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Can You Still E File 2010 Tax Returns

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Can You Still E File 2010 Tax Returns

Can you still e file 2010 tax returns 4. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Can you still e file 2010 tax returns The student loan interest deduction is taken as an adjustment to income. Can you still e file 2010 tax returns This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Can you still e file 2010 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. Can you still e file 2010 tax returns Table 4-1. Can you still e file 2010 tax returns Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Can you still e file 2010 tax returns Do not rely on this table alone. Can you still e file 2010 tax returns Refer to the text for complete details. Can you still e file 2010 tax returns Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Can you still e file 2010 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. Can you still e file 2010 tax returns Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Can you still e file 2010 tax returns Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Can you still e file 2010 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). Can you still e file 2010 tax returns Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Can you still e file 2010 tax returns It includes both required and voluntary interest payments. Can you still e file 2010 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. Can you still e file 2010 tax returns Loans from the following sources are not qualified student loans. Can you still e file 2010 tax returns A related person. Can you still e file 2010 tax returns A qualified employer plan. Can you still e file 2010 tax returns Your dependent. Can you still e file 2010 tax returns   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Can you still e file 2010 tax returns You can find more information about dependents in Publication 501. Can you still e file 2010 tax returns Exceptions. Can you still e file 2010 tax returns   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Can you still e file 2010 tax returns An individual can be your dependent even if you are the dependent of another taxpayer. Can you still e file 2010 tax returns An individual can be your dependent even if the individual files a joint return with a spouse. Can you still e file 2010 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). Can you still e file 2010 tax returns Reasonable period of time. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Academic period. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Eligible student. Can you still e file 2010 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. Can you still e file 2010 tax returns Enrolled at least half-time. Can you still e file 2010 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. Can you still e file 2010 tax returns   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Can you still e file 2010 tax returns However, the standard may not be lower than any of those established by the U. Can you still e file 2010 tax returns S. Can you still e file 2010 tax returns Department of Education under the Higher Education Act of 1965. Can you still e file 2010 tax returns Related person. Can you still e file 2010 tax returns   You cannot deduct interest on a loan you get from a related person. Can you still e file 2010 tax returns Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Can you still e file 2010 tax returns ), Your lineal descendants (children, grandchildren, etc. Can you still e file 2010 tax returns ), and Certain corporations, partnerships, trusts, and exempt organizations. Can you still e file 2010 tax returns Qualified employer plan. Can you still e file 2010 tax returns   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Can you still e file 2010 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. Can you still e file 2010 tax returns They include amounts paid for the following items. Can you still e file 2010 tax returns Tuition and fees. Can you still e file 2010 tax returns Room and board. Can you still e file 2010 tax returns Books, supplies, and equipment. Can you still e file 2010 tax returns Other necessary expenses (such as transportation). Can you still e file 2010 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. Can you still e file 2010 tax returns Eligible educational institution. Can you still e file 2010 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. Can you still e file 2010 tax returns S. Can you still e file 2010 tax returns Department of Education. Can you still e file 2010 tax returns It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Can you still e file 2010 tax returns   Certain educational institutions located outside the United States also participate in the U. Can you still e file 2010 tax returns S. Can you still e file 2010 tax returns Department of Education's Federal Student Aid (FSA) programs. Can you still e file 2010 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. Can you still e file 2010 tax returns   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Can you still e file 2010 tax returns The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Can you still e file 2010 tax returns    The educational institution should be able to tell you if it is an eligible educational institution. Can you still e file 2010 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. Can you still e file 2010 tax returns Employer-provided educational assistance. Can you still e file 2010 tax returns See chapter 11, Employer-Provided Educational Assistance . Can you still e file 2010 tax returns Tax-free distribution of earnings from a Coverdell education savings account (ESA). Can you still e file 2010 tax returns See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Can you still e file 2010 