How do I report series EE bonds?

The interest that the bond earns is reported on a 1099-INT after the bond is cashed or is reissued to reflect a taxable change in ownership. The 1099-INT will show all the interest the bond has earned over the years.

What is IRS tax form 8815?

About Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 | Internal Revenue Service.

How much is a $50 EE bond worth?

For example, a series EE bond that has a face value of $50 can be bought for $25. A series EE bond will reach full face value after 20 years and will stop earning interest after 30 years. For example, a $50 bond issued in August 1982, for which someone would have paid $25, is now worth $146.90.

How to exclude Series EE from form 8815?

1 The bonds were issued after 1989; 2 The person in whose name the bonds were issued was age 24 or older before they were issued; 3 The bonds were cashed in during the during tax year; 4 The taxpayer paid qualified higher education expenses; 5 The filing status on the return is not MFS;

What do you need to know about form 8815?

Use Form 8815 to figure the amount of any interest you may exclude. None at this time. About Publication 915, Social Security and Equivalent Railroad Retirement Benefits

Do you pay taxes on savings bond form 8815?

Taxes on Savings Bonds – Form 8815 & More. When buying a Series I or electronic Series EE bond, you pay the face value of the bond. It accrues interest until the bond matures.

How to exclude interest from Series EE bonds?

Form 8815 – Exclusion of Interest from Series EE and Series I U.S. Savings Bonds The taxpayer can exclude interest income from Series EE and Series I US Savings bonds if all of the following are true: The bonds were issued after 1989; The person in whose name the bonds were issued was age 24 or older before they were issued;