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

E file tax returns Publication 584 - Main Content Table of Contents LossesCost or other basis. E file tax returns Fair market value. E file tax returns Exception for personal-use real property. E file tax returns More information. E file tax returns Comments and SuggestionsOrdering forms and publications. E file tax returns Tax questions. E file tax returns How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). E file tax returns Losses Generally, you may deduct losses to your home, household goods, and motor vehicles on your federal income tax return. E file tax returns However, you may not deduct a casualty or theft loss that is covered by insurance unless you filed a timely insurance claim for reimbursement. E file tax returns Any reimbursement you receive will reduce the loss. E file tax returns If you did not file an insurance claim, you may deduct only the part of the loss that was not covered by insurance. E file tax returns Amount of loss. E file tax returns   You figure the amount of your loss using the following steps. E file tax returns Determine your cost or other basis in the property before the casualty or theft. E file tax returns Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft. E file tax returns (The decrease in FMV is the difference between the property's value immediately before and immediately after the casualty or theft. E file tax returns ) From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. E file tax returns Apply the deduction limits, discussed later, to determine the amount of your deductible loss. E file tax returns Cost or other basis. E file tax returns   Cost or other basis usually means original cost plus improvements. E file tax returns If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. E file tax returns If you inherited the property from someone who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. E file tax returns Fair market value. E file tax returns   FMV is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. E file tax returns When filling out Schedules 1 through 20, you need to know the FMV of the property immediately before and immediately after the disaster, casualty, or theft. E file tax returns Separate computations. E file tax returns   Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. E file tax returns Then combine the losses to determine the total loss from that casualty or theft. E file tax returns Exception for personal-use real property. E file tax returns   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. E file tax returns Figure the loss using the smaller of the following. E file tax returns The decrease in FMV of the entire property. E file tax returns The adjusted basis of the entire property. E file tax returns Deduction limits. E file tax returns   After you have figured the amount of your loss, as discussed earlier, you must figure how much of the loss you can deduct. E file tax returns You do this on Form 4684, section A. E file tax returns If the loss was to property for your personal use or your family's, there are two limits on the amount you can deduct for your casualty or theft loss. E file tax returns You must reduce each casualty or theft loss by $100 ($100 rule). E file tax returns You must further reduce the total of all your losses by 10% of your adjusted gross income (10% rule). E file tax returns More information. E file tax returns   For more information about the deduction limits, see Publication 547. E file tax returns When your loss is deductible. E file tax returns   You can generally deduct a casualty or disaster area loss only in the tax year in which the casualty or disaster occurred. E file tax returns You can generally deduct a theft loss only in the year you discovered your property was stolen. E file tax returns However, you can choose to deduct disaster area losses on your return for the year immediately before the year of the disaster if the President has declared your area a federal disaster area. E file tax returns For details, see Disaster Area Losses in Publication 547. E file tax returns Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. E file tax returns You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. E file tax returns NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. E file tax returns Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. E file tax returns You can email us at taxforms@irs. E file tax returns gov. E file tax returns Please put “Publications Comment” on the subject line. E file tax returns You can also send us comments from www. E file tax returns irs. E file tax returns gov/formspubs. E file tax returns Select “Comment on Tax Forms and Publications” under “Information about. E file tax returns ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. E file tax returns Ordering forms and publications. E file tax returns   Visit www. E file tax returns irs. E file tax returns gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. E file tax returns Internal Revenue Service 1201 N. E file tax returns Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. E file tax returns   If you have a tax question, check the information available on IRS. E file tax returns gov or call 1-800-829-1040. E file tax returns We cannot answer tax questions sent to either of the above addresses. E file tax returns How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. E file tax returns By selecting the method that is best for you, you will have quick and easy access to tax help. E file tax returns Free help with your return. E file tax returns   Free help in preparing your return is available nationwide from IRS-certified volunteers. E file tax returns The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. E file tax returns Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. E file tax returns To find the nearest VITA or TCE site, visit IRS. E file tax returns gov or call 1-800-906-9887 or 1-800-829-1040. E file tax returns   As part of the TCE program, AARP offers the Tax-Aide counseling program. E file tax returns To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. E file tax returns aarp. E file tax returns org/money/taxaide. E file tax returns   For more information on these programs, go to IRS. E file tax returns gov and enter keyword “VITA” in the upper right-hand corner. E file tax returns Internet. E file tax returns You can access the IRS website at IRS. E file tax returns gov 24 hours a day, 7 days a week to: E-file your return. E file tax returns Find out about commercial tax preparation and e-file services available free to eligible taxpayers. E file tax returns Check the status of your 2011 refund. E file tax returns Go to IRS. E file tax returns gov and click on Where's My Refund. E file tax returns Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. E file tax returns If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). E file tax returns Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. E file tax returns Download forms, including talking tax forms, instructions, and publications. E file tax returns Order IRS products online. E file tax returns Research your tax questions online. E file tax returns Search publications online by topic or keyword. E file tax returns Use the online Internal Revenue Code, regulations, or other official guidance. E file tax returns View Internal Revenue Bulletins (IRBs) published in the last few years. E file tax returns Figure your withholding allowances using the withholding calculator online at www. E file tax returns irs. E file tax returns gov/individuals. E file tax returns Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. E file tax returns irs. E file tax returns gov/individuals. E file tax returns Sign up to receive local