tax returns Tax-free distribution of earnings from a qualified tuition program (QTP). Can you still e file 2010 tax returns See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Can you still e file 2010 tax returns U. Can you still e file 2010 tax returns S. Can you still e file 2010 tax returns savings bond interest that you exclude from income because it is used to pay qualified education expenses. Can you still e file 2010 tax returns See chapter 10, Education Savings Bond Program . Can you still e file 2010 tax returns The tax-free part of scholarships and fellowships. Can you still e file 2010 tax returns See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you still e file 2010 tax returns Veterans' educational assistance. Can you still e file 2010 tax returns See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you still e file 2010 tax returns Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Can you still e file 2010 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. Can you still e file 2010 tax returns Loan origination fee. Can you still e file 2010 tax returns   In general, this is a one-time fee charged by the lender when a loan is made. Can you still e file 2010 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. Can you still e file 2010 tax returns A loan origination fee treated as interest accrues over the term of the loan. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Can you still e file 2010 tax returns Example. Can you still e file 2010 tax returns In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Can you still e file 2010 tax returns The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Can you still e file 2010 tax returns Bill began making payments on his student loan in 2013. Can you still e file 2010 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. Can you still e file 2010 tax returns Bill's loan is payable in 120 equal monthly payments. Can you still e file 2010 tax returns He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Can you still e file 2010 tax returns Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Can you still e file 2010 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. Can you still e file 2010 tax returns Capitalized interest. Can you still e file 2010 tax returns   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Can you still e file 2010 tax returns Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Can you still e file 2010 tax returns No deduction for capitalized interest is allowed in a year in which no loan payments were made. Can you still e file 2010 tax returns Interest on revolving lines of credit. Can you still e file 2010 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. Can you still e file 2010 tax returns See Qualified Education Expenses , earlier. Can you still e file 2010 tax returns Interest on refinanced student loans. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Voluntary interest payments. Can you still e file 2010 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. Can you still e file 2010 tax returns Example. Can you still e file 2010 tax returns The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Can you still e file 2010 tax returns He began making payments as required. Can you still e file 2010 tax returns In September 2013, Roger enrolled in graduate school on a full-time basis. Can you still e file 2010 tax returns He applied for and was granted deferment of his loan payments while in graduate school. Can you still e file 2010 tax returns Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Can you still e file 2010 tax returns Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Example. Can you still e file 2010 tax returns In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Can you still e file 2010 tax returns The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Can you still e file 2010 tax returns The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Can you still e file 2010 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. Can you still e file 2010 tax returns The loan is payable over 60 months, with a payment of $200. Can you still e file 2010 tax returns 51 due on the first of each month, beginning November 2013. Can you still e file 2010 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. Can you still e file 2010 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). Can you still e file 2010 tax returns Payment Date   Payment   Stated Interest   Principal November 2013   $200. Can you still e file 2010 tax returns 51   $44. Can you still e file 2010 tax returns 27   $156. Can you still e file 2010 tax returns 24 December 2013   $200. Can you still e file 2010 tax returns 51   $43. Can you still e file 2010 tax returns 62   $156. Can you still e file 2010 tax returns 89 Totals   $401. Can you still e file 2010 tax returns 02   $87. Can you still e file 2010 tax returns 89   $313. Can you still e file 2010 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. Can you still e file 2010 tax returns 89. Can you still e file 2010 tax returns Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Can you still e file 2010 tax returns A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Can you still e file 2010 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. Can you still e file 2010 tax returns Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Can you still e file 2010 tax returns 02 ($87. Can you still e file 2010 tax returns 89 + $10 + $303. Can you still e file 2010 tax returns 13). Can you still e file 2010 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. Can you still e file 2010 tax returns She also will apply the remaining amount of capitalized interest ($625 − $303. Can you still e file 2010 tax returns 13 = $321. Can you still e file 2010 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. Can you still e file 2010 tax returns Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Can