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taxmap/pubs/p970-055.htm#en_us_publink1000178628

Illustrated Example(p74)


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The information is the same as in the above example for Mark and Joan Washington, except they have a modified adjusted gross income of $118,700. In this example, they can exclude $1,377 (line 14 of Form 8815 shown on the next page) of interest in 2009.
They must pay tax on the remaining $1,623 interest ($3,000 total interest – $1,377 excluded interest).
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Form 8815 for Mark and Joan Washington Text DescriptionForm 8815 for Mark and Joan Washington