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Form 8815

Level 4

Need assurance that this is correct.  Client has $31K in series EE savings bond that was cashed in 2023.  She put the funds in a college fund in her name.  She's not expecting to pay tax on this interest, but doing the 8815, her modified adi is $109K.  Directions say if single, magi has to be below $106,850.  Client upset because the $31K is being used in magi.  Am I right or am I doing something wrong.  Thanks.

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2 Comments 2
Level 15
Level 15

As far as I know, savings bond interest IS included in MAGI.   

Did you find conflicting information somewhere in your research of the situation?

Level 14
Level 14

Agree with Lisa. here are form and instructions. https://www.irs.gov/pub/irs-pdf/f8815.pdf

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