you still e file 2010 tax returns Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Can you still e file 2010 tax returns Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Can you still e file 2010 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. Can you still e file 2010 tax returns For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Can you still e file 2010 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. Can you still e file 2010 tax returns Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Can you still e file 2010 tax returns Your filing status is any filing status except married filing separately. Can you still e file 2010 tax returns No one else is claiming an exemption for you on his or her tax return. Can you still e file 2010 tax returns You are legally obligated to pay interest on a qualified student loan. Can you still e file 2010 tax returns You paid interest on a qualified student loan. Can you still e file 2010 tax returns Claiming an exemption for you. Can you still e file 2010 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. Can you still e file 2010 tax returns Example 1. Can you still e file 2010 tax returns During 2013, Josh paid $600 interest on his qualified student loan. Can you still e file 2010 tax returns Only he is legally obligated to make the payments. Can you still e file 2010 tax returns No one claimed an exemption for Josh for 2013. Can you still e file 2010 tax returns Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Can you still e file 2010 tax returns Example 2. Can you still e file 2010 tax returns During 2013, Jo paid $1,100 interest on her qualified student loan. Can you still e file 2010 tax returns Only she is legally obligated to make the payments. Can you still e file 2010 tax returns Jo's parents claimed an exemption for her on their 2013 tax return. Can you still e file 2010 tax returns In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Can you still e file 2010 tax returns Interest paid by others. Can you still e file 2010 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. Can you still e file 2010 tax returns Example 1. Can you still e file 2010 tax returns Darla obtained a qualified student loan to attend college. Can you still e file 2010 tax returns After Darla's graduation from college, she worked as an intern for a nonprofit organization. Can you still e file 2010 tax returns As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Can you still e file 2010 tax returns This payment was treated as additional compensation and reported in box 1 of her Form W-2. Can you still e file 2010 tax returns Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Can you still e file 2010 tax returns Example 2. Can you still e file 2010 tax returns Ethan obtained a qualified student loan to attend college. Can you still e file 2010 tax returns After graduating from college, the first monthly payment on his loan was due in December. Can you still e file 2010 tax returns As a gift, Ethan's mother made this payment for him. Can you still e file 2010 tax returns No one is claiming a dependency exemption for Ethan on his or her tax return. Can you still e file 2010 tax returns Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Can you still e file 2010 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). Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns You can use Worksheet 4-1. Can you still e file 2010 tax returns Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Can you still e file 2010 tax returns Form 1098-E. Can you still e file 2010 tax returns   To help you figure your student loan interest deduction, you should receive Form 1098-E. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Can you still e file 2010 tax returns However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Can you still e file 2010 tax returns See Allocating Payments Between Interest and Principal , earlier. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 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). Can you still e file 2010 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). Can you still e file 2010 tax returns Modified adjusted gross income (MAGI). Can you still e file 2010 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. Can you still e file 2010 tax returns However, as discussed below, there may be other modifications. Can you still e file 2010 tax returns Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Can you still e file 2010 tax returns Table 4-2. Can you still e file 2010 tax returns Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Can you still e file 2010 tax returns . Can you still e file 2010 tax returns . Can you still e file 2010 tax returns AND your MAGI is. Can you still e file 2010 tax returns . Can you still e file 2010 tax returns . Can you still e file 2010 tax returns THEN your student loan interest deduction is. Can you still e file 2010 tax returns . Can you still e file 2010 tax returns . Can you still e file 2010 tax returns single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Can you still e file 2010 tax returns more than $60,000  but less than $75,000 reduced because of the phaseout. Can you still e file 2010 tax returns $75,000 or more eliminated by the phaseout. Can you still e file 2010 tax returns married filing joint return not more than $125,000 not affected by the phaseout. Can you still e file 2010 tax returns more than $125,000 but less than $155,000 reduced because of the phaseout. Can you still e file 2010 tax returns $155,000 or more eliminated by the phaseout. Can you still e file 2010 tax returns MAGI when using Form 1040A. Can you still e file 2010 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). Can you still e file 2010 tax returns MAGI when using Form 1040. Can you still e file 2010 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. Can you still e file 2010 tax returns MAGI when using Form 