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2011 Online Tax Software

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2011 online tax software 4. 2011 online tax software   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. 2011 online tax software 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. 2011 online tax software 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. 2011 online tax software This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. 2011 online tax software The student loan interest deduction is taken as an adjustment to income. 2011 online tax software This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). 2011 online tax software This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. 2011 online tax software Table 4-1. 2011 online tax software Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. 2011 online tax software Do not rely on this table alone. 2011 online tax software Refer to the text for complete details. 2011 online tax software Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. 2011 online tax software 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. 2011 online tax software Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. 2011 online tax software Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. 2011 online tax software Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). 2011 online tax software Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. 2011 online tax software It includes both required and voluntary interest payments. 2011 online tax software 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 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 for an eligible student. 2011 online tax software Loans from the following sources are not qualified student loans. 2011 online tax software A related person. 2011 online tax software A qualified employer plan. 2011 online tax software Your dependent. 2011 online tax software   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. 2011 online tax software You can find more information about dependents in Publication 501. 2011 online tax software Exceptions. 2011 online tax software   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. 2011 online tax software An individual can be your dependent even if you are the dependent of another taxpayer. 2011 online tax software An individual can be your dependent even if the individual files a joint return with a spouse. 2011 online tax software 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). 2011 online tax software Reasonable period of time. 2011 online tax software   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. 2011 online tax software   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. 2011 online tax software The expenses relate to a specific academic period, and 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. 2011 online tax software   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. 2011 online tax software Academic period. 2011 online tax software   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. 2011 online tax software 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. 2011 online tax software Eligible student. 2011 online tax software   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. 2011 online tax software Enrolled at least half-time. 2011 online tax software   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. 2011 online tax software   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. 2011 online tax software However, the standard may not be lower than any of those established by the U. 2011 online tax software S. 2011 online tax software Department of Education under the Higher Education Act of 1965. 2011 online tax software Related person. 2011 online tax software   You cannot deduct interest on a loan you get from a related person. 2011 online tax software Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. 2011 online tax software ), Your lineal descendants (children, grandchildren, etc. 2011 online tax software ), and Certain corporations, partnerships, trusts, and exempt organizations. 2011 online tax software Qualified employer plan. 2011 online tax software   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. 2011 online tax software 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. 2011 online tax software They include amounts paid for the following items. 2011 online tax software Tuition and fees. 2011 online tax software Room and board. 2011 online tax software Books, supplies, and equipment. 2011 online tax software Other necessary expenses (such as transportation). 2011 online tax software The cost of room and board qualifies only to the extent that it is not more than the greater of: 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 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 2011 online tax software Eligible educational institution. 2011 online tax software   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. 2011 online tax software S. 2011 online tax software Department of Education. 2011 online tax software It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2011 online tax software   Certain educational institutions located outside the United States also participate in the U. 2011 online tax software S. 2011 online tax software Department of Education's Federal Student Aid (FSA) programs. 2011 online tax software   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. 2011 online tax software   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. 2011 online tax software The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. 2011 online tax software    The educational institution should be able to tell you if it is an eligible educational institution. 2011 online tax software Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. 2011 online tax software Employer-provided educational assistance. 2011 online tax software See chapter 11, Employer-Provided Educational Assistance . 2011 online tax software Tax-free distribution of earnings from a Coverdell education savings account (ESA). 2011 online tax software See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. 2011 online tax software Tax-free distribution of earnings from a qualified tuition program (QTP). 2011 online tax software See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. 2011 online tax software U. 2011 online tax software S. 2011 online tax software savings bond interest that you exclude from income because it is used to pay qualified education expenses. 2011 online tax software See chapter 10, Education Savings Bond Program . 2011 online tax software The tax-free part of scholarships and fellowships. 2011 online tax software See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. 2011 online tax software Veterans' educational assistance. 2011 online tax software See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. 2011 online tax software Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2011 online tax software Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. 2011 online tax software Loan origination fee. 2011 online tax software   In general, this is a one-time fee charged by the lender when a loan is made. 2011 online tax software To be deductible as interest, a loan origination 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. 2011 online tax software A loan origination fee treated as interest accrues over the term of the loan. 2011 online tax software   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. 2011 online tax software If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. 