Form 8815 Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989

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 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 Bills receipts canceled checks or other documents showing you paid qualified higher education expenses in 2011 Courses involving sports games or hobbies that are not part of a Covered by nontaxable educational benefits paid directly to or by the educational institution 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 Room and board or Scholarship or fellowship grants excludable from income under section 117 See chapter 1 of Pub 970 for more information 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 Veterans educational assistance benefits You cashed qualified U S savings bonds in 2011 that were issued after 1989 You paid qualified higher education expenses in 2011 for yourself your spouse or your dependents Your social security number *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 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 1 Enter the amount from line 2 of Schedule B (Form 1040A or Form 1040) 1 1 If you received social security benefits use Pub 915 to figure the taxable amount of your benefits 2 3 4 5 6 7 8 9 10 11 12 13 14 Enter the total qualified higher education expenses you paid in 2011 for the person(s) listed in column (a) of line 1 See the instructions to find out which expenses qualify 2 Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or fellowship grants) received for 2011 for the person(s) listed in column (a) of line 1 (see instructions) 3 Subtract line 3 from line 2 If zero or less stop You cannot take the exclusion 4 Enter the total proceeds (principal and interest) from all series EE and I U S savings bonds issued after 1989 that you cashed during 2011 5 Enter the interest included on line 5 (see instructions) 6 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 Multiply line 6 by line 7 8 Enter your modified adjusted gross income (see instructions) 9 Note: If line 9 is $86 100 or more if single or head of household or $136 650 or more if married filing jointly or qualifying widow(er) with dependent child stop You cannot take the exclusion Enter: $71 100 if single or head of household; $106 650 if married filing jointly or qualifying widow(er) with dependent child 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 or head of household; $30 000 if married filing jointly or qualifying widow(er) with dependent child Enter the result as a decimal (rounded to at least three places) 12 Multiply line 8 by line 12 13 Excludable savings bond interest Subtract line 13 from line 8 Enter the result here and on Schedule B (Form 1040A or Form 1040) line 3 14 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 2 If you made contributions to a traditional IRA for 2011 and you were covered by a retirement plan at work or through self employment use Pub 590 to figure your IRA deduction 2011 Attachment Sequence No 167 3 Add lines 1 and 2 3 3 If you file Form 1040 figure any amount to be entered on the dotted line next to line 36 3 Your filing status is any status except married filing separately 4 Complete the following lines on your return if they apply IF you file Form THEN complete lines 1040 8b 9a 21 23* 32 1040A 8b 9a 14b 16* and 17 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 4 Your modified AGI (adjusted gross income) is less than: $86 100 if single or head of household; $136 650 if married filing jointly or qualifying widow(er) with dependent child See the instructions for line 9 to figure your modified AGI 5 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 2011 You are excluding income from Puerto Rico or You have investment interest expense attributable to royalty income 5 Subtract line 4 from line 3 Enter the result here and on Add lines 3 and 4 degree or certificate granting program Do not include on line 2 expenses that were: Enter on this line the total qualified higher education expenses included on line 2 that were covered by nontaxable educational benefits These benefits include: Enter the amount from Form 8815 line 5 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 2011 Enter the face value of all post 1989 paper series EE bonds cashed in 2011 Example You paid $10 000 of qualified higher education expenses in 2011 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 2011 tax return Your son received a $2 000 nontaxable scholarship grant for 2011 which was paid directly to him In this case enter $10 000 on line 2 and $2 000 on line 3 Follow these steps before you fill in the Line 9 Worksheet below For Paperwork Reduction Act Notice see your tax return instructions Cat No 10822S Form 8815 (2011) Form 8815 (2011) Page 2 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 OMB No 1545 0074 Form 8815 line 9 5 General Instructions If you cashed series EE or I U S savings bonds in 2011 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 If you need more space attach a statement If you reported any of the interest before 2011 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 Keep the following records to verify interest you exclude 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 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 Line 2 Line 3 Line 6 Line 6 Worksheet (keep a copy for your records) Line 9 Line 9 Worksheet (keep a copy for your records) Multiply line 2 by 50% ( 50) Name(s) shown on return Purpose of Form 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: Recordkeeping Requirements Section references are to the Internal Revenue Code Specific Instructions Step Action Subtract line 5 from line 1 Enter the result here and on Form 8815 line 6 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 U S Savings Bonds That Qualify for Exclusion Who Can Take the Exclusion You can take the exclusion if all four of the following apply