1040NR. Can you still e file 2010 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). Can you still e file 2010 tax returns MAGI when using Form 1040NR-EZ. Can you still e file 2010 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). Can you still e file 2010 tax returns Phaseout. Can you still e file 2010 tax returns   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Can you still e file 2010 tax returns To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Can you still e file 2010 tax returns The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Can you still e file 2010 tax returns The denominator is $15,000 ($30,000 in the case of a joint return). Can you still e file 2010 tax returns Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Can you still e file 2010 tax returns Example 1. Can you still e file 2010 tax returns During 2013 you paid $800 interest on a qualified student loan. Can you still e file 2010 tax returns Your 2013 MAGI is $145,000 and you are filing a joint return. Can you still e file 2010 tax returns You must reduce your deduction by $533, figured as follows. Can you still e file 2010 tax returns   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Can you still e file 2010 tax returns Example 2. Can you still e file 2010 tax returns The facts are the same as in Example 1 except that you paid $2,750 interest. Can you still e file 2010 tax returns Your maximum deduction for 2013 is $2,500. Can you still e file 2010 tax returns You must reduce your maximum deduction by $1,667, figured as follows. Can you still e file 2010 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). Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns Student Loan Interest Deduction Worksheet at the end of this chapter. Can you still e file 2010 tax returns Claiming the Deduction The student loan interest deduction is an adjustment to income. Can you still e file 2010 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). Can you still e file 2010 tax returns Worksheet 4-1. Can you still e file 2010 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. Can you still e file 2010 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. Can you still e file 2010 tax returns 1. Can you still e file 2010 tax returns Enter the total interest you paid in 2013 on qualified student loans. Can you still e file 2010 tax returns Do not enter  more than $2,500 1. Can you still e file 2010 tax returns   2. Can you still e file 2010 tax returns Enter the amount from Form 1040, line 22 2. Can you still e file 2010 tax returns       3. Can you still e file 2010 tax returns Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Can you still e file 2010 tax returns           4. Can you still e file 2010 tax returns Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Can you still e file 2010 tax returns           5. Can you still e file 2010 tax returns Add lines 3 and 4 5. Can you still e file 2010 tax returns       6. Can you still e file 2010 tax returns Subtract line 5 from line 2 6. Can you still e file 2010 tax returns       7. Can you still e file 2010 tax returns Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Can you still e file 2010 tax returns       8. Can you still e file 2010 tax returns Enter any foreign housing deduction (Form 2555, line 50) 8. Can you still e file 2010 tax returns       9. Can you still e file 2010 tax returns Enter the amount of income from Puerto Rico you are excluding 9. Can you still e file 2010 tax returns       10. Can you still e file 2010 tax returns Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Can you still e file 2010 tax returns       11. Can you still e file 2010 tax returns Add lines 6 through 10. Can you still e file 2010 tax returns This is your modified adjusted gross income 11. Can you still e file 2010 tax returns   12. Can you still e file 2010 tax returns Enter the amount shown below for your filing status 12. Can you still e file 2010 tax returns     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Can you still e file 2010 tax returns Is the amount on line 11 more than the amount on line 12?       □ No. Can you still e file 2010 tax returns Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Can you still e file 2010 tax returns       □ Yes. Can you still e file 2010 tax returns Subtract line 12 from line 11 13. Can you still e file 2010 tax returns   14. Can you still e file 2010 tax returns Divide line 13 by $15,000 ($30,000 if married filing jointly). Can you still e file 2010 tax returns Enter the result as a decimal  (rounded to at least three places). Can you still e file 2010 tax returns If the result is 1. Can you still e file 2010 tax returns 000 or more, enter 1. Can you still e file 2010 tax returns 000 14. Can you still e file 2010 tax returns . Can you still e file 2010 tax returns 15. Can you still e file 2010 tax returns Multiply line 1 by line 14 15. Can you still e file 2010 tax returns   16. Can you still e file 2010 tax returns Student loan interest deduction. Can you still e file 2010 tax returns Subtract line 15 from line 1. Can you still e file 2010 tax returns Enter the result here  and on Form 1040, line 33. Can you still e file 2010 tax returns Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Can you still e file 2010 tax returns ) 16. 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Tax Information for Bondholders

Publication 550 - Investment Income and Expenses
This publication provides information on the tax treatment of investment income and expenses. It explains what investment income is taxable and what investment expenses are deductible. It explains when and how to show these items on your tax return.

Publication 915 - Social Security and Equivalent Railroad Retirement Benefits
This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Receipt of interest on tax exempt bonds may impact the taxability of social security benefits, as described in this publication.

