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Help back taxes 4. Help back taxes   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. Help back taxes 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. Help back taxes 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. Help back taxes This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Help back taxes The student loan interest deduction is taken as an adjustment to income. Help back taxes This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Help back taxes 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. Help back taxes Table 4-1. Help back taxes Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Help back taxes Do not rely on this table alone. Help back taxes Refer to the text for complete details. Help back taxes Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Help back taxes 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. Help back taxes Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Help back taxes Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Help back taxes 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). Help back taxes Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Help back taxes It includes both required and voluntary interest payments. Help back taxes 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. Help back taxes Loans from the following sources are not qualified student loans. Help back taxes A related person. Help back taxes A qualified employer plan. Help back taxes Your dependent. Help back taxes   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Help back taxes You can find more information about dependents in Publication 501. Help back taxes Exceptions. Help back taxes   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Help back taxes An individual can be your dependent even if you are the dependent of another taxpayer. Help back taxes An individual can be your dependent even if the individual files a joint return with a spouse. Help back taxes 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). Help back taxes Reasonable period of time. Help back taxes   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. Help back taxes   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. Help back taxes 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. Help back taxes   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Help back taxes Academic period. Help back taxes   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. Help back taxes 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. Help back taxes Eligible student. Help back taxes   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Help back taxes Enrolled at least half-time. Help back taxes   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. Help back taxes   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Help back taxes However, the standard may not be lower than any of those established by the U. Help back taxes S. Help back taxes Department of Education under the Higher Education Act of 1965. Help back taxes Related person. Help back taxes   You cannot deduct interest on a loan you get from a related person. Help back taxes Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Help back taxes ), Your lineal descendants (children, grandchildren, etc. Help back taxes ), and Certain corporations, partnerships, trusts, and exempt organizations. Help back taxes Qualified employer plan. Help back taxes   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Help back taxes 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. Help back taxes They include amounts paid for the following items. Help back taxes Tuition and fees. Help back taxes Room and board. Help back taxes Books, supplies, and equipment. Help back taxes Other necessary expenses (such as transportation). Help back taxes 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. Help back taxes Eligible educational institution. Help back taxes   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. Help back taxes S. Help back taxes Department of Education. Help back taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Help back taxes   Certain educational institutions located outside the United States also participate in the U. Help back taxes S. Help back taxes Department of Education's Federal Student Aid (FSA) programs. Help back taxes   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. Help back taxes   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Help back taxes The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Help back taxes    The educational institution should be able to tell you if it is an eligible educational institution. Help back taxes 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. Help back taxes Employer-provided educational assistance. Help back taxes See chapter 11, Employer-Provided Educational Assistance . Help back taxes Tax-free distribution of earnings from a Coverdell education savings account (ESA). Help back taxes See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Help back taxes Tax-free distribution of earnings from a qualified tuition program (QTP). Help back taxes See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Help back taxes U. Help back taxes S. Help back taxes savings bond interest that you exclude from income because it is used to pay qualified education expenses. Help back taxes See chapter 10, Education Savings Bond Program . Help back taxes The tax-free part of scholarships and fellowships. Help back taxes See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Help back taxes Veterans' educational assistance. Help back taxes See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Help back taxes Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Help back taxes 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. Help back taxes Loan origination fee. Help back taxes   In general, this is a one-time fee charged by the lender when a loan is made. Help back taxes 