational institution

If you need more space, attach a statement.
2
3
4
5
6
7
8
9

10
11
12

13
14

Enter the total qualified higher education expenses you paid in 2008 for the person(s) listed in
column (a) of line 1. See the instructions to find out which expenses qualify
Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or
fellowship grants) received for 2008 for the person(s) listed in column (a) of line 1 (see instructions)
Subtract line 3 from line 2. If zero or less, stop. You cannot take the exclusion
Enter the total proceeds (principal and interest) from all series EE and I U.S. savings bonds
issued after 1989 that you cashed during 2008
Enter the interest included on line 5 (see instructions)
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)
Multiply line 6 by line 7
Enter your modified adjusted gross income (see instructions)
Note: If line 9 is $82,100 or more if single or head of household, or
$130,650 or more if married filing jointly or qualifying widow(er), stop.
You cannot take the exclusion.

2
3
4
5
6
7
8

3

.

12

3

.

9

Enter: $67,100 if single or head of household; $100,650 if married
10
filing jointly or qualifying widow(er)
Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on
11
line 13, and go to line 14
Divide line 11 by: $15,000 if single or head of household; $30,000 if married filing jointly or
qualifying widow(er). Enter the result as a decimal (rounded to at least three places)
Multiply line 8 by line 12
Excludable savings bond interest. Subtract line 13 from line 8. Enter the result here and on
©
Schedule B (Form 1040), line 3, or Schedule 1 (Form 1040A), line 3, whichever applies

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14

General Instructions

U.S. Savings Bonds That Qualify for Exclusion

Section references are to the Internal Revenue Code.
If you cashed series EE or I U.S. savings bonds in 2008 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.

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.

Who May Take the Exclusion

Recordkeeping Requirements

You may take the exclusion if all four of the following apply.
1. You cashed qualified U.S. savings bonds in 2008 that were
issued after 1989.
2. You paid qualified higher education expenses in 2008 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: $82,100
if single or head of household; $130,650 if married filing jointly or
qualifying widow(er). See the instructions for line 9 to figure your
modified AGI.

Keep the following records to verify interest you exclude.
● Bills, receipts, canceled checks, or other documents showing you
paid qualified higher education expenses in 2008.
● 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 may use Form 8818, Optional Form To Record
Redemption of Series EE and I U.S. Savings Bonds Issued After
1989, as your written record.

Purpose of Form

For Paperwork Reduction Act Notice, see back of form.

Cat. No. 10822S

Form

8815

(2008)

Form 8815 (2008)

Page

Specific Instructions

Line 9

Line 1

Follow these steps before you fill in the Line 9 Worksheet below.

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 (Coverdell
ESA) or a qualified tuition program (QTP). This person must be you,
your spouse, or your dependent(s) claimed on line 6c of Form 1040
or Form 1040A. An eligible educational institution is generally any
accredited public, nonprofit, or private college, university, vocational
school, or other postsecondary institution. The institution must be
eligible to participate in the student aid programs administered by
the Department of Education. Virtually all accredited postsecondary
institutions meet this requirement.
Column (b). Enter the name and address of the institution. If the
person 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 financial
institution where the account is located. For contributions to a QTP,
enter “QTP” and the name and address of the program.

Step

Action

1

If you received social security benefits, use Pub. 915 to
figure the taxable amount of your benefits.

2

If you made contributions to a traditional IRA for 2008 and
you were covered by a retirement plan at work or through
self-employment, use Pub. 590 to figure your IRA deduction.

3

If you file Form 1040, figure any amount to be entered on the
dotted line next to line 36.

4

Complete the following lines on your return if they apply.
IF you file Form...

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.

5

2

THEN complete lines...

1040

8b, 9a–21, 23*–32

1040A

8b, 9a–14b, 16*, and 17

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 2008,
You are excluding income from Puerto Rico, or
You have investment interest expense attributable to royalty
income.

*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.

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.
● 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 2008 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 6c
of your 2008 tax return. Your son received a $2,000 nontaxable
scholarship grant for 2008, which was paid directly to him. In this
case, enter $10,000 on line 2 and $2,000 on line 3.

Line 6
If you reported any of the interest before 2008, 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
worksheet below 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 2008

2.

3. Multiply line 2 by 50% (.50)
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 2008

3.

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.

4.

Line 9 Worksheet (keep a copy for your records)
1. Enter the amount from line 2 of Schedule B (Form
1040) or Schedule 1 (Form 1040A)

1.

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. Form 1040A filers, add the
amounts 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 amounts
from 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.

Paperwork Reduction Act Notice. We ask for the information on
this form to carry out the Internal Revenue laws of the United States.
You are required to give us the information. We need it to ensure
that you are complying with these laws and to allow us to figure and
collect the right amount of tax.
You are not required to provide the information requested on a form
that is subject to the Paperwork Reduction Act unless the form
displays a valid OMB control number. Books or records relating to a
form or its instructions must be retained as long as their contents
may become material in the administration of any Internal Revenue
law. Generally, tax returns and return information are confidential, as
required by section 6103.
The average time and expenses required to complete and file this
form will vary depending on individual circumstances. For the
estimated averages, see the instructions for your income tax return.
If you have suggestions for making this form simpler, we would be
happy to hear from you. See the instructions for your income tax
return.