Page Last Reviewed or Updated: 22-Apr-2013

The Can You Still E File 2010 Tax Returns

Can you still e file 2010 tax returns Index A Actividades Pasivas , Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos Adopción, hijo de, Hijo adoptivo. Can you still e file 2010 tax returns Anexos C, Empleado estatutario. Can you still e file 2010 tax returns , Hoja de Trabajo B del Crédito por Ingreso del Trabajo. Can you still e file 2010 tax returns C-EZ, Empleado estatutario. Can you still e file 2010 tax returns , Hoja de Trabajo B del Crédito por Ingreso del Trabajo. Can you still e file 2010 tax returns EIC, Se acerca el plazo para la presentación de la declaración y aún no tiene un número de Seguro Social. Can you still e file 2010 tax returns , Anexo EIC SE, Miembro del clero. Can you still e file 2010 tax returns , Hoja de Trabajo B del Crédito por Ingreso del Trabajo. Can you still e file 2010 tax returns Anualidades, Cálculo del ingreso del trabajo. Can you still e file 2010 tax returns Asignación básica para el sustento (BAS), Paga militar no tributable. Can you still e file 2010 tax returns Asignación básica para la vivienda (BAH), Paga militar no tributable. Can you still e file 2010 tax returns Asistente EITC , ¿Hay Ayuda Disponible en Internet? Ayuda tributaria (see Impuestos, ayuda con) B Beneficios a los veteranos, Ingresos que no se Consideran Ingresos del Trabajo Beneficios de bienestar social, Ingresos que no se Consideran Ingresos del Trabajo Beneficios de la jubilación ferroviaria, Ingresos que no se Consideran Ingresos del Trabajo Beneficios del Seguro Social, Ingresos que no se Consideran Ingresos del Trabajo Beneficios por desempleo, Ingresos que no se Consideran Ingresos del Trabajo Beneficios por Incapacidad, Beneficios por Incapacidad Beneficios sindicales por huelga, Beneficios sindicales por huelga. Can you still e file 2010 tax returns Bienes gananciales, Bienes gananciales. Can you still e file 2010 tax returns , Bienes gananciales. Can you still e file 2010 tax returns C Casado que presenta una declaración conjunta, Requisito 1 —Límites del ingreso bruto ajustado (AGI, por sus siglas en inglés), Requisito de Declaración Conjunta Casado, hijo, Hijo casado. Can you still e file 2010 tax returns Clero, Miembro del clero. Can you still e file 2010 tax returns Cómo calcular usted mismo el EIC , Cómo Calcular Usted Mismo el EIC Compensación del Seguro Social, Ingresos que no se Consideran Ingresos del Trabajo Crianza, hijo de, Hijo de crianza. Can you still e file 2010 tax returns D Denegación del EIC , Capítulo 5 —Denegación del EIC Divorciados, requisito especial para padres, Requisito especial para padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns E Ejemplos detallados, Capítulo 6 —Ejemplos Detallados El IRS le calculará el Crédito (EIC), El IRS le Calculará el Crédito (EIC) Empleado de una iglesia, Empleados de una iglesia. Can you still e file 2010 tax returns Empleado estatutario, Empleado estatutario. Can you still e file 2010 tax returns , Empleados estatutarios. Can you still e file 2010 tax returns Escuela, Definición de escuela. Can you still e file 2010 tax returns Estado civil Cabeza de familia, Requisito 3 —Su estado civil para efectos de la declaración no puede ser casado que presenta la declaración por separado Casado que presenta la declaración por separado, Requisito 3 —Su estado civil para efectos de la declaración no puede ser casado que presenta la declaración por separado Estados Unidos, Estados Unidos. Can you still e file 2010 tax returns , Estados Unidos. Can you still e file 2010 tax returns Estudiante, Definición de estudiante. Can you still e file 2010 tax returns Extranjero no residente, Requisito 4 —Tiene que ser ciudadano de los Estados Unidos o extranjero residente durante todo el año F Formularios 1040, ¿Necesito esta Publicación?, Ingreso bruto ajustado (AGI). Can you still e file 2010 tax returns , Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Requisito 4 —Tiene que ser ciudadano de los Estados Unidos o extranjero residente durante todo el año, Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos, Salarios, sueldos y propinas. Can you still e file 2010 tax returns , Beneficios por Incapacidad 1040A, Ingreso bruto ajustado (AGI). Can you still e file 2010 tax returns , Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Requisito 4 —Tiene que ser ciudadano de los Estados Unidos o extranjero residente durante todo el año, Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos, Salarios, sueldos y propinas. Can you still e file 2010 tax returns , Beneficios por Incapacidad 1040EZ, Ingreso bruto ajustado (AGI). Can you still e file 2010 tax returns , Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos, Salarios, sueldos y propinas. Can you still e file 2010 tax returns 1040X, Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Se acerca el plazo para la presentación de la declaración y aún no tiene un número de Seguro Social. Can you still e file 2010 tax returns 2555, Requisito 5 —No puede presentar el Formulario 2555 ni el Formulario 2555-EZ 2555–EZ, Requisito 5 —No puede presentar el Formulario 2555 ni el Formulario 2555-EZ 4029, Formulario 4361 ó 4029 Aprobado 4361, Formulario 4361 ó 4029 Aprobado 4797, ¿Necesito esta Publicación? 4868, Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Se acerca el plazo para la presentación de la declaración y aún no tiene un número de Seguro Social. Can you still e file 2010 tax returns 4868(SP), Si no tiene un número de Seguro Social (SSN). Can you still e file 2010 tax returns , Se acerca el plazo para la presentación de la declaración y aún no tiene un número de Seguro Social. Can you still e file 2010 tax returns 8332, Requisito especial para padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns 8814, ¿Necesito esta Publicación?, Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos 8862(SP), Capítulo 5 —Denegación del EIC , Formulario 8862(SP) Fraude, Excepción 2. Can you still e file 2010 tax returns , ¿Se le ha Prohibido Reclamar el Crédito por Ingreso del Trabajo por Cierto Número de Años? Fuerzas Armadas, Opción de incluir la paga no tributable por combate. Can you still e file 2010 tax returns , Paga militar no tributable. Can you still e file 2010 tax returns , Servicio activo prolongado. Can you still e file 2010 tax returns H Hijo Hijo adoptivo, Hijo adoptivo. Can you still e file 2010 tax returns Hijo casado, Hijo casado. Can you still e file 2010 tax returns Hijo de crianza, Hijo de crianza. Can you still e file 2010 tax returns Hijo secuestrado, Hijo secuestrado. Can you still e file 2010 tax returns Nacimiento o fallecimiento de, Nacimiento o fallecimiento de un hijo. Can you still e file 2010 tax returns Hijo calificado, ¿Hay que Tener un Hijo para Tener Derecho al Crédito por Ingreso del Trabajo (EIC)?, Requisito 1 —Límites del ingreso bruto ajustado (AGI, por sus siglas en inglés), Capítulo 2 —Requisitos que Tiene que Cumplir si Tiene un Hijo Calificado, Requisito 8 —Su hijo tiene que cumplir los requisitos de parentesco, edad, residencia y declaración conjunta Estados Unidos, Requisito de Residencia Hogar, Requisito de Residencia Requisito de Declaración Conjunta, Declaraciones conjuntas. Can you still e file 2010 tax returns Requisito de Edad, Requisito de Edad Requisito de Parentesco, Requisito de Parentesco Requisito de Residencia, Requisito de Residencia Total y permanentemente incapacitado, Total y permanentemente incapacitado. Can you still e file 2010 tax returns Hogar Albergues para personas sin hogar, Albergues para personas sin hogar. Can you still e file 2010 tax returns Estados Unidos, Estados Unidos. Can you still e file 2010 tax returns Militar, Personal militar destacado fuera de los Estados Unidos. Can you still e file 2010 tax returns , Personal militar destacado fuera de los Estados Unidos. Can you still e file 2010 tax returns Hoja de Trabajo 2, Hoja de Trabajo 2: Hoja de Trabajo para la Línea 4 de la Hoja de Trabajo 1 I Impuestos, ayuda con, Cómo Obtener Ayuda con los Impuestos Información TTY/TDD , Teléfono. Can you still e file 2010 tax returns Ingreso del trabajo, Ingresos del Trabajo Empleado estatutario, Ingreso del Trabajo, Empleado estatutario. Can you still e file 2010 tax returns Trabajo por cuenta propia, Ingreso del Trabajo Ingresos de dividendos, Ingresos que no se Consideran Ingresos del Trabajo Ingresos de inversiones, Qué Hay de Nuevo para el año 2013, Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos Ingresos netos del trabajo por cuenta propia, Ingresos netos del trabajo por cuenta propia. Can