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. Help back taxes A loan origination fee treated as interest accrues over the term of the loan. Help back taxes   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Help back taxes 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. Help back taxes 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. Help back taxes A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Help back taxes Example. Help back taxes In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Help back taxes The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Help back taxes Bill began making payments on his student loan in 2013. Help back taxes 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. Help back taxes Bill's loan is payable in 120 equal monthly payments. Help back taxes He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Help back taxes Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Help back taxes 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. Help back taxes Capitalized interest. Help back taxes   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Help back taxes Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Help back taxes No deduction for capitalized interest is allowed in a year in which no loan payments were made. Help back taxes Interest on revolving lines of credit. Help back taxes   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. Help back taxes See Qualified Education Expenses , earlier. Help back taxes Interest on refinanced student loans. Help back taxes   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. Help back taxes    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. Help back taxes Voluntary interest payments. Help back taxes   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. Help back taxes Example. Help back taxes The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Help back taxes He began making payments as required. Help back taxes In September 2013, Roger enrolled in graduate school on a full-time basis. Help back taxes He applied for and was granted deferment of his loan payments while in graduate school. Help back taxes Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Help back taxes Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Help back taxes 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. Help back taxes 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. Help back taxes Example. Help back taxes In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Help back taxes The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Help back taxes The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Help back taxes 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. Help back taxes The loan is payable over 60 months, with a payment of $200. Help back taxes 51 due on the first of each month, beginning November 2013. Help back taxes 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. Help back taxes 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). Help back taxes Payment Date   Payment   Stated Interest   Principal November 2013   $200. Help back taxes 51   $44. Help back taxes 27   $156. Help back taxes 24 December 2013   $200. Help back taxes 51   $43. Help back taxes 62   $156. Help back taxes 89 Totals   $401. Help back taxes 02   $87. Help back taxes 89   $313. Help back taxes 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. Help back taxes 89. Help back taxes Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Help back taxes A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Help back taxes 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. Help back taxes Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Help back taxes 02 ($87. Help back taxes 89 + $10 + $303. Help back taxes 13). Help back taxes 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. Help back taxes She also will apply the remaining amount of capitalized interest ($625 − $303. Help back taxes 13 = $321. Help back taxes 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. Help back taxes Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Help back taxes Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Help back taxes Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Help back taxes 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. Help back taxes For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Help back taxes 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. Help back taxes Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Help back taxes Your filing status is any filing status except married filing separately. Help back taxes No one else is claiming an exemption for you on his or her tax return. Help back taxes You are legally obligated to pay interest on a qualified student loan. Help back taxes You paid interest on a qualified student loan. Help back taxes Claiming an exemption for you. Help back taxes   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. Help back taxes Example 1. Help back taxes During 2013, Josh paid $600 interest on his qualified student loan. Help back taxes Only he is legally obligated to make the payments. Help back taxes No one claimed an exemption for Josh for 2013. Help back taxes Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Help back taxes Example 2. Help back taxes During 2013, Jo paid $1,100 interest on her qualified student loan. Help back taxes Only she is legally obligated to make the payments. Help back taxes Jo's parents claimed an exemption for her on their 2013 tax return. Help back taxes In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Help back taxes Interest paid by others. Help back taxes   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. Help back taxes Example 1. Help back taxes Darla obtained a qualified student loan to attend college. Help back taxes After Darla's graduation from college, she worked as an intern for a nonprofit organization. Help back taxes As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Help back