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2010 Form 1040ez Instructions

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2010 Form 1040ez Instructions

2010 form 1040ez instructions 10. 2010 form 1040ez instructions   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. 2010 form 1040ez instructions Eligible educational institution. 2010 form 1040ez instructions Dependent for whom you claim an exemption. 2010 form 1040ez instructions MAGI when using Form 1040A. 2010 form 1040ez instructions MAGI when using Form 1040. 2010 form 1040ez instructions Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions savings bonds. 2010 form 1040ez instructions If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. 2010 form 1040ez instructions However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. 2010 form 1040ez instructions Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. 2010 form 1040ez instructions You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. 2010 form 1040ez instructions Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. 2010 form 1040ez instructions Your filing status is not married filing separately. 2010 form 1040ez instructions Qualified U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions savings bonds. 2010 form 1040ez instructions   A qualified U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions savings bond is a series EE bond issued after 1989 or a series I bond. 2010 form 1040ez instructions The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). 2010 form 1040ez instructions   The owner must be at least 24 years old before the bond's issue date. 2010 form 1040ez instructions The issue date is printed on the front of the savings bond. 2010 form 1040ez instructions    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). 2010 form 1040ez instructions Qualified education expenses. 2010 form 1040ez instructions   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. 2010 form 1040ez instructions Tuition and fees required to enroll at or attend an eligible educational institution. 2010 form 1040ez instructions Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. 2010 form 1040ez instructions Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). 2010 form 1040ez instructions Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). 2010 form 1040ez instructions Adjusted qualified education expenses. 2010 form 1040ez instructions   You must reduce your qualified education expenses by all of the following tax-free benefits. 2010 form 1040ez instructions Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). 2010 form 1040ez instructions Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). 2010 form 1040ez instructions Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). 2010 form 1040ez instructions Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). 2010 form 1040ez instructions Any expenses used in figuring the American opportunity and lifetime learning credits. 2010 form 1040ez instructions See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. 2010 form 1040ez instructions Eligible educational institution. 2010 form 1040ez instructions   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. 2010 form 1040ez instructions S. 2010 form 1040ez instructions Department of Education. 2010 form 1040ez instructions It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2010 form 1040ez instructions The educational institution should be able to tell you if it is an eligible educational institution. 2010 form 1040ez instructions   Certain educational institutions located outside the United States also participate in the U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions Department of Education's Federal Student Aid (FSA) programs. 2010 form 1040ez instructions Dependent for whom you claim an exemption. 2010 form 1040ez instructions   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. 2010 form 1040ez instructions Modified adjusted gross income (MAGI). 2010 form 1040ez instructions   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. 2010 form 1040ez instructions However, as discussed below, there may be other modifications. 2010 form 1040ez instructions MAGI when using Form 1040A. 2010 form 1040ez instructions   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). 2010 form 1040ez instructions MAGI when using Form 1040. 2010 form 1040ez instructions   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. 2010 form 1040ez instructions    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. 2010 form 1040ez instructions If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. 2010 form 1040ez instructions Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. 2010 form 1040ez instructions Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). 2010 form 1040ez instructions    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. 2010 form 1040ez instructions Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. 2010 form 1040ez instructions See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. 2010 form 1040ez instructions Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. 2010 form 1040ez instructions However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. 2010 form 1040ez instructions To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. 2010 form 1040ez instructions The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. 2010 form 1040ez instructions The denominator (bottom part) of the fraction is the total proceeds you received during the year. 2010 form 1040ez instructions Example. 2010 form 1040ez instructions In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. 2010 form 1040ez instructions S. 2010 form 1040ez instructions savings bond. 2010 form 1040ez instructions They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. 2010 form 1040ez instructions In 2013, they paid $7,650 of their daughter's college tuition. 2010 form 1040ez instructions They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. 2010 form 1040ez instructions Their MAGI for 2013 was $80,000. 2010 form 1040ez instructions   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. 2010 form 1040ez instructions They must pay tax on the remaining $450 ($3,000 − $2,550) interest. 2010 form 1040ez instructions Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. 2010 form 1040ez instructions Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. 2010 form 1040ez instructions Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. 2010 form 1040ez instructions Attach Form 8815 to your tax return. 2010 form 1040ez instructions Prev  Up  Next   Home   More Online Publications
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The 2010 Form 1040ez Instructions

2010 form 1040ez instructions 6. 2010 form 1040ez instructions   Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. 2010 form 1040ez instructions If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. 2010 form 1040ez instructions These additional contributions cannot be made with after-tax employee contributions. 2010 form 1040ez instructions You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. 2010 form 1040ez instructions The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. 2010 form 1040ez instructions Figuring catch-up contributions. 2010 form 1040ez instructions   When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. 2010 form 1040ez instructions Qualified retirement plans. 2010 form 1040ez instructions (To determine if your plan is a qualified plan, ask your plan administrator. 2010 form 1040ez instructions ) 403(b) plans. 2010 form 1040ez instructions Simplified employee pension (SEP) plans. 2010 form 1040ez instructions SIMPLE plans. 2010 form 1040ez instructions   The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. 2010 form 1040ez instructions For 2013 the limit is $5,500, unchanged for 2014. 2010 form 1040ez instructions    If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. 2010 form 1040ez instructions    Catch-up contributions do not affect your MAC. 2010 form 1040ez instructions Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. 2010 form 1040ez instructions You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. 2010 form 1040ez instructions Prev  Up  Next   Home   More Online Publications