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Taxact Login Tax Return

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Taxact Login Tax Return

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

Taxact login tax return Publication 555 - Introductory Material Table of Contents Future Developments What's New Important Reminder IntroductionOrdering forms and publications. Taxact login tax return Tax questions. Taxact login tax return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 555, such as legislation enacted after it was published, go to www. Taxact login tax return irs. Taxact login tax return gov/pub555. Taxact login tax return What's New Same-sex marriages. Taxact login tax return  For federal tax purposes, individuals of the same sex are married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Taxact login tax return The term "spouse" includes an individual married to a person of the same sex if the couple is lawfully married under state (or foreign) law. Taxact login tax return However, individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not called a marriage under state (or foreign) law are not married for federal tax purposes. Taxact login tax return The word “state” as used here includes the District of Columbia, Puerto Rico, and U. Taxact login tax return S. Taxact login tax return territories and possessions. Taxact login tax return It means any domestic jurisdiction that has the legal authority to sanction marriages. Taxact login tax return The term “foreign country” means any foreign jurisdiction that has the legal authority to sanction marriages. Taxact login tax return If individuals of the same sex are married, they generally must use the married filing jointly or married filing separately filing status. Taxact login tax return However, if they did not live together during the last 6 months of the year, one or both of them may be able to use the head of household filing status. Taxact login tax return For details, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Taxact login tax return Also see Revenue Ruling 2013-17 and Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law on IRS. Taxact login tax return gov. Taxact login tax return Important Reminder Photographs of missing children. Taxact login tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact login tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact login tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxact login tax return Introduction This publication is for married taxpayers who are domiciled in one of the following community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin. Taxact login tax return This publication does not address the federal tax treatment of income or property subject to the “community property” election under Alaska state laws. Taxact login tax return Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. Taxact login tax return If you are married, your tax usually will be less if you file married filing jointly than if you file married filing separately. Taxact login tax return However, sometimes it can be to your advantage to file separate returns. Taxact login tax return If you and your spouse file separate returns, you have to determine your community income and your separate income. Taxact login tax return Community property laws also affect your basis in property you inherit from a married person who lived in a community property state. Taxact login tax return See Death of spouse , later. Taxact login tax return Registered domestic partners. Taxact login tax return    This publication is also for registered domestic partners who are domiciled in Nevada, Washington, or California. Taxact login tax return Registered domestic partners in Nevada, Washington, or California generally must follow state community property laws and report half the combined community income of the individual and his or her registered domestic partner. Taxact login tax return   Registered domestic partners are not married for federal tax purposes. Taxact login tax return They can use the single filing status, or if they qualify, the head of household filing status. Taxact login tax return    You can find answers to frequently asked questions by going to www. Taxact login tax return irs. Taxact login tax return gov/pub555 and clicking on Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions under Other Items You May Find Useful. Taxact login tax return Comments and suggestions. Taxact login tax return    We welcome your comments about this publication and your suggestions for future editions. Taxact login tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxact login tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxact login tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact login tax return   You can send your comments from www. Taxact login tax return irs. Taxact login tax return gov/formspubs. Taxact login tax return Click on “More Information” and then on “Give us feedback on forms and publications. Taxact login tax return ”   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. Taxact login tax return Ordering forms and publications. Taxact login tax return    Visit www. Taxact login tax return irs. Taxact login tax return gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxact login tax return Internal Revenue Service 1201 N. Taxact login tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact login tax return    If you have a tax question, check the information available on IRS. Taxact login tax return gov or call 1-800-829-1040. Taxact login tax return We cannot answer tax questions sent to either of the above addresses. Taxact login tax return Useful Items - You may want to see: Publication 504 Divorced or Separated Individuals 505 Tax Withholding and Estimated Tax 971 Innocent Spouse Relief Form (and Instructions) 8857 Request for Innocent Spouse Relief 8958 Allocation of Tax Amounts Between Certain Individuals in Community Property States  See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Taxact login tax return Prev  Up  Next   Home   More Online Publications