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10 40 Ez Tax Form

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10 40 Ez Tax Form

10 40 ez tax form 19. 10 40 ez tax form   Education- Related Adjustments Table of Contents Introduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Introduction This chapter discusses the education-related adjustment you can deduct in figuring your adjusted gross income. 10 40 ez tax form This chapter covers the student loan interest deduction, tuition and fees deduction, and the deduction for educator expenses. 10 40 ez tax form Useful Items - You may want to see: Publication 970 Tax Benefits for Education Student Loan Interest Deduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. 10 40 ez tax form However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. 10 40 ez tax form For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. 10 40 ez tax form This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. 10 40 ez tax form Table 19-1 summarizes the features of the student loan interest deduction. 10 40 ez tax form Table 19-1. 10 40 ez tax form Student Loan Interest Deduction at a Glance Do not rely on this table alone. 10 40 ez tax form Refer to the text for more details. 10 40 ez tax form Feature Description Maximum benefit You can reduce your income subject to tax by up to $2,500. 10 40 ez tax form Loan qualifications Your student loan: •  must have been taken out solely to pay qualified education expenses, and   • cannot be from a related person or made under a qualified employer plan. 10 40 ez tax form Student qualifications The student must be: • you, your spouse, or your dependent, and   • enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. 10 40 ez tax form Time limit on deduction You can deduct interest paid during the remaining period of your student loan. 10 40 ez tax form Phaseout The amount of your deduction depends on your income level. 10 40 ez tax form Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. 10 40 ez tax form It includes both required and voluntary interest payments. 10 40 ez tax form Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent (defined in chapter 3) when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period when the student is an eligible student. 10 40 ez tax form Loans from the following sources are not qualified student loans. 10 40 ez tax form A related person. 10 40 ez tax form A qualified employer plan. 10 40 ez tax form Exceptions. 10 40 ez tax form   For purposes of the student loan interest deduction, the following are exceptions to the general rules for dependents. 10 40 ez tax form An individual can be your dependent even if you are the dependent of another taxpayer. 10 40 ez tax form An individual can be your dependent even if the individual files a joint return with a spouse. 10 40 ez tax form An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). 10 40 ez tax form    Reasonable period of time. 10 40 ez tax form   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. 10 40 ez tax form   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. 10 40 ez tax form The expenses relate to a specific academic period. 10 40 ez tax form The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. 10 40 ez tax form   If neither of the above situations applies, the reasonable period of time is determined based on all the relevant facts and circumstances. 10 40 ez tax form Academic period. 10 40 ez tax form   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. 10 40 ez tax form In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. 10 40 ez tax form Eligible student. 10 40 ez tax form   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. 10 40 ez tax form Enrolled at least half-time. 10 40 ez tax form   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. 10 40 ez tax form   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. 10 40 ez tax form However, the standard may not be lower than any of those established by the U. 10 40 ez tax form S. 10 40 ez tax form Department of Education under the Higher Education Act of 1965. 10 40 ez tax form Related person. 10 40 ez tax form   You cannot deduct interest on a loan you get from a related person. 10 40 ez tax form Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. 10 40 ez tax form ), Your lineal descendants (children, grandchildren, etc. 10 40 ez tax form ), and Certain corporations, partnerships, trusts, and exempt organizations. 10 40 ez tax form Qualified employer plan. 10 40 ez tax form   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. 10 40 ez tax form Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. 10 40 ez tax form They include amounts paid for the following items. 10 40 ez tax form Tuition and fees. 10 40 ez tax form Room and board. 10 40 ez tax form Books, supplies, and equipment. 10 40 ez tax form Other necessary expenses (such as transportation). 10 40 ez tax form The cost of room and board qualifies only to the extent that it is not more than: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or If greater, the actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 10 40 ez tax form Eligible educational institution. 10 40 ez tax form   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 10 40 ez tax form S. 10 40 ez tax form Department of Education. 