Form 8815 - Exclusion Of Interest From Series Ee And I U.s. Savings Bonds Issued After 1989 - 2017 Page 3
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Form 8815 (2017)
Page
General Instructions
Line 2
Qualified higher education expenses include tuition and fees required for
Section references are to the Internal Revenue Code.
the enrollment or attendance of the person(s) listed on line 1, column (a),
Future Developments
at the institution(s) listed in column (b). They also include contributions
For the latest information about developments related to Form 8815 and
to a Coverdell ESA or a QTP for the person(s) listed on line 1. Qualified
its instructions, such as legislation enacted after they were published,
expenses do not include expenses for:
go to
• Room and board or
• Courses involving sports, games, or hobbies that are not part of a
Purpose of Form
degree or certificate granting program.
If you cashed series EE or I U.S. savings bonds in 2017 that were issued
Do not include on line 2 expenses that were:
after 1989, you may be able to exclude from your income part or all of
• Covered by nontaxable educational benefits paid directly to, or by, the
the interest on those bonds. Use this form to figure the amount of any
educational institution,
interest you may exclude.
• Used to figure an education credit on Form 8863, or
Who Can Take the Exclusion
• Used to figure the nontaxable amount of a distribution from a
You can take the exclusion if all four of the following apply.
Coverdell ESA or QTP.
1. You cashed qualified U.S. savings bonds in 2017 that were issued
Line 3
after 1989.
Enter on this line the total qualified higher education expenses included
2. You paid qualified higher education expenses in 2017 for yourself,
on line 2 that were covered by nontaxable educational benefits. These
your spouse, or your dependents.
benefits include:
3. Your filing status is any status except married filing separately.
• Scholarship or fellowship grants excludable from income under
4. Your modified AGI (adjusted gross income) is less than: $93,150 if
section 117. See chapter 1 of Pub. 970 for more information.
single, head of household, or qualifying widow(er); $147,250 if married
• Veterans’ educational assistance benefits.
filing jointly. See the instructions for line 9 to figure your modified AGI.
• Employer-provided educational assistance benefits that are not
U.S. Savings Bonds That Qualify for Exclusion
included in box 1 of your Form(s) W-2.
To qualify for the exclusion, the bonds must be series EE or I U.S.
• Payments, waivers, or reimbursements of educational expenses under
savings bonds issued after 1989 in your name, or, if you are married,
a QTP.
they may be issued in your name and your spouse’s name. Also, you
• Any other payments (but not gifts, bequests, or inheritances) for
must have been age 24 or older before the bonds were issued. A bond
educational expenses that are exempt from income tax by any U.S. law.
bought by a parent and issued in the name of his or her child under age
Do not include on line 3 nontaxable educational benefits paid directly
24 does not qualify for the exclusion by the parent or child.
to, or by, the educational institution.
Recordkeeping Requirements
Example. You paid $10,000 of qualified higher education expenses
in 2017 to the college your son attended. None of the expenses are
Keep the following records to verify interest you exclude.
used to figure an education credit or the nontaxable amount of a
• Bills, receipts, canceled checks, or other documents showing you paid
Coverdell ESA or QTP. You claim your son as a dependent on line 6c of
qualified higher education expenses in 2017.
your 2017 tax return. Your son received a $2,000 nontaxable
• A written record of each post-1989 series EE or I bond that you
scholarship grant for 2017, which was paid directly to him. In this case,
cashed. Your record must include the serial number, issue date, face
enter $10,000 on line 2 and $2,000 on line 3.
value, and total redemption proceeds (principal and interest) of each
bond. You can use Form 8818, Optional Form To Record Redemption of
Line 6
Series EE and I U.S. Savings Bonds Issued After 1989, as your written
If you reported any of the interest before 2017, see Pub. 550 for the
record.
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
Specific Instructions
worksheet to figure the amount to enter.
Line 1
Line 6 Worksheet (keep a copy for your records)
Column (a). Enter the name of the person who was enrolled at or
attended an eligible educational institution or for whom you made
1. Enter the amount from Form 8815, line 5 .
1.
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contributions to a Coverdell education savings account (Coverdell ESA)
2. Enter the face value of all post-1989 paper series EE
or a qualified tuition program (QTP). This person must be you, your
2.
bonds cashed in 2017
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spouse, or your dependent(s) claimed on line 6c of Form 1040 or Form
1040A. An eligible educational institution is generally any accredited
3. Multiply line 2 by 50% (0.50) .
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3.
public, nonprofit, or private college, university, vocational school, or
4. Enter the face value of all electronic series EE bonds
other postsecondary institution. The institution must be eligible to
(including post-1989 series EE bonds converted from paper
participate in the student aid programs administered by the Department
4.
to electronic format) and all series I bonds cashed in 2017 .
of Education. Virtually all accredited postsecondary institutions meet
this requirement.
5. Add lines 3 and 4 .
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5.
Column (b). Enter the name and address of the institution. If the person
6. Subtract line 5 from line 1. Enter the result here and on
was enrolled at or attended more than one, list all of them. Also, if you
Form 8815, line 6 .
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6.
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.
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