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                                    Exclusion of Interest From Series EE and I                                            OMB No. 1545-0074
Form 8815                             U.S. Savings Bonds Issued After 1989 
                                    (For Filers With Qualified Higher Education Expenses)                                  2023
Department of the Treasury                           Attach to Form 1040 or 1040-SR.                                       Attachment   
Internal Revenue Service                  Go to www.irs.gov/Form8815 for the latest information.                           Sequence No. 167
Name(s) shown on return                                                                                       Your social security number

1                               (a)                                                                   (b) 
      Name of person (you, your spouse, or your dependent) who                   Name and address of eligible educational institution
     was enrolled at or attended an eligible educational institution

If you need more space, attach a statement.
2     Enter the total qualified higher education expenses you paid in 2023 for the person(s) listed in column
      (a) of line 1. See the instructions to find out which expenses qualify .   . .  .  . .  .   .   .   . . .         2 
3     Enter the total of any nontaxable educational benefits (such as nontaxable scholarship or fellowship 
      grants) received for 2023 for the person(s) listed in column (a) of line 1. See instructions  . .   . . .         3 
4     Subtract line 3 from line 2. If zero or less, stop. You cannot take the exclusion  . .  .   .   .   . . .         4 
5     Enter the total proceeds (principal and interest) from all series EE and I U.S. savings bonds       issued
      after 1989 that you cashed during 2023        .   . .         . . . . .  . . .  .  . .  .   .   .   . . .         5 
6     Enter the interest included on line 5. See instructions  .        . . .  . . .  .  . .  .   .   .   . . .         6 
7     If line 4 is equal to or more than line 5, enter “1.000.” If line 4 is less than line 5, divide line 4 by line 5. 
      Enter the result as a decimal (rounded to at least three places)  .      . . .  .  . .  .   .   .   . . .         7  ×            .
8     Multiply line 6 by line 7 .   . .   . .   .   .   . .         . . . . .  . . .  .  . .  .   .   .   . . .         8 
9     Enter your modified adjusted gross income. See instructions  .        .  . . .  .    9 
      Note: If line 9 is $106,850 or more if single, head of household, or qualifying 
      surviving  spouse;  or $167,800  or  more  if  married  filing  jointly, stop . You
      cannot take the exclusion.
10    Enter $91,850 if single, head of household, or qualifying surviving spouse; or 
      $137,800 if married filing jointly  . .   .   .   . .         . . . . .  . . .  .    10 
11    Subtract line 10 from line 9. If zero or less, skip line 12, enter -0- on line 13, 
      and go to line 14     . . .   . .   . .   .   .   . .         . . . . .  . . .  .    11 
12    Divide line 11 by $15,000 if single, head of household, or qualifying surviving spouse; or $30,000 if
      married filing jointly. Enter the result as a decimal (rounded to at least three places)  . .   .   . . .         12 ×            .
13    Multiply line 8 by line 12 .  . .   . .   .   .   . .         . . . . .  . . .  .  . .  .   .   .   . . .         13 
14    Excludable  savings  bond  interest.    Subtract  line  13  from  line  8.  Enter  the  result  here  and  on
      Schedule B (Form 1040), line 3 .    . .   .   .   . .         . . . . .  . . .  .  . .  .   .   .   . . .         14 
For Paperwork Reduction Act Notice, see your tax return instructions.                    Cat. No. 10822S                   Form 8815 (2023)

