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

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8815

Exclusion of Interest From Series EE and I
U.S. Savings Bonds Issued After 1989

Department of the Treasury
Internal Revenue Service

Attach to Form 1040 or 1040-SR.
Go to www.irs.gov/Form8815 for the latest information.

Form

2023

(For Filers With Qualified Higher Education Expenses)

Attachment
Sequence No. 167
Your social security number

Name(s) shown on return

1

OMB No. 1545-0074

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(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
3
4
5
6
7
8
9

10
11
12
13
14

Enter the total qualified higher education expenses you paid in 2023 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 2023 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 2023 . . . . . . . . . . . . . . . . . . . .
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 . . . . . .
9
Note: If line 9 is $106,850 or more if single, head of household, or qualifying
surviving spouse; or $167,800 or more if married filing jointly, stop. You
cannot take the exclusion.
Enter $91,850 if single, head of household, or qualifying surviving spouse; or
$137,800 if married filing jointly
. . . . . . . . . . . . . . .
10
Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on line 13,
and go to line 14 . . . . . . . . . . . . . . . . . . . .
11
Divide line 11 by $15,000 if single, head of household, or qualifying surviving spouse; or $30,000 if
married filing jointly. 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 . . . . . . . . . . . . . . . . . . . . . . . .

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 10822S

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×

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Form 8815 (2023)

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Page 3

Form 8815 (2023)

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.

• 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.

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Purpose of Form

If you cashed series EE or I U.S. savings bonds in 2023 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.

Line 3

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.

Enter on this line the total qualified higher education expenses included
on line 2 that were covered by nontaxable educational benefits. These
benefits include the following.
• 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
2023 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 your 2023 tax
return. Your son received a $2,000 nontaxable scholarship grant for
2023, which was paid directly to him. In this case, enter $10,000 on line
2 and $2,000 on line 3.

Recordkeeping Requirements

Line 6

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 2023 that were issued
after 1989.
2. You paid qualified higher education expenses in 2023 for yourself,
your spouse, or your dependents.
3. Your filing status is any status except married filing separately.
4. Your modified adjusted gross income (AGI) is less than $106,850 if
single, head of household, or qualifying surviving spouse; or $167,800 if
married filing jointly. See the instructions for line 9 to figure your
modified AGI.

U.S. Savings Bonds That Qualify for Exclusion

Keep the following records to verify interest you exclude.
• Bills, receipts, canceled checks, or other documents showing you paid
qualified higher education expenses in 2023.
• A written record of each post-1989 series EE or I bond that you
cashed. 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 (Coverdell ESA)
or a qualified tuition program (QTP). This person must be you, your
spouse, or your dependent(s) claimed on Form 1040 or 1040-SR. 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.

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:

If you previously reported any interest from savings bonds cashed
during 2023, use the following worksheet to figure the amount to enter.
Enter the amount from line 8 of the worksheet on Form 8815, line 6.
If you did not report any interest in previous years for the savings
bonds cashed during 2023, enter the amount from Form 8818, line 8 (if
you used that form to record the bonds you cashed in 2023), or
complete the following worksheet down to line 6 and enter that amount
on Form 8815, line 6.

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 2023
. . . . . .
2.
3. Multiply line 2 by 50% (0.50) . . . . . .
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 2023 . . . .

4.

5. Add lines 3 and 4 .

5.

.

.

.

.

.

.

.

.

6. Subtract line 5 from line 1. If you did not report
any interest in previous years for the savings
bonds cashed during 2023, stop here and enter
the result here and on Form 8815, line 6 . .

6.

7. Enter the amount of interest reported as income
in previous years . . . . . . . . .
7.
8. Subtract line 7 from line 6. Enter the result here
and on Form 8815, line 6 . . . . . . .
8.

Page 4

Form 8815 (2023)

Line 9

Line 9 Worksheet (keep a copy for your records)

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

Step

Action

1

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

2

If you are claiming both the premium tax credit (PTC) and
self-employed health insurance deduction, see SelfEmployed Health Insurance Deduction and PTC in Pub. 974,
Premium Tax Credit, and complete the appropriate
worksheets.
If you made contributions to a traditional IRA for 2023 and
you were covered by a retirement plan at work or through
self-employment, use Pub. 590-A to figure your IRA
deduction.

4

Complete the following lines on your Form 1040 or 1040-SR
and Schedule 1 (Form 1040) if they apply.
IF you use...

THEN complete lines...

Form 1040 or 1040-SR

2a, 3b–6b, and 7

Schedule 1 (Form 1040)

1–9, 11*–20, and 23–25

If you claim any of the exclusion or deduction items listed
below, you must add them to your AGI (line 11 of Form 1040
or 1040-SR) to figure your modified AGI for the purpose of
figuring this exclusion.

1. Foreign earned income exclusion.
2. Foreign housing exclusion and deduction.
3. Exclusion of income for bona fide residents of American
Samoa.
4. Exclusion for income from Puerto Rico.

5. Exclusion for adoption benefits received under an
employer’s adoption assistance program.
6

2. Add the amounts from Form 1040 or 1040-SR,
lines 1z, 3b, 4b, 5b, 6b, and 7, and the amounts
from Schedule 1 (Form 1040), lines 1 through 7
and 9. Enter the total . . . . . . . .
3. Add lines 1 and 2 . . . . . . . . .

2.
3.

4. Enter the total of the amounts from Schedule 1
(Form 1040), lines 11 through 20, 23, and 25 .

4.

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3

5

1. Enter the amount from line 2 of Schedule B
(Form 1040)
. . . . . . . . . .
1.

If you had interest expenses due to royalties, deductible on
Schedule E (Form 1040), Supplemental Income and Loss,
you must make a special computation of your deductible
interest to figure the net royalty income included in your
modified AGI.

You must figure deductible interest without regard to this
exclusion of bond interest. You can use a “dummy” Form
4952, Investment Interest Expense Deduction, to make the
special computation. On this form, include in your net
investment income your total interest income for the year
from series EE and I U.S. savings bonds. Use the deductible
interest amount from this form only to figure the net royalty
income included in your modified AGI. Do not attach this
form to your tax return. After you figure this interest
exclusion, use a separate Form 4952 to figure your actual
deduction for investment interest expenses and attach that
form to your return.

* 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.

5. Subtract line 4 from line 3. Enter the result here
and on Form 8815, line 9 . . . . . . .
5.

Increase the amount on line 5 of this worksheet by the total of the
following amounts. Enter the total on Form 8815, line 9.
• Any amount from Form 2555, lines 45 and 50; and Form 4563,
line 15.
• Any exclusion for adoption benefits received under an employer’s
adoption assistance program.
• Any exclusion of income from Puerto Rico.