How do I avoid rejects on Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989?
Form 8815 calculates an exclusion for interest derived from certain US savings bonds for taxpayers with qualified higher education expenses. You have to enter information about who (taxpayer, spouse or dependents) attended an eligible educational institution, the name and address of the institution, the qualified educational expenses paid, nontaxable educational benefits received, and the principal and interest derived from the bonds.
To avoid IRS rejects -
- Make sure screen 8815 is completed.
- If the screen is completed, view Form 8815. If the taxpayer does not qualify, a credit is not produced. If so, delete the screen to avoid these rejects:
Form 8815, Line 9 'ExclBondIntModifiedAGIAmt' must be less than 143950, if in the return, Line 2 checkbox "Married Filing Jointly" or Line 5 checkbox "Qualifying Surviving Spouse" is checked (element 'IndividualReturnFilingStatusCd' has a value of 2 or 5).
Form 8815, Line 9 'ExclBondIntModifiedAGIAmt' must be less than 91000, if in the return, Line 1 checkbox "Single" or Line 4 checkbox "Head of household" is checked (element 'IndividualReturnFilingStatusCd' has a value of 1 or 4).