and national tax news by email. E file tax returns Get information on starting and operating a small business. E file tax returns Phone. E file tax returns Many services are available by phone. E file tax returns   Ordering forms, instructions, and publications. E file tax returns Call 1-800-TAX -FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. E file tax returns You should receive your order within 10 days. E file tax returns Asking tax questions. E file tax returns Call the IRS with your tax questions at 1-800-829-1040. E file tax returns Solving problems. E file tax returns You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. E file tax returns An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. E file tax returns Call your local Taxpayer Assistance Center for an appointment. E file tax returns To find the number, go to www. E file tax returns irs. E file tax returns gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. E file tax returns TTY/TDD equipment. E file tax returns If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. E file tax returns TeleTax topics. E file tax returns Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. E file tax returns Refund information. E file tax returns To check the status of your 2011 refund, call 1-800-829-1954 or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). E file tax returns Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. E file tax returns If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). E file tax returns Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. E file tax returns If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. E file tax returns Other refund information. E file tax returns To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. E file tax returns Evaluating the quality of our telephone services. E file tax returns To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. E file tax returns One method is for a second IRS representative to listen in on or record random telephone calls. E file tax returns Another is to ask some callers to complete a short survey at the end of the call. E file tax returns Walk-in. E file tax returns Many products and services are available on a walk-in basis. E file tax returns   Products. E file tax returns You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. E file tax returns Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. E file tax returns Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. E file tax returns Services. E file tax returns You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. E file tax returns An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. E file tax returns If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. E file tax returns No appointment is necessary—just walk in. E file tax returns If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. E file tax returns A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. E file tax returns If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. E file tax returns All other issues will be handled without an appointment. E file tax returns To find the number of your local office, go to  www. E file tax returns irs. E file tax returns gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. E file tax returns Mail. E file tax returns You can send your order for forms, instructions, and publications to the address below. E file tax returns You should receive a response within 10 days after your request is received. E file tax returns  Internal Revenue Service 1201 N. E file tax returns Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. E file tax returns   The Taxpayer Advocate Service (TAS) is your voice at the IRS. E file tax returns Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. E file tax returns We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. E file tax returns Remember, the worst thing you can do is nothing at all. E file tax returns   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. E file tax returns You face (or your business is facing) an immediate threat of adverse action. E file tax returns You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. E file tax returns   If you qualify for our help, we’ll do everything we can to get your problem resolved. E file tax returns You will be assigned to one advocate who will be with you at every turn. E file tax returns We have offices in every state, the District of Columbia, and Puerto Rico. E file tax returns Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. E file tax returns And our services are always free. E file tax returns   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. E file tax returns Our tax toolkit at www. E file tax returns TaxpayerAdvocate. E file tax returns irs. E file tax returns gov can help you understand these rights. E file tax returns   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. E file tax returns irs. E file tax returns gov/advocate. E file tax returns You can also call our toll-free number at 1-877-777-4778 or TTY/TDD 1-800-829-4059. E file tax returns   TAS also handles large-scale or systemic problems that affect many taxpayers. E file tax returns If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. E file tax returns irs. E file tax returns gov/advocate. E file tax returns Low Income Taxpayer Clinics (LITCs). E file tax returns   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. E file tax returns Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. E file tax returns These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. E file tax returns Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. E file tax returns For more information and to find a clinic near you, see the LITC page on www. E file tax returns irs. E file tax returns gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. E file tax returns This publication is also available by calling 1-800-829-3676 or at your local IRS office. E file tax returns Free tax services. E file tax returns   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. E file tax returns Learn about free tax information from the IRS, including publications, services, and education and assistance programs. E file tax returns The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. E file tax returns The majority of the information and services listed in this publication are available to you free of charge. E file tax returns If there is a fee associated with a resource or service, it is listed in the publication. E file tax returns   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. E file tax returns DVD for tax products. E file tax returns You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. E file tax returns Prior-year forms, instructions, and publications. E file tax returns Tax Map: an electronic research tool and finding aid. E file tax returns Tax law frequently asked questions. E file tax returns Tax Topics from the IRS telephone response system. E file tax returns Internal Revenue Code—Title 26 of the U. E file tax returns S. E file tax returns Code. E file tax returns Links to other Internet based Tax Research Materials. E file tax returns Fill-in, print, and save features for most tax forms. E file tax returns Internal Revenue Bulletins. E file tax returns Toll-free and email technical support. E file tax returns Two releases during the year. E file tax returns  – The first release will ship the beginning of January 2012. E file tax returns  – The final release will ship the beginning of March 2012. E file tax returns Purchase the DVD from National Technical Information Service (NTIS) at www. E file tax returns irs. E file tax returns gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). E file tax returns Prev  Up  Next   Home   More Online Publications