10 40 ez tax form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 10 40 ez tax form   Certain educational institutions located outside the United States also participate in the U. 10 40 ez tax form S. 10 40 ez tax form Department of Education's Federal Student Aid (FSA) programs. 10 40 ez tax form   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. 10 40 ez tax form   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. 10 40 ez tax form The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. 10 40 ez tax form    The educational institution should be able to tell you if it is an eligible educational institution. 10 40 ez tax form Adjustments to qualified education expenses. 10 40 ez tax form   You must reduce your qualified education expenses by certain tax-free items (such as the tax-free part of scholarships and fellowships). 10 40 ez tax form See chapter 4 of Publication 970 for details. 10 40 ez tax form Include as Interest In addition to simple interest on the loan, certain loan origination fees, capitalized interest, interest on revolving lines of credit, and interest on refinanced student loans can be student loan interest if all other requirements are met. 10 40 ez tax form Loan origination fee. 10 40 ez tax form   In general, this is a one-time fee charged by the lender when a loan is made. 10 40 ez tax form To be deductible as interest, the fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. 10 40 ez tax form A loan origination fee treated as interest accrues over the life of the loan. 10 40 ez tax form Capitalized interest. 10 40 ez tax form    This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. 10 40 ez tax form Interest on revolving lines of credit. 10 40 ez tax form   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. 10 40 ez tax form See Qualified Education Expenses , earlier. 10 40 ez tax form Interest on refinanced student loans. 10 40 ez tax form   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. 10 40 ez tax form If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. 10 40 ez tax form Voluntary interest payments. 10 40 ez tax form   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. 10 40 ez tax form Do Not Include as Interest You cannot claim a student loan interest deduction for any of the following items. 10 40 ez tax form Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. 10 40 ez tax form Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. 10 40 ez tax form Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. 10 40 ez tax form For more information, see Student Loan Repayment Assistance in chapter 5 of Publication 970. 10 40 ez tax form Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. 10 40 ez tax form Your filing status is any filing status except married filing separately. 10 40 ez tax form No one else is claiming an exemption for you on his or her tax return. 10 40 ez tax form You are legally obligated to pay interest on a qualified student loan. 10 40 ez tax form You paid interest on a qualified student loan. 10 40 ez tax form Interest paid by others. 10 40 ez tax form   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. 10 40 ez tax form See chapter 4 of Publication 970 for more information. 10 40 ez tax form No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, home mortgage interest). 10 40 ez tax form How Much Can You Deduct Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. 10 40 ez tax form However, the amount determined above is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). 10 40 ez tax form You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). 10 40 ez tax form For details on figuring your MAGI, see chapter 4 of Publication 970. 10 40 ez tax form How Do You Figure the Deduction Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the Form 1040 or Form 1040A instructions. 10 40 ez tax form However, if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1 in chapter 4 of Publication 970. 10 40 ez tax form To help you figure your student loan interest deduction, you should receive Form 1098-E, Student Loan Interest Statement. 10 40 ez tax form Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. 10 40 ez tax form For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. 10 40 ez tax form Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. 10 40 ez tax form However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. 10 40 ez tax form For information on allocating payments between interest and principal, see chapter 4 of Publication 970. 10 40 ez tax form To claim the deduction, enter the allowable amount on Form 1040, line 33, or Form 1040A, line 18. 10 40 ez tax form Tuition and Fees Deduction You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). 10 40 ez tax form You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. 10 40 ez tax form The qualified expenses must be for higher education, as explained later under What Expenses Qualify . 10 40 ez tax form The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. 10 40 ez tax form Table 19-2 summarizes the features of the tuition and fees deduction. 10 40 ez tax form You may be able to take a credit for your education expenses instead of a deduction. 10 40 ez tax form You can choose the one that will give you the lower tax. 10 40 ez tax form See chapter 35, Education Credits, for details about the credits. 10 40 ez tax form Can You Claim the Deduction The following rules will help you determine if you can claim the tuition and fees deduction. 