Get Irs 8815 2020

The IRS Form 8815 enables individuals to exclude interest from Series EE and I U.S. savings bonds if it was used for qualified higher education expenses. This guide provides clear, step-by-step instructions on how to complete the form online, ensuring you accurately report your information and maximize your tax benefits.

Follow the steps to complete your IRS 8815 form online.

1. Press the ‘Get Form’ button to acquire the IRS 8815 form and open it for editing.
2. Enter your social security number and the name(s) shown on your tax return at the top of the form.
3. In line 1, column (a), input the name of the individual (you, your spouse, or your dependent) who attended an eligible educational institution. In column (b), provide the name and address of that institution.
4. On line 2, enter the total qualified higher education expenses you incurred for the individual listed in column (a) of line 1.
5. In line 3, list any nontaxable educational benefits received during the year for the individual in column (a).
6. Subtract line 3 from line 2 on line 4. If the result is zero or negative, you are not eligible for the exclusion, and no further action is needed.
7. On line 5, report the total proceeds from all Series EE and I U.S. savings bonds issued after 1989 that you cashed in 2020.
8. Input the interest amount included on line 5 in line 6. Follow the provided instructions to determine the correct amount.
9. Follow the instructions on lines 7 through 14 to complete your calculations, including checking income limits on line 9, which may affect your eligibility.
10. Once you have completed all fields, review your entries for accuracy. You can then save your form, download it, print it, or share it as needed.

Begin filling out your IRS 8815 form online now to efficiently complete your tax obligations.