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8815

Form 8815

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

   
If taxpayer cashed series EE or I U.S. savings bonds in 2006 that were issued after 1989, he/she may be able to exclude from his/her income part or all of the interest on those bonds. Use this form to figure the amount of any interest that taxpayer may exclude.

The taxpayer is eligible for exclusion, if all four of the following apply,

  • Taxpayer cashed qualified U.S. savings bonds in 2006 that were issued after 1989.
  • Taxpayer paid qualified higher education expenses in 2006 for taxpayer, for taxpayer’s spouse, or for taxpayer’s dependents.
  • Taxpayer’s filing status is not married filing jointly.
  • Taxpayer’s modified AGI is less than
    • $78,100 if single or HOH
    • $124,700 if married filing jointly or qualified widow(er).

  • Line 1:
    Enter the name of the person who was enrolled at an eligible education institution and also enter name and address of eligible education institution.

    Line 2:
    Enter the total qualified higher education expenses you paid in 2006. Qualified higher education expenses include tuition and fees of the person enrolled. They also include contributions to a Coverdell ESA or a QTP for the person(s) listed on line 1.

    However, Qualified expenses do not include expenses for:

    • Room and board or
    • Courses involving sports, games, or hobbies

    Further do not include on line 2 expenses that were:

    • covered by nontaxable educational benefits paid directly to, or by, the education 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.
    • Veterans’ educational assistance benefits.
    • Employer-provided educational assistance benefits that are not included in box 1 of your Form(s) W-2.
    • Payments waiver, or reimbursements of educational expenses under a QTP.
    • Any other payments (but not gifts, bequests, or inheritances) for educational expenses that are exempt from tax by any U.S. law.

    Do not include on line 3 nontaxable educational benefits paid directly to, or by, the educational institution.

    Line 6:
    If you reported any of the interest before 2006, see Pub. 550 for the amount to enter.

    Line 9:
    This line is calculated automatically based on information entered on main information sheet and other forms of the return.

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