taxes This payment was treated as additional compensation and reported in box 1 of her Form W-2. Help back taxes Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Help back taxes Example 2. Help back taxes Ethan obtained a qualified student loan to attend college. Help back taxes After graduating from college, the first monthly payment on his loan was due in December. Help back taxes As a gift, Ethan's mother made this payment for him. Help back taxes No one is claiming a dependency exemption for Ethan on his or her tax return. Help back taxes Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Help back taxes 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). Help back taxes Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Help back taxes However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Help back taxes You can use Worksheet 4-1. Help back taxes Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Help back taxes Form 1098-E. Help back taxes   To help you figure your student loan interest deduction, you should receive Form 1098-E. Help back taxes 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. Help back taxes   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. Help back taxes Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Help back taxes However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Help back taxes See Allocating Payments Between Interest and Principal , earlier. Help back taxes    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Help back taxes The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Help back taxes 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). Help back taxes 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). Help back taxes Modified adjusted gross income (MAGI). Help back taxes   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. Help back taxes However, as discussed below, there may be other modifications. Help back taxes Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Help back taxes Table 4-2. Help back taxes Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Help back taxes . Help back taxes . Help back taxes AND your MAGI is. Help back taxes . Help back taxes . Help back taxes THEN your student loan interest deduction is. Help back taxes . Help back taxes . Help back taxes single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Help back taxes more than $60,000  but less than $75,000 reduced because of the phaseout. Help back taxes $75,000 or more eliminated by the phaseout. Help back taxes married filing joint return not more than $125,000 not affected by the phaseout. Help back taxes more than $125,000 but less than $155,000 reduced because of the phaseout. Help back taxes $155,000 or more eliminated by the phaseout. Help back taxes MAGI when using Form 1040A. Help back taxes   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). Help back taxes MAGI when using Form 1040. Help back taxes   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. Help back taxes MAGI when using Form 1040NR. Help back taxes   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). Help back taxes MAGI when using Form 1040NR-EZ. Help back taxes   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). Help back taxes Phaseout. Help back taxes   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Help back taxes To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Help back taxes The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Help back taxes The denominator is $15,000 ($30,000 in the case of a joint return). Help back taxes Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Help back taxes Example 1. Help back taxes During 2013 you paid $800 interest on a qualified student loan. Help back taxes Your 2013 MAGI is $145,000 and you are filing a joint return. Help back taxes You must reduce your deduction by $533, figured as follows. Help back taxes   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Help back taxes Example 2. Help back taxes The facts are the same as in Example 1 except that you paid $2,750 interest. Help back taxes Your maximum deduction for 2013 is $2,500. Help back taxes You must reduce your maximum deduction by $1,667, figured as follows. Help back taxes   $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). Help back taxes 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. Help back taxes 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. Help back taxes Student Loan Interest Deduction Worksheet at the end of this chapter. Help back taxes Claiming the Deduction The student loan interest deduction is an adjustment to income. Help back taxes 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). Help back taxes Worksheet 4-1. Help back taxes 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. Help back taxes 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. Help back taxes 1. Help back taxes Enter the total interest you paid in 2013 on qualified student loans. Help back taxes Do not enter  more than $2,500 1. Help back taxes   2. Help back taxes Enter the amount from Form 1040, line 22 2. Help back taxes       3. Help back taxes Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Help back taxes           4. Help back taxes Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Help back taxes           5. Help back taxes Add lines 3 and 4 5. Help back taxes       6. Help back taxes Subtract line 5 from line 2 6. Help back taxes       7. Help back taxes Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Help back taxes       8. Help back taxes Enter any foreign housing deduction (Form 2555, line 50) 8. Help back taxes       9. Help back taxes Enter the amount of income from Puerto Rico you are excluding 9. Help back taxes       10. Help back taxes Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Help back taxes       11. Help back taxes Add lines 6 through 10. Help back taxes This is your modified adjusted gross income 11. Help back taxes   12. Help back taxes Enter the amount shown below for your filing status 12. Help back taxes     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Help back taxes Is the amount on line 11 more than the amount on line 12?       □ No. Help back taxes Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Help back taxes       □ Yes. Help back taxes Subtract line 12 from line 11 13. Help back taxes   14. Help back taxes Divide line 13 by $15,000 ($30,000 if married filing jointly). Help back taxes Enter the result as a decimal  (rounded to at least three places). Help back taxes If the result is 1. Help back taxes 000 or more, enter 1. Help back taxes 000 14. Help back taxes . Help back taxes 15. Help back taxes Multiply line 1 by line 14 15. Help back taxes   16. Help back taxes Student loan interest deduction. Help back taxes Subtract line 15 from line 1. Help back taxes Enter the result here  and on Form 1040, line 33. Help back taxes Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Help back taxes ) 16. Help back taxes   Prev  Up  Next   Home   More Online Publications
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Help back taxes Index A Aircraft, Cars, Boats, and Aircraft Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Annuity contracts, Certain Life Insurance and Annuity Contracts Antiques, Paintings, Antiques, and Other Objects of Art Appraisals, Appraisals Cost of, Cost of appraisals. Help back taxes IRS review of, Internal Revenue Service Review of Appraisals Qualified appraisal, Qualified Appraisal Appraiser, Qualified appraiser. Help back taxes Art objects, Paintings, Antiques, and Other Objects of Art Valued at $20,000 or more, Art valued at $20,000 or more. Help back taxes Valued at $50,000 or more, Art valued at $50,000 or more. Help back taxes Assistance (see Tax help) B Boats, Cars, Boats, and Aircraft Bonds, Stocks and Bonds Books, Books. Help back taxes Business, interest in, Interest in a Business C Cars, Cars, Boats, and Aircraft Clothing, used, Used Clothing, Deduction over $500 for certain clothing or household items. Help back taxes Coins, Coin collections. Help back taxes Collections, Collections Books, Books. Help back taxes Coins, Coin collections. Help back taxes Stamps, Stamp collections. Help back taxes Comments on publication, Comments and suggestions. Help back taxes Comparable properties, sales of, Sales of Comparable Properties, Selection of Comparable Sales Conservation contribution, Conservation purposes. Help back taxes Cost, Cost or Selling Price of the Donated Property Rate of increase or decrease, Rate of increase or decrease in value. Help back taxes Terms of purchase or sale, Terms of the purchase or sale. Help back taxes D Date of contribution, Date of contribution. Help back taxes Deductions of more than $5,000, Deductions of More Than $5,000 Deductions of more than $500,000, Deductions of More Than $500,000 F Fair market value, What Is Fair Market Value (FMV)? Comparable properties, sales of, Sales of Comparable Properties Cost, Cost or Selling Price of the Donated Property Date of contribution, Date of contribution. Help back taxes Determining FMV, Determining Fair Market Value Opinions of experts, Opinions of Experts Problems in determining FMV, Problems in Determining Fair Market Value Replacement cost, Replacement Cost Form 8283, Form 8283 Formulas, use in valuing property, Determining Fair Market Value Free tax services, How To Get Tax Help Future events, effect on value, Future Events H Help (see Tax help) Historic building, Building in registered historic district. Help back taxes Household goods, Household Goods, Deduction over $500 for certain clothing or household items. Help back taxes I Interest in a business, Interest in a Business Inventory, Inventory IRS review of appraisals, Internal Revenue Service Review of Appraisals Exception, Exception. Help back taxes J Jewelry and gems, Jewelry and Gems L Life insurance, Certain Life Insurance and Annuity Contracts M Market conditions, effect on value, Unusual Market Conditions More information (see Tax help) O Opinions of experts, Opinions of Experts P Paintings, Paintings, Antiques, and Other Objects of Art Partial interest, Partial Interest in Property Not in Trust Past events, effect on value, Using Past Events to Predict the Future Patents, Patents Penalties: Imposed on appraiser, Appraiser penalties. Help back taxes Imposed on taxpayer, Penalty Publications (see Tax help) Publicly traded securities, Publicly traded securities. Help back taxes Q Qualified appraisal, Qualified Appraisal Qualified appraiser, Qualified appraiser. Help back taxes Qualified conservation contribution, Qualified Conservation Contribution R Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Replacement cost, Replacement Cost Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions S Stamps, Stamp collections. Help back taxes Statement of Value, Exception. Help back taxes Stocks, Stocks and Bonds Suggestions for publication, Comments and suggestions. Help back taxes T Tax help, How To Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Help back taxes TTY/TDD information, How To Get Tax Help U Used clothing, Used Clothing, Deduction over $500 for certain clothing or household items. Help back taxes V Valuation of property, Valuation of Various Kinds of Property Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Cars, boats, and aircraft, Cars, Boats, and Aircraft Collections, Collections Household goods, Household Goods Interest in a business, Interest in a Business Inventory, Inventory Jewelry and gems, Jewelry and Gems Life insurance and annuity contracts, Certain Life Insurance and Annuity Contracts Paintings, antiques, art objects, Paintings, Antiques, and Other Objects of Art Partial interest in property, Partial Interest in Property Not in Trust Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Stocks and bonds, Stocks and Bonds Terms of years, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Used clothing, Used Clothing Valuation of property: Patents, Patents Prev  Up     Home   More Online Publications