10 40 ez tax form Who Can Claim the Deduction Generally, you can claim the tuition and fees deduction if all three of the following requirements are met. 10 40 ez tax form You paid qualified education expenses of higher education in 2013 for academic periods beginning in 2013 and those beginning in the first three months of 2014. 10 40 ez tax form You paid the education expenses for an eligible student. 10 40 ez tax form The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption (defined in chapter 3) on your tax return. 10 40 ez tax form Qualified education expenses are defined under What Expenses Qualify . 10 40 ez tax form Eligible students are defined later under Who Is an Eligible Student . 10 40 ez tax form Who Cannot Claim the Deduction You cannot claim the tuition and fees deduction if any of the following apply. 10 40 ez tax form Your filing status is married filing separately. 10 40 ez tax form Another person can claim an exemption for you as a dependent on his or her tax return. 10 40 ez tax form You cannot take the deduction even if the other person does not actually claim that exemption. 10 40 ez tax form Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return). 10 40 ez tax form You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. 10 40 ez tax form More information on nonresident aliens can be found in Publication 519, U. 10 40 ez tax form S. 10 40 ez tax form Tax Guide for Aliens. 10 40 ez tax form You or anyone else claims an American opportunity or lifetime learning credit in 2013 with respect to expenses of the student for whom the qualified education expenses were paid. 10 40 ez tax form However, a state tax credit will not disqualify you from claiming a tuition and fees deduction. 10 40 ez tax form Table 19-2. 10 40 ez tax form Tuition and Fees Deduction at a Glance Do not rely on this table alone. 10 40 ez tax form Refer to the text for more details. 10 40 ez tax form Question   Answer What is the maximum benefit?   You can reduce your income subject to tax by up to $4,000. 10 40 ez tax form Where is the deduction taken?   As an adjustment to income on Form 1040, line 34, or Form 1040A, line 19. 10 40 ez tax form For whom must the expenses be paid?   A student enrolled in an eligible educational institution who is either: you, your spouse, or your dependent for whom you claim an exemption. 10 40 ez tax form What tuition and fees are deductible?   Tuition and fees required for enrollment or attendance at an eligible postsecondary educational institution, but not including personal, living, or family expenses, such as room and board. 10 40 ez tax form What Expenses Qualify The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. 10 40 ez tax form Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013 or for an academic period (defined earlier under Student Loan Interest Deduction ) beginning in 2013 or in the first 3 months of 2014. 10 40 ez tax form Payments with borrowed funds. 10 40 ez tax form   You can claim a tuition and fees deduction for qualified education expenses paid with the proceeds of a loan. 10 40 ez tax form Use the expenses to figure the deduction for the year in which the expenses are paid, not the year in which the loan is repaid. 10 40 ez tax form Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. 10 40 ez tax form Student withdraws from class(es). 10 40 ez tax form   You can claim a tuition and fees deduction for qualified education expenses not refunded when a student withdraws. 10 40 ez tax form Qualified Education Expenses For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. 10 40 ez tax form Eligible educational institution. 10 40 ez tax form   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 10 40 ez tax form S. 10 40 ez tax form Department of Education. 10 40 ez tax form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 10 40 ez tax form The educational institution should be able to tell you if it is an eligible educational institution. 10 40 ez tax form   Certain educational institutions located outside the United States also participate in the U. 10 40 ez tax form S. 10 40 ez tax form Department of Education's Federal Student Aid (FSA) programs. 10 40 ez tax form Academic period. 10 40 ez tax form    An academic period is any quarter, semester, trimester, or any other period of study as reasonably determined by an eligible educational institution. 10 40 ez tax form If an eligible educational institution uses credit hours and does not have academic terms, each payment period may be treated as an academic period. 10 40 ez tax form Related expenses. 10 40 ez tax form   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses for the tuition and fees deduction only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. 10 40 ez tax form Prepaid expenses. 10 40 ez tax form   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring the tuition and fees deduction. 10 40 ez tax form See Academic period, earlier. 10 40 ez tax form For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring the tuition and fees deduction for 2013 only if you meet all the other requirements. 10 40 ez tax form    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 tuition and fees deduction. 10 40 ez tax form No Double Benefit Allowed You cannot do any of the following. 10 40 ez tax form Deduct qualified education expenses you deduct under any other provision of the law, for example, as a business expense. 