Form 8815: Excluding Savings Bond Interest for College Costs
Published November 5, 2026
If you cashed Series EE or Series I U.S. savings bonds in 2025, part or all of the interest on those bonds may be excluded from income. The exclusion applies only when you paid qualified higher education expenses in 2025. Form 8815 is used to figure the amount. IRS: About Form 8815
Four conditions
The form says you can take the exclusion if all four of these apply:
- You cashed qualified U.S. savings bonds in 2025 that were issued after 1989.
- You paid qualified higher education expenses in 2025 for yourself, your spouse, or your dependents.
- Your filing status is any status except married filing separately.
- Your modified adjusted gross income (AGI) is below the limit for your filing status.
The income limits
The exclusion phases out as modified AGI rises. For single, head of household, or qualifying surviving spouse filers, the exclusion is reduced as modified AGI moves from $99,500 to $114,500. For married filing jointly, the range is $149,250 to $179,250. At or above the top figure, you cannot take the exclusion. Line 9 explains how to figure modified AGI, and some items must be added back. IRS: Form 8815 (2025)
Qualified expenses
Qualified expenses include tuition and fees required for enrollment or attendance at an eligible educational institution. Room and board do not count. Courses involving sports, games, or hobbies also do not count, unless they are part of a degree or certificate program. IRS: Form 8815 (2025), instructions
Do not count expenses that were covered by nontaxable educational benefits paid directly to the school. Do not count expenses you used to figure an education credit on Form 8863. Subtract other nontaxable benefits, such as tax-free scholarship grants, on line 3. IRS: Form 8815 (2025), instructions
Who can be counted
The student must be you, your spouse, or a dependent you claim on Form 1040 or 1040-SR. The school must be eligible to take part in federal student aid programs. The IRS says virtually all accredited postsecondary institutions meet this requirement. IRS: Form 8815 (2025), instructions
Bond rules
The bonds must be Series EE or Series I bonds issued after 1989. They must be in your name, or in the names of you and your spouse. You must have been age 24 or older before the bonds were issued. A bond a parent buys in the name of a child under age 24 does not qualify for the exclusion for either person. IRS: Form 8815 (2025), instructions
Records to keep
- Bills, receipts, canceled checks, or other proof that you paid the expenses in 2025.
- A written record of each bond cashed, with its serial number, issue date, face value, and total redemption proceeds. Form 8818 can serve as that record.
IRS: Form 8815 (2025), instructions
How the form works
Line 5 is the total proceeds, principal and interest, from the bonds you cashed in 2025. Line 6 is the interest included on line 5, and the instructions include a worksheet to figure it. The form then limits the exclusion by your expenses and your modified AGI. Line 14 is the excludable interest. Enter it on Schedule B (Form 1040), line 3, and attach Form 8815 to Form 1040 or 1040-SR. IRS: Form 8815 (2025)
Steps to take
- Confirm that each bond is a Series EE or Series I bond, issued after 1989, and cashed in 2025.
- Total the qualified expenses you paid in 2025, minus any nontaxable educational benefits.
- Estimate your modified AGI, and compare it with the limit for your filing status.
- Keep the bond records and the expense receipts with your tax file.
- Complete Form 8815 and attach it to your return.
General information, not advice about your situation.
Sources: Sources: IRS, About Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 (https://www.irs.gov/forms-pubs/about-form-8815); IRS, Form 8815 (2025) and instructions (https://www.irs.gov/pub/irs-pdf/f8815.pdf) This is general information, not advice about your specific return.
