Get Irs 8815 2012

Filling out IRS Form 8815 online can seem challenging, but with this comprehensive guide, you will navigate through it with ease. This form allows you to claim the exclusion of interest from U.S. savings bonds used for qualified higher education expenses.

Follow the steps to successfully complete the IRS 8815 online.

1. Click ‘Get Form’ button to retrieve the IRS 8815 form and open it in your editor.
2. In line 1, enter the name of the person who attended an eligible educational institution. Include your name, your partner's name, or your dependent's name.
3. Next, indicate the name and address of the eligible educational institution that the person attended.
4. For line 2, enter the total qualified higher education expenses you paid in 2012 for the individuals listed in column (a) of line 1.
5. On line 3, you will need to list any nontaxable educational benefits received for those same individuals for the same year.
6. Subtract line 3 from line 2 on line 4. If the result is zero or less, you cannot take the exclusion.
7. On line 5, enter the total proceeds from all series EE and I U.S. savings bonds that you cashed during 2012.
8. Line 6 requires you to enter the portion of interest included in line 5. Consult previous documentation or use Form 8818 if applicable.
9. For line 7, calculate the decimal fraction by dividing line 4 by line 5 or enter '1.000' if line 4 is equal to or greater than line 5.
10. Multiply the interest entered on line 6 by the decimal in line 7 and place the result on line 8.
11. Enter your modified adjusted gross income on line 9, determining the necessary adjustments as per the instructions.
12. Proceed to line 10, where calculations based on your filing status will determine eligibility for the exclusion.
13. Complete line 11 by dividing line 10 by the appropriate threshold based on your filing status.
14. On line 12, use the instructions provided to indicate your applicable exemption amount.
15. If your modified AGI exceeds the threshold, stop here. Otherwise, proceed to calculate the final excludable amount on line 14 and summarize the amount on Schedule B of your tax return.
16. Once completed, save your changes. You can download, print, or share the form as required.

Begin completing your IRS Form 8815 online today for a smoother tax filing experience.