10 40 ez tax form Deduct qualified education expenses for a student on your income tax return if you or anyone else claims an American opportunity or lifetime learning credit for that same student in the same year. 10 40 ez tax form Deduct qualified education expenses that have been used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or a qualified tuition program (QTP). 10 40 ez tax form For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. 10 40 ez tax form See Figuring the Taxable Portion of a Distribution in chapter 7 (Coverdell ESA) and chapter 8 (QTP) of Publication 970. 10 40 ez tax form Deduct qualified education expenses that have been paid with tax-free interest on U. 10 40 ez tax form S. 10 40 ez tax form savings bonds (Form 8815). 10 40 ez tax form See Figuring the Tax-Free Amount in chapter 10 of Publication 970. 10 40 ez tax form Deduct qualified education expenses that have been paid with tax-free educational assistance such as a scholarship, grant, or employer-provided educational assistance. 10 40 ez tax form See Adjustments to qualified education expenses, later. 10 40 ez tax form Adjustments to qualified education expenses. 10 40 ez tax form   For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. 10 40 ez tax form The result is the amount of adjusted qualified education expenses for each student. 10 40 ez tax form Tax-free educational assistance. 10 40 ez tax form   For tax-free educational assistance you received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance to that academic period. 10 40 ez tax form See Academic period, earlier. 10 40 ez tax form   This includes: The tax-free part of scholarships and fellowships, including Pell grants (see chapter 1 of Publication 970), The tax-free part of any employer-provided educational assistance (see chapter 11 of Publication 970), Veterans' educational assistance (see chapter 1 of Publication 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 10 40 ez tax form Generally, any scholarship or fellowship you receive is treated as tax-free educational assistance. 10 40 ez tax form However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent you include it in gross income (if you are required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 10 40 ez tax form 970, chapter 1. 10 40 ez tax form The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 10 40 ez tax form 970, chapter 1. 10 40 ez tax form You may be able to increase the combined value of your tuition and fees deduction and certain educational assistance if you include some or all of the educational assistance in income in the year it is received. 10 40 ez tax form For details, see Adjustments to Qualified Education Expenses in chapter 6 of Pub. 10 40 ez tax form 970. 10 40 ez tax form Some tax-free educational assistance received in 2013 may be treated as a refund of qualified education expenses paid in 2013. 10 40 ez tax form This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). 10 40 ez tax form If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. 10 40 ez tax form If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. 10 40 ez tax form Refunds. 10 40 ez tax form   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or may require you to include some or all of the refund in your gross income for the year the refund is received. 10 40 ez tax form See chapter 6 of Pub. 10 40 ez tax form 970 for more information. 10 40 ez tax form Some tax-free educational assistance received after 2013 may be treated as a refund. 10 40 ez tax form See Tax-free educational assistance, earlier. 10 40 ez tax form Refunds received in 2013. 10 40 ez tax form    For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. 10 40 ez tax form Refunds received after 2013 but before your income tax return is filed. 10 40 ez tax form   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. 10 40 ez tax form Refunds received after 2013 and after your income tax return is filed. 10 40 ez tax form   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received after you file your 2013 income tax return, you may need to include some or all of the refund in your gross income for the year the refund is received. 10 40 ez tax form See chapter 6 of Pub. 10 40 ez tax form 970 for more information. 10 40 ez tax form Coordination with Coverdell education savings accounts and qualified tuition programs. 10 40 ez tax form    Reduce your qualified education expenses by any qualified education expenses used to figure the exclusion from gross income of (a) interest received under an education savings bond program, or (b) any distribution from a Coverdell education savings account or qualified tuition program (QTP). 10 40 ez tax form For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. 10 40 ez tax form Amounts that do not reduce qualified education expenses. 10 40 ez tax form   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. 10 40 ez tax form   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. 10 40 ez tax form The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses. 10 40 ez tax form The use of the money is not restricted. 10 40 ez tax form Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. 10 40 ez tax form This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. 10 40 ez tax form Sports, games, hobbies, and noncredit courses. 10 40 ez tax form   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. 10 40 ez tax form However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. 