you still e file 2010 tax returns , Ingresos netos del trabajo por cuenta propia de $400 o más. Can you still e file 2010 tax returns Ingresos que no se Consideran Ingresos de Trabajo, Ingresos que no se Consideran Ingresos del Trabajo Intereses, Ingresos que no se Consideran Ingresos del Trabajo Internet, ayuda por Asistente EITC , ¿Hay Ayuda Disponible en Internet? M Miembro del clero, Miembro del clero. Can you still e file 2010 tax returns Militar Fuera de los Estados Unidos, Personal militar destacado fuera de los Estados Unidos. Can you still e file 2010 tax returns , Personal militar destacado fuera de los Estados Unidos. Can you still e file 2010 tax returns Paga no tributable, Paga militar no tributable. Can you still e file 2010 tax returns Paga no tributable por combate, Opción de incluir la paga no tributable por combate. Can you still e file 2010 tax returns , Paga no tributable por combate. Can you still e file 2010 tax returns Paga por combate, Opción de incluir la paga no tributable por combate. Can you still e file 2010 tax returns , Paga militar no tributable. Can you still e file 2010 tax returns Ministro, Vivienda de un ministro de una orden religiosa. Can you still e file 2010 tax returns N Número de identificación del contribuyente en proceso de adopción (ATIN), Hijo casado. Can you still e file 2010 tax returns Número de identificación del contribuyente individual (ITIN), Otro número de identificación del contribuyente. Can you still e file 2010 tax returns , Hijo casado. Can you still e file 2010 tax returns Número de Seguro Social (SSN), Requisito 2 —Tiene que tener un número de Seguro Social (SSN) válido, Hijo casado. Can you still e file 2010 tax returns P Padres, divorciados o separados, Requisito especial para padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns Pagos de bienestar socia a cambio de actividades laborales, Pagos de bienestar social a cambio de actividades laborales. Can you still e file 2010 tax returns Pareja doméstica, Pareja o sociedad doméstica en Nevada, Washington y California. Can you still e file 2010 tax returns Pensión alimenticia, Ingresos que no se Consideran Ingresos del Trabajo Pensiones, Cálculo del ingreso del trabajo. Can you still e file 2010 tax returns Personas que trabajan por cuenta propia, Hoja de Trabajo B del Crédito por Ingreso del Trabajo. Can you still e file 2010 tax returns Propinas, sueldos y salarios, Salarios, sueldos y propinas. Can you still e file 2010 tax returns Publicaciones (see Impuestos, ayuda con) R Recluso, Ingresos recibidos como recluso en una institución penal. Can you still e file 2010 tax returns , Cálculo del ingreso del trabajo. Can you still e file 2010 tax returns Recordatorios, Recordatorios Reglas del desempate, Reglas del desempate. Can you still e file 2010 tax returns , Cómo aplicar el Requisito 9 a padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns Requisito de Declaración Conjunta (see Hijo calificado) Requisito de Edad (see Hijo calificado) Requisito de Parentesco (see Hijo calificado) Requisito de Residencia (see Hijo calificado) Requisito especial para padres divorciados o separados, Requisito especial para padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns S Salarios, sueldos y propinas, Salarios, sueldos y propinas. Can you still e file 2010 tax returns Secuestro, hijo, Hijo secuestrado. Can you still e file 2010 tax returns Separados, requisito especial para padres, Requisito especial para padres divorciados o separados (o que viven aparte). Can you still e file 2010 tax returns Servicio activo prolongado, Servicio activo prolongado. Can you still e file 2010 tax returns Servicio del Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. Can you still e file 2010 tax returns Servicios gratis de impuestos, Ayuda gratuita con la preparación de su declaración de impuestos. Can you still e file 2010 tax returns Sin Hogar, albergues para personas, Albergues para personas sin hogar. Can you still e file 2010 tax returns T Tabla del Crédito por Ingreso del Trabajo (EIC) , EIC Table Total y permanentemente incapacitado, Total y permanentemente incapacitado. Can you still e file 2010 tax returns V Veteranos, beneficios, Ingresos que no se Consideran Ingresos del Trabajo Prev  Up     Home   More Online Publications