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TopMen
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

I am trying to report a US Savings Bond redemption Rollover into a 529 Plan.

Line 10 instructions on Form 8815 for tax year 2020 indicates that the income phase out level for married filing jointly is $123500 . Turbotax is using $121600 for the income level. I recall that was the level for tax year 2019? I think the software has at one error on this form? Its looks like the program needs to be updated to use the income limit for the current tax year 2020.

1 Best answer

Accepted Solutions
PattiF
Employee Tax Expert

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Yes, you are correct that last years figures on on the form Form 8815 is not yet available as it hasn't been released by the IRS.

 

Here is the list of the expected dates when various forms will be available. Form 8815 is near the bottom  IRS Forms Availability.

View solution in original post

9 Replies
PattiF
Employee Tax Expert

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Yes, you are correct that last years figures on on the form Form 8815 is not yet available as it hasn't been released by the IRS.

 

Here is the list of the expected dates when various forms will be available. Form 8815 is near the bottom  IRS Forms Availability.

TopMen
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Thank you for the information on release dates for forms. I didn't know that some forms aren't always ready if you start your tax prep early.

PattiF
Employee Tax Expert

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

You are welcome.

Speedy24
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

I can clearly see form 8815 for 2020 if I go to the IRS site: https://www.irs.gov/pub/irs-pdf/f8815.pdf

 

Why does the date keep changing on when this form will be ready for TT? This is the only thing holding me up from filing my taxes. 

Speedy24
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Interestingly, the form looks correct in TT in that it matches the IRS form, it's just the amount on  line 10 that is generated incorrectly within TT.

PattiF
Employee Tax Expert

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

The form has not been finalized at this time. It is expected to be ready on 2/25/2021.

 

Please see the forms availability page:  IRS Forms

Speedy24
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

I understand availability is currently set for 2/25. This date has changed (moved out a week), 3 times. I guess I'm not sure why it's taking so long to get updated since the only modification that seems to be needed is for the exclusion amount to get updated in TT.

TopMen
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Form 8815 is finally updated in TT.

Speedy24
Level 2

Form 8815 Savings Bond interest exclusion for has incorrect amount for married filing jointly, line10

Unfortunately, to late for my use. I have already filed and received my refund via another product. I know my eyes are opened to other products now so I will not be continuing as a TT customer. There are a numerous supply of options to accomplish this and if TT wants to keep customers, you'll need to provide a ready to use product as soon as the tax season begins - not 2 months into it..

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