2011 online tax software The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. 2011 online tax software A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. 2011 online tax software Example. 2011 online tax software In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. 2011 online tax software The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. 2011 online tax software Bill began making payments on his student loan in 2013. 2011 online tax software Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. 2011 online tax software Bill's loan is payable in 120 equal monthly payments. 2011 online tax software He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). 2011 online tax software Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. 2011 online tax software To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. 2011 online tax software Capitalized interest. 2011 online tax software   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. 2011 online tax software Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. 2011 online tax software No deduction for capitalized interest is allowed in a year in which no loan payments were made. 2011 online tax software Interest on revolving lines of credit. 2011 online tax software   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. 2011 online tax software See Qualified Education Expenses , earlier. 2011 online tax software Interest on refinanced student loans. 2011 online tax software   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. 2011 online tax software    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. 2011 online tax software Voluntary interest payments. 2011 online tax software   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. 2011 online tax software Example. 2011 online tax software The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. 2011 online tax software He began making payments as required. 2011 online tax software In September 2013, Roger enrolled in graduate school on a full-time basis. 2011 online tax software He applied for and was granted deferment of his loan payments while in graduate school. 2011 online tax software Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. 2011 online tax software Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. 2011 online tax software Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. 2011 online tax software To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. 2011 online tax software Example. 2011 online tax software In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. 2011 online tax software The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. 2011 online tax software The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. 2011 online tax software At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. 2011 online tax software The loan is payable over 60 months, with a payment of $200. 2011 online tax software 51 due on the first of each month, beginning November 2013. 2011 online tax software Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. 2011 online tax software However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). 2011 online tax software Payment Date   Payment   Stated Interest   Principal November 2013   $200. 2011 online tax software 51   $44. 2011 online tax software 27   $156. 2011 online tax software 24 December 2013   $200. 2011 online tax software 51   $43. 2011 online tax software 62   $156. 2011 online tax software 89 Totals   $401. 2011 online tax software 02   $87. 2011 online tax software 89   $313. 2011 online tax software 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. 2011 online tax software 89. 2011 online tax software Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). 2011 online tax software A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. 2011 online tax software Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. 2011 online tax software Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. 2011 online tax software 02 ($87. 2011 online tax software 89 + $10 + $303. 2011 online tax software 13). 2011 online tax software For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. 2011 online tax software She also will apply the remaining amount of capitalized interest ($625 − $303. 2011 online tax software 13 = $321. 2011 online tax software 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. 2011 online tax software Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. 2011 online tax software Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. 2011 online tax software Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. 2011 online tax software 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. 2011 online tax software For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. 2011 online tax software When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. 2011 online tax software Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. 2011 online tax software Your filing status is any filing status except married filing separately. 2011 online tax software No one else is claiming an exemption for you on his or her tax return. 2011 online tax software You are legally obligated to pay interest on a qualified student loan. 2011 online tax software You paid interest on a qualified student loan. 2011 online tax software Claiming an exemption for you. 2011 online tax software   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. 2011 online tax software Example 1. 2011 online tax software During 2013, Josh paid $600 interest on his qualified student loan. 2011 online tax software Only he is legally obligated to make the payments. 2011 online tax software No one claimed an exemption for Josh for 2013. 2011 online tax software Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. 2011 online tax software Example 2. 2011 online tax software During 2013, Jo paid $1,100 interest on her qualified student loan. 2011 online tax software Only she is legally obligated to make the payments. 2011 online tax software Jo's parents claimed an exemption for her on their 2013 tax return. 2011 online tax software In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. 2011 online tax software Interest paid by others. 2011 online tax software   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. 2011 online tax software Example 1. 2011 online tax software Darla obtained a qualified student loan to attend college. 2011 online tax software After Darla's graduation from college, she worked as an intern for a nonprofit organization. 2011 online tax software As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. 2011 online tax software This payment was treated as additional compensation and reported in box 1 of her Form W-2. 2011 online tax software Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. 2011 online tax software Example 2. 2011 online tax software Ethan obtained a qualified student loan to attend college. 2011 online tax software After graduating from college, the first monthly payment on his loan was due in December. 2011 online tax software As a gift, Ethan's mother made this payment for him. 2011 online tax software No one is claiming a dependency exemption for Ethan on his or her tax return. 2011 online tax software Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. 2011 online tax software 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, as home mortgage interest). 2011 online tax software Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. 2011 online tax software However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. 