10 40 ez tax form Comprehensive or bundled fees. 10 40 ez tax form   Some eligible educational institutions combine all of their fees for an academic period into one amount. 10 40 ez tax form If you do not receive, or do not have access to, an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. 10 40 ez tax form The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T, Tuition Statement. 10 40 ez tax form See How Do You Figure the Deduction , later, for more information about Form 1098-T. 10 40 ez tax form Who Is an Eligible Student For purposes of the tuition and fees deduction, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (defined earlier). 10 40 ez tax form Who Can Claim a Dependent's Expenses Generally, in order to claim the tuition and fees deduction for qualified education expenses for a dependent, you must: Have paid the expenses, and Claim an exemption for the student as a dependent. 10 40 ez tax form Table 19-3 summarizes who can claim the deduction. 10 40 ez tax form How Much Can You Deduct The maximum tuition and fees deduction in 2013 is $4,000, $2,000, or $0, depending on the amount of your MAGI. 10 40 ez tax form For details on figuring your MAGI, see chapter 6 of Publication 970. 10 40 ez tax form How Do You Figure the Deduction Figure the deduction using Form 8917. 10 40 ez tax form To help you figure your tuition and fees deduction, you should receive Form 1098-T, Tuition Statement. 10 40 ez tax form Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. 10 40 ez tax form To claim the deduction, enter the allowable amount on Form 1040, line 34, or Form 1040A, line 19, and attach your completed Form 8917. 10 40 ez tax form Table 19-3. 10 40 ez tax form Who Can Claim a Dependent's Expenses Do not rely on this table alone. 10 40 ez tax form See Who Can Claim a Dependent's Expenses in chapter 6 of Publication 970. 10 40 ez tax form IF your dependent is an eligible student and you. 10 40 ez tax form . 10 40 ez tax form . 10 40 ez tax form AND. 10 40 ez tax form . 10 40 ez tax form . 10 40 ez tax form THEN. 10 40 ez tax form . 10 40 ez tax form . 10 40 ez tax form claim an exemption for your dependent you paid all qualified education expenses for your dependent only you can deduct the qualified education expenses that you paid. 10 40 ez tax form Your dependent cannot take a deduction. 10 40 ez tax form claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. 10 40 ez tax form do not claim an exemption for your dependent you paid all qualified education expenses no one is allowed to take a deduction. 10 40 ez tax form do not claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. 10 40 ez tax form Educator Expenses If you were an eligible educator in 2013, you can deduct on Form 1040, line 23, or Form 1040A, line 16, up to $250 of qualified expenses you paid in 2013. 10 40 ez tax form If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. 10 40 ez tax form However, neither spouse can deduct more than $250 of his or her qualified expenses on Form 1040, line 23, or Form 1040A, line 16. 10 40 ez tax form You may be able to deduct expenses that are more than the $250 (or $500) limit on Schedule A (Form 1040), line 21. 10 40 ez tax form Eligible educator. 10 40 ez tax form   An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who worked in a school for at least 900 hours during a school year. 10 40 ez tax form Qualified expenses. 10 40 ez tax form   Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. 10 40 ez tax form An ordinary expense is one that is common and accepted in your educational field. 10 40 ez tax form A necessary expense is one that is helpful and appropriate for your profession as an educator. 10 40 ez tax form An expense does not have to be required to be considered necessary. 10 40 ez tax form   Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. 10 40 ez tax form   You must reduce your qualified expenses by the following amounts. 10 40 ez tax form Excludable U. 10 40 ez tax form S. 10 40 ez tax form series EE and I savings bond interest from Form 8815. 10 40 ez tax form See Figuring the Tax-Free Amount in chapter 10 of Publication 970. 10 40 ez tax form Nontaxable qualified tuition program earnings or distributions. 10 40 ez tax form See Figuring the Taxable Portion of a Distribution in chapter 8 of Publication 970. 10 40 ez tax form Nontaxable distribution of earnings from a Coverdell education savings account. 10 40 ez tax form See Figuring the Taxable Portion of a Distribution in chapter 7 of Publication 970. 10 40 ez tax form Any reimbursements you received for these expenses that were not reported to you in box 1 of your Form W-2. 10 40 ez tax form Prev  Up  Next   Home   More Online Publications
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Market Segment Understandings (MSU)

The IRS, in a continuing effort to increase tax compliance and at the same time reduce taxpayer burden, has expanded its MSU Program into other industries. The newest additions are new voluntary compliance agreements for all industries where tipping is customary.

These voluntary compliance agreements are designed to enhance tax compliance among tipped employees through taxpayer education instead of through traditional enforcement actions, such as tip examinations.

Tip agreements available are:

EmTRAC - Employer-designed Tip Reporting Alternative Commitment (PDF). Taxpayers in the Food and beverage industry designing their own tip compliance program in conjunction with the IRS.

