Coverdells and savings bonds are two totally unrelated things. Contributions are not a tax deduction either. (but may be on the state taxes) When you redeem a savings bond for education purposes, the interest is taxable income *initially*. (The bank may even withhold taxes). But the way the program handles it doesn't use the 8815. The taxability of that interest, as well as the principle, is offset in the education section by the qualified education expenses that are paid for with that "out of pocket" money.