2011 online tax software You can use Worksheet 4-1. 2011 online tax software Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. 2011 online tax software Form 1098-E. 2011 online tax software   To help you figure your student loan interest deduction, you should receive Form 1098-E. 2011 online tax software 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. 2011 online tax software   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. 2011 online tax software Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. 2011 online tax software However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. 2011 online tax software See Allocating Payments Between Interest and Principal , earlier. 2011 online tax software    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. 2011 online tax software The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. 2011 online tax software Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction 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). 2011 online tax software 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). 2011 online tax software Modified adjusted gross income (MAGI). 2011 online tax software   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. 2011 online tax software However, as discussed below, there may be other modifications. 2011 online tax software Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. 2011 online tax software Table 4-2. 2011 online tax software Effect of MAGI on Student Loan Interest Deduction IF your filing status is. 2011 online tax software . 2011 online tax software . 2011 online tax software AND your MAGI is. 2011 online tax software . 2011 online tax software . 2011 online tax software THEN your student loan interest deduction is. 2011 online tax software . 2011 online tax software . 2011 online tax software single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. 2011 online tax software more than $60,000  but less than $75,000 reduced because of the phaseout. 2011 online tax software $75,000 or more eliminated by the phaseout. 2011 online tax software married filing joint return not more than $125,000 not affected by the phaseout. 2011 online tax software more than $125,000 but less than $155,000 reduced because of the phaseout. 2011 online tax software $155,000 or more eliminated by the phaseout. 2011 online tax software MAGI when using Form 1040A. 2011 online tax software   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). 2011 online tax software MAGI when using Form 1040. 2011 online tax software   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (domestic production activities deduction), 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, and Exclusion of income by bona fide residents of Puerto Rico. 2011 online tax software MAGI when using Form 1040NR. 2011 online tax software   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). 2011 online tax software MAGI when using Form 1040NR-EZ. 2011 online tax software   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). 2011 online tax software Phaseout. 2011 online tax software   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. 2011 online tax software To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. 2011 online tax software The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). 2011 online tax software The denominator is $15,000 ($30,000 in the case of a joint return). 2011 online tax software Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. 2011 online tax software Example 1. 2011 online tax software During 2013 you paid $800 interest on a qualified student loan. 2011 online tax software Your 2013 MAGI is $145,000 and you are filing a joint return. 2011 online tax software You must reduce your deduction by $533, figured as follows. 2011 online tax software   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). 2011 online tax software Example 2. 2011 online tax software The facts are the same as in Example 1 except that you paid $2,750 interest. 2011 online tax software Your maximum deduction for 2013 is $2,500. 2011 online tax software You must reduce your maximum deduction by $1,667, figured as follows. 2011 online tax software   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). 2011 online tax software Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. 2011 online tax software However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. 2011 online tax software Student Loan Interest Deduction Worksheet at the end of this chapter. 2011 online tax software Claiming the Deduction The student loan interest deduction is an adjustment to income. 2011 online tax software To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). 2011 online tax software Worksheet 4-1. 2011 online tax software Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. 2011 online tax software Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. 2011 online tax software 1. 2011 online tax software Enter the total interest you paid in 2013 on qualified student loans. 2011 online tax software Do not enter  more than $2,500 1. 2011 online tax software   2. 2011 online tax software Enter the amount from Form 1040, line 22 2. 2011 online tax software       3. 2011 online tax software Enter the total of the amounts from Form 1040,  lines 23 through 32 3. 2011 online tax software           4. 2011 online tax software Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. 2011 online tax software           5. 2011 online tax software Add lines 3 and 4 5. 2011 online tax software       6. 2011 online tax software Subtract line 5 from line 2 6. 2011 online tax software       7. 2011 online tax software Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. 2011 online tax software       8. 2011 online tax software Enter any foreign housing deduction (Form 2555, line 50) 8. 2011 online tax software       9. 2011 online tax software Enter the amount of income from Puerto Rico you are excluding 9. 2011 online tax software       10. 2011 online tax software Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. 2011 online tax software       11. 2011 online tax software Add lines 6 through 10. 2011 online tax software This is your modified adjusted gross income 11. 2011 online tax software   12. 2011 online tax software Enter the amount shown below for your filing status 12. 2011 online tax software     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. 2011 online tax software Is the amount on line 11 more than the amount on line 12?       □ No. 2011 online tax software Skip lines 13 and 14, enter -0- on line 15, and go to line 16. 2011 online tax software       □ Yes. 2011 online tax software Subtract line 12 from line 11 13. 2011 online tax software   14. 2011 online tax software Divide line 13 by $15,000 ($30,000 if married filing jointly). 2011 online tax software Enter the result as a decimal  (rounded to at least three places). 2011 online tax software If the result is 1. 2011 online tax software 000 or more, enter 1. 2011 online tax software 000 14. 2011 online tax software . 2011 online tax software 15. 2011 online tax software Multiply line 1 by line 14 15. 2011 online tax software   16. 2011 online tax software Student loan interest deduction. 2011 online tax software Subtract line 15 from line 1. 2011 online tax software Enter the result here  and on Form 1040, line 33. 2011 online tax software Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. 2011 online tax software ) 16. 2011 online tax software   Prev  Up  Next   Home   More Online Publications
 
