If you are seeing the Red Alert "Error or Omission: Form 8815 - Bond Interest" when reviewing your return, it is likely due to the amount entered on Line 6 of Form 8815 Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 (For Filers With Qualified Higher Education Expenses) being greater than the total amounts entered in Box 3 of Forms 1099-INT Interest Income. You cannot exclude more income on Form 8815 then is included as income on your return.
To review the entries that calculate for Line 6 of Form 8815, go to our Form 8815 - Series EE Bond Exclusion FAQ.
The entries you make in the program used in the calculation of Line 6 are in the following fields:
To eliminate the Red Alert, verify the following:
Total proceeds from Series EE and I bonds less
50% of Face value of all post-1989 paper series EE bonds cashed in 2024
(and/or 100% of Face value of all electronic series EE & all series I bonds cashed in 2024)
and less Amount of interest reported as income in previous years
must not equal more than the amount entered in Box 3 of all Forms 1099-INT entered in the program.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.