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E file state taxes only free 4. E file state taxes only free   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. E file state taxes only free However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. E file state taxes only free For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. E file state taxes only free This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. E file state taxes only free The student loan interest deduction is taken as an adjustment to income. E file state taxes only free This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). E file state taxes only free This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. E file state taxes only free Table 4-1. E file state taxes only free Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. E file state taxes only free Do not rely on this table alone. E file state taxes only free Refer to the text for complete details. E file state taxes only free Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. E file state taxes only free Loan qualifications   Your student loan: •must have been taken out solely to pay qualified education expenses, and •cannot be from a related person or made under a qualified employer plan. E file state taxes only free Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. E file state taxes only free Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. E file state taxes only free Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). E file state taxes only free Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. E file state taxes only free It includes both required and voluntary interest payments. E file state taxes only free Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period for an eligible student. E file state taxes only free Loans from the following sources are not qualified student loans. E file state taxes only free A related person. E file state taxes only free A qualified employer plan. E file state taxes only free Your dependent. E file state taxes only free   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. E file state taxes only free You can find more information about dependents in Publication 501. E file state taxes only free Exceptions. E file state taxes only free   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. E file state taxes only free An individual can be your dependent even if you are the dependent of another taxpayer. E file state taxes only free An individual can be your dependent even if the individual files a joint return with a spouse. E file state taxes only free An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). E file state taxes only free Reasonable period of time. E file state taxes only free   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. E file state taxes only free   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. E file state taxes only free The expenses relate to a specific academic period, and The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. E file state taxes only free   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. E file state taxes only free Academic period. E file state taxes only free   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. E file state taxes only free In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. E file state taxes only free Eligible student. E file state taxes only free   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. E file state taxes only free Enrolled at least half-time. E file state taxes only free   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. E file state taxes only free   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. E file state taxes only free However, the standard may not be lower than any of those established by the U. E file state taxes only free S. E file state taxes only free Department of Education under the Higher Education Act of 1965. E file state taxes only free Related person. E file state taxes only free   You cannot deduct interest on a loan you get from a related person. E file state taxes only free Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. E file state taxes only free ), Your lineal descendants (children, grandchildