Form 8815 is used to figure the amount of interest on Series EE savings bonds that you may exclude from your income. Before using the form, please use Form 8818 to enter information about the bonds you cashed.
You may only exclude this interest income if you meet a number of conditions. First of all, you must have paid qualified higher education expenses (typically, college tuition) during the tax year 2006 for you, your spouse, or your dependents. Next, if you are married, you must file jointly to qualify. Next, you must have purchased the bond after 1989 and have been at least 24 years old at the time of purchase. Finally, you are disqualified if your income exceeds certain levels--we wouldn't want to subsidize wealthy taxpayers, would we?
We calculate this amount as the total of all lines 6 from all copies of Form 8818.
We calculate this amount as the total of all lines 8 from all copies of Form 8818.
We calculate modified adjusted gross income on line 9 according to the IRS instructions to Form 8815.
If you are filing Form 1040, modified adjusted gross income is calculated in the following way:
Interest income (from Schedule B, line 2);
+ wages, salaries, and tips (from Form 1040, line 7);
+ dividend income (from Form 1040, line 9a);
+ taxable refunds of state and local income taxes (from Form 1040, line 10);
+ alimony received (from Form 1040, line 11);
+ business income or loss (from Form 1040, line 12);
+ capital gain or loss (from Form 1040, line 13);
+ other gains or losses (from Form 1040, line 14);
+ taxable amount of IRA distributions (from Form 1040, line 15b );
+ taxable amount of pensions and annuities (from Form 1040, line 16b );
+ income from rents, royalties, partnerships, estates, or trusts (from Form 1040, line 17);
+ farm income or loss (from Form 1040, line 18);
+ unemployment compensation (from Form 1040, line 19);
+ taxable amount of social security benefits (from Form 1040, line 20b );
+ other income (from Form 1040, line 21);
- total adjustments (from Form 1040, line 36).
+ student loan interest deduction (from Form 1040, line 33).
If you are filing Form 1040A, modified adjusted gross income is calculated in the following way:
Interest income (from Schedule 1, line 2);
+ wages, salaries, and tips (from Form 1040A, line 7);
+ dividend income (from Form 1040A, line 9a);
+ taxable amount of IRA distributions (from Form 1040A, line 11b );
+ taxable amount of pensions and annuities (from Form 1040A, line 12b );
+ unemployment compensation (from Form 1040A, line 13);
+ taxable amount of social security benefits (from Form 1040A, line 14b);
- IRA deduction (from Form 1040A, line 17).