Page Last Reviewed or Updated: 27-Dec-2013

The 10 40 Ez Tax Form

10 40 ez tax form 29. 10 40 ez tax form   Límite sobre Deducciones Detalladas Table of Contents Introduction Useful Items - You may want to see: ¿Está Usted Sujeto al Límite? ¿Qué Deducciones Detalladas Están Limitadas? ¿Qué Deducciones Detalladas no Están Limitadas? ¿Cómo se Calcula el Límite?Ejemplo Introduction Este capítulo trata del límite general sobre las deducciones detalladas en el Anexo A (Formulario 1040). 10 40 ez tax form Los temas abarcan: Quién está sujeto al límite. 10 40 ez tax form Qué deducciones detalladas están limitadas. 10 40 ez tax form Cómo calcular el límite. 10 40 ez tax form Useful Items - You may want to see: Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés. 10 40 ez tax form ¿Está Usted Sujeto al Límite? Si tiene ingresos brutos ajustados (AGI, por sus siglas en inglés) de más de $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado, está sujeto al límite sobre determinadas deducciones detalladas. 10 40 ez tax form El ingreso bruto ajustado (AGI) es la cantidad de la línea 38 (Formulario 1040). 10 40 ez tax form ¿Qué Deducciones Detalladas Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) están sujetas al límite general sobre las deducciones detalladas: Impuestos pagados —línea 9. 10 40 ez tax form Intereses pagados —líneas 10,11,12 y 13. 10 40 ez tax form Donaciones a organizaciones caritativas —línea 19. 10 40 ez tax form Gastos laborales y determinadas deducciones misceláneas —línea 27. 10 40 ez tax form Otras deducciones misceláneas —línea 28, excluyendo pérdidas por apuestas y juegos de azar y por hecho fortuito o robo. 10 40 ez tax form ¿Qué Deducciones Detalladas no Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) no están sujetas al límite general sobre las deducciones detalladas. 10 40 ez tax form Sin embargo, igualmente están sujetas a otros límites aplicables. 10 40 ez tax form Gastos médicos y dentales —línea 4. 10 40 ez tax form Gastos de intereses de inversión —línea 14. 10 40 ez tax form Pérdidas por hecho fortuito y robo de bienes de uso personal —línea 20. 10 40 ez tax form Pérdidas por hecho fortuito y robo de bienes que generan ingresos —línea 28. 10 40 ez tax form Pérdidas por apuestas y juegos de azar —línea 28. 10 40 ez tax form ¿Cómo se Calcula el Límite? Si las deducciones detalladas están sujetas al límite, el total de todas sus deducciones detalladas es reducido por la cantidad menor de uno de: el 80% de las deducciones detalladas afectadas por el límite. 10 40 ez tax form Vea ¿Qué Deducciones Detalladas Están Limitadas? , anteriormente o el 3% de la cantidad por la cual los ingresos brutos ajustados sobrepasen $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado. 10 40 ez tax form Antes de calcular el límite general sobre las deducciones detalladas, primero tiene que llenar las líneas 1 a 28 del Anexo A (Formulario 1040), incluyendo todo formulario afín (tal como el Formulario 2106, el Formulario 4684, etc. 10 40 ez tax form ) El límite general sobre las deducciones detalladas se calcula después de haberse aplicado cualquier otro límite sobre la asignación de alguna deducción detallada. 10 40 ez tax form Estos límites adicionales abarcan los límites sobre donaciones caritativas (capítulo 24), el límite sobre determinados gastos de comida y entretenimiento (capítulo 26) y el límite del 2% de los ingresos brutos ajustados sobre determinadas deducciones misceláneas (capítulo 28). 10 40 ez tax form Hoja de trabajo de deducciones detalladas. 10 40 ez tax form   Después de completar hasta la línea 28, inclusive, del Anexo A (Formulario 1040), puede utilizar la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite. 10 40 ez tax form Anote el resultado en la línea 29 del Anexo A (Formulario 1040). 10 40 ez tax form Guarde la hoja de trabajo con su documentación. 10 40 ez tax form Debe comparar la cantidad de la deducción estándar con la cantidad de las deducciones detalladas después de aplicar el límite. 10 40 ez tax form Utilice la cantidad mayor cuando complete la línea 40 (Formulario 1040). 10 40 ez tax form Vea el capítulo 20 para información sobre cómo calcular la deducción estándar. 10 40 ez tax form Ejemplo Para el año tributario 2013, Guillermo y Teresa Valdez presentan la declaración conjunta en el Formulario 1040. 10 40 ez tax form Tienen ingresos brutos ajustados de $325,500 en la línea 38. 10 40 ez tax form Las deducciones detalladas de su Anexo A son las siguientes: Impuestos pagados —línea 9   $ 17,900 Intereses pagados —líneas 10,11,12 y 13   45,000 Gasto de intereses de inversión  —línea 14   41,000 Donaciones a organizaciones caritativas —línea 19   21,000 Gastos laborales —línea 27   17,240 Total   $142,140       La deducción por gastos de intereses de inversión de los Valdez ($41,000 de la línea 14 del Anexo A (Formulario 1040) no está sujeta al límite general de las deducciones detalladas. 10 40 ez tax form Los Valdez utilizan la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite general. 10 40 ez tax form Del total de las deducciones detalladas de $142,140, los Valdez pueden deducir sólo $141,375 ($142,140 - $765). 10 40 ez tax form Anotan $141,375 en la línea 29 del Anexo A (Formulario 1040). 10 40 ez tax form Prev  Up  Next   Home   More Online Publications