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Form 8815 (2023) Page 3
General Instructions • Room and board; or
Section references are to the Internal Revenue Code. • Courses involving sports, games, or hobbies that are not part of a
degree- or certificate-granting program.
Future Developments Do not include on line 2 expenses that were:
For the latest information about developments related to Form 8815 and • Covered by nontaxable educational benefits paid directly to, or by, the
its instructions, such as legislation enacted after they were published, educational institution;
go to www.irs.gov/Form8815. • Used to figure an education credit on Form 8863; or
Purpose of Form • Used to figure the nontaxable amount of a distribution from a
If you cashed series EE or I U.S. savings bonds in 2023 that were issued Coverdell ESA or QTP.
after 1989, you may be able to exclude from your income part or all of Line 3
the interest on those bonds. Use this form to figure the amount of any Enter on this line the total qualified higher education expenses included
interest you may exclude. on line 2 that were covered by nontaxable educational benefits. These
Who Can Take the Exclusion benefits include the following.
You can take the exclusion if all four of the following apply. • Scholarship or fellowship grants excludable from income under
1. You cashed qualified U.S. savings bonds in 2023 that were issued section 117. See chapter 1 of Pub. 970 for more information.
after 1989. • Veterans’ educational assistance benefits.
2. You paid qualified higher education expenses in 2023 for yourself, • Employer-provided educational assistance benefits that are not
your spouse, or your dependents. included in box 1 of your Form(s) W-2.
3. Your filing status is any status except married filing separately. • Payments, waivers, or reimbursements of educational expenses under
4. Your modified adjusted gross income (AGI) is less than $106,850 if a QTP.
single, head of household, or qualifying surviving spouse; or $167,800 if • Any other payments (but not gifts, bequests, or inheritances) for
married filing jointly. See the instructions for line 9 to figure your educational expenses that are exempt from income tax by any U.S. law.
modified AGI. Do not include on line 3 nontaxable educational benefits paid directly
to, or by, the educational institution.
U.S. Savings Bonds That Qualify for Exclusion Example. You paid $10,000 of qualified higher education expenses in
To qualify for the exclusion, the bonds must be series EE or I U.S. 2023 to the college your son attended. None of the expenses are used
savings bonds issued after 1989 in your name, or, if you are married, to figure an education credit or the nontaxable amount of a Coverdell
they may be issued in your name and your spouse’s name. Also, you ESA or QTP. You claim your son as a dependent on your 2023 tax
must have been age 24 or older before the bonds were issued. A bond return. Your son received a $2,000 nontaxable scholarship grant for
bought by a parent and issued in the name of his or her child under age 2023, which was paid directly to him. In this case, enter $10,000 on line
24 does not qualify for the exclusion by the parent or child. 2 and $2,000 on line 3.
Recordkeeping Requirements Line 6
Keep the following records to verify interest you exclude. If you previously reported any interest from savings bonds cashed
• Bills, receipts, canceled checks, or other documents showing you paid during 2023, use the following worksheet to figure the amount to enter.
qualified higher education expenses in 2023. Enter the amount from line 8 of the worksheet on Form 8815, line 6.
• A written record of each post-1989 series EE or I bond that you If you did not report any interest in previous years for the savings
cashed. Your record must include the serial number, issue date, face bonds cashed during 2023, enter the amount from Form 8818, line 8 (if
value, and total redemption proceeds (principal and interest) of each you used that form to record the bonds you cashed in 2023), or
bond. You can use Form 8818, Optional Form To Record Redemption of complete the following worksheet down to line 6 and enter that amount
Series EE and I U.S. Savings Bonds Issued After 1989, as your written on Form 8815, line 6.
record.
Line 6 Worksheet (keep a copy for your records)
Specific Instructions
1. Enter the amount from Form 8815, line 5 . . 1.
Line 1
Column (a). Enter the name of the person who was enrolled at or 2. Enter the face value of all post-1989 paper series
attended an eligible educational institution or for whom you made EE bonds cashed in 2023 . . . . . . 2.
contributions to a Coverdell education savings account (Coverdell ESA) 3. Multiply line 2 by 50% (0.50) . . . . . . 3.
or a qualified tuition program (QTP). This person must be you, your
spouse, or your dependent(s) claimed on Form 1040 or 1040-SR. An 4. Enter the face value of all electronic series EE
eligible educational institution is generally any accredited public, bonds (including post-1989 series EE bonds
nonprofit, or private college, university, vocational school, or other converted from paper to electronic format) and
postsecondary institution. The institution must be eligible to participate all series I bonds cashed in 2023 . . . . 4.
in the student aid programs administered by the Department of 5. Add lines 3 and 4 . . . . . . . . . 5.
Education. Virtually all accredited postsecondary institutions meet this
requirement. 6. Subtract line 5 from line 1. If you did not report
Column (b). Enter the name and address of the institution. If the person any interest in previous years for the savings
was enrolled at or attended more than one, list all of them. Also, if you bonds cashed during 2023,stop here and enter
contributed to a Coverdell ESA for the person, enter “Coverdell ESA” the result here and on Form 8815, line 6 . . 6.
and the name and address of the financial institution where the account 7. Enter the amount of interest reported as income
is located. For contributions to a QTP, enter “QTP” and the name and in previous years . . . . . . . . . 7.
address of the program.
8. Subtract line 7 from line 6. Enter the result here
Line 2 and on Form 8815, line 6 . . . . . . . 8.
Qualified higher education expenses include tuition and fees required for
the enrollment or attendance of the person(s) listed on line 1, column (a),
at the institution(s) listed in column (b). They also include contributions
to a Coverdell ESA or a QTP for the person(s) listed on line 1. Qualified
expenses do not include expenses for:

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Form 8815 (2023) Page 4

Line 9 Line 9 Worksheet (keep a copy for your records)
Follow these steps before you fill in the Line 9 Worksheet below.
1. Enter the amount from line 2 of Schedule B
Step Action (Form 1040) . . . . . . . . . . 1.
1 If you received social security benefits, use Pub. 915 to 2. Add the amounts from Form 1040 or 1040-SR,
figure the taxable amount of your benefits. lines 1z, 3b, 4b, 5b, 6b, and 7, and the amounts
2 If you are claiming both the premium tax credit (PTC) and from Schedule 1 (Form 1040), lines 1 through 7
self-employed health insurance deduction, see Self- and 9. Enter the total . . . . . . . . 2.
Employed Health Insurance Deduction and PTC in Pub. 974, 3. Add lines 1 and 2 . . . . . . . . . 3.
Premium Tax Credit, and complete the appropriate
worksheets. 4. Enter the total of the amounts from Schedule 1
(Form 1040), lines 11 through 20, 23, and 25 . 4.
3 If you made contributions to a traditional IRA for 2023 and
you were covered by a retirement plan at work or through 5. Subtract line 4 from line 3. Enter the result here
self-employment, use Pub. 590-A to figure your IRA and on Form 8815, line 9 . . . . . . . 5.
deduction. Increase the amount on line 5 of this worksheet by the total of the
4 Complete the following lines on your Form 1040 or 1040-SR following amounts. Enter the total on Form 8815, line 9.
and Schedule 1 (Form 1040) if they apply. • Any amount from Form 2555, lines 45 and 50; and Form 4563,
IF you use... THEN complete lines... line 15.
• Any exclusion for adoption benefits received under an employer’s
Form 1040 or 1040-SR 2a, 3b–6b, and 7 adoption assistance program.
Schedule 1 (Form 1040) 1–9, 11*–20, and 23–25 • Any exclusion of income from Puerto Rico.

5 If you claim any of the exclusion or deduction items listed
below, you must add them to your AGI (line 11 of Form 1040
or 1040-SR) to figure your modified AGI for the purpose of
figuring this exclusion.
1. Foreign earned income exclusion.
2. Foreign housing exclusion and deduction.
3. Exclusion of income for bona fide residents of American
Samoa.
4. Exclusion for income from Puerto Rico.
5. Exclusion for adoption benefits received under an
employer’s adoption assistance program.
6 If you had interest expenses due to royalties, deductible on
Schedule E (Form 1040), Supplemental Income and Loss,
you must make a special computation of your deductible
interest to figure the net royalty income included in your
modified AGI.
You must figure deductible interest without regard to this
exclusion of bond interest. You can use a “dummy” Form
4952, Investment Interest Expense Deduction, to make the
special computation. On this form, include in your net
investment income your total interest income for the year
from series EE and I U.S. savings bonds. Use the deductible
interest amount from this form only to figure the net royalty
income included in your modified AGI. Do not attach this
form to your tax return. After you figure this interest
exclusion, use a separate Form 4952 to figure your actual
deduction for investment interest expenses and attach that
form to your return.
*For purposes of figuring the amount to put on Form 8815, line 9, do not
reduce your educator expenses, if any, by the amount on Form 8815,
line 14.

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