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IRS Radio PSAs

The latest IRS radio Public Service Announcements (PSA) can be played during calendar year 2014. The files are :30 and :60 in English and Spanish MP3 format. The PSA files and text transcripts of each recording are downloadable.

 

2014 Radio PSAs

:30 :60 Format - English

Topics Text Script Seconds
Choosing a Preparer Text :30
Choosing a Preparer Text :60
Common Error Text :30
Earned Income Tax Credit (EITC) Text :30
EITC "The List" Text :30
Identity Theft Text :30
IRS Free File - Costs Less Than Text :30
Last Minute Tips (extensions) Text :30
Online Tax Tools Text :30
Payment Options Text :30
Q&A Text :30
Refunds Text :30
Self-Help Options Text :30
Taxpayer Montage Text :30
Transcripts Text :30
VITA-TCE Text :30
     

 

2014 Radio PSAs

:30 :60 Format - Spanish

Topics Text Script Seconds
Cómo Elegir un Preparador Texto :30
Cómo Elegir un Preparador Texto :60
Consejo Tributario de Último Minuto Texto :30
Crédito Tributario por Ingreso del Trabajo Texto :30
Errores Comunes Texto :30
Herramientas De impuestos Disponibles en Línea Texto :30
Montaje Texto :30
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2013 - Filing Your Taxes Radio PSAs

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2013 - Filing Your Taxes Radio PSAs

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IRS Free File - Less Taxing

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IRS Free File - Es Más Sencillo

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IRS Free File - es más sencillo

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IRS Free File - es más sencillo

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IRS Free File - es más sencillo

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The 2011 Online Tax Software

2011 online tax software 10. 2011 online tax software   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. 2011 online tax software Adjusted gross income. 2011 online tax software Distributions received by spouse. 2011 online tax software Testing period. 2011 online tax software If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). 2011 online tax software This credit could reduce the federal income tax you pay dollar for dollar. 2011 online tax software Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. 2011 online tax software You are not under age 18. 2011 online tax software You are not a full-time student (explained next). 2011 online tax software No one else, such as your parent(s), claims an exemption for you on their tax return. 2011 online tax software Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. 2011 online tax software Full-time student. 2011 online tax software   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. 2011 online tax software You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. 2011 online tax software Adjusted gross income. 2011 online tax software   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. 2011 online tax software However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. 2011 online tax software Eligible contributions. 2011 online tax software   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. 2011 online tax software They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. 2011 online tax software For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. 2011 online tax software Reducing eligible contributions. 2011 online tax software   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. 2011 online tax software Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. 2011 online tax software      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. 2011 online tax software Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. 2011 online tax software Loans from a qualified employer plan treated as a distribution. 2011 online tax software Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). 2011 online tax software Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). 2011 online tax software Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. 2011 online tax software Distributions from a military retirement plan. 2011 online tax software Distributions received by spouse. 2011 online tax software   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. 2011 online tax software Testing period. 2011 online tax software   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. 2011 online tax software Example. 2011 online tax software You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. 2011 online tax software You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. 2011 online tax software Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. 2011 online tax software You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. 2011 online tax software You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. 2011 online tax software Maximum eligible contributions. 2011 online tax software   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. 2011 online tax software Effect on other credits. 2011 online tax software   The amount of this credit will not change the amount of your refundable tax credits. 2011 online tax software A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. 2011 online tax software Maximum credit. 2011 online tax software   This is a nonrefundable credit. 2011 online tax software The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. 2011 online tax software If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. 2011 online tax software How to figure and report the credit. 2011 online tax software   The amount of the credit you can get is based on the contributions you make and your credit rate. 2011 online tax software The credit rate can be as low as 10% or as high as 50%. 2011 online tax software Your credit rate depends on your income and your filing status. 2011 online tax software See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. 2011 online tax software   The maximum contribution taken into account is $2,000 per person. 2011 online tax software On a joint return, up to $2,000 is taken into account for each spouse. 2011 online tax software   Figure the credit on Form 8880. 2011 online tax software Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. 2011 online tax software Prev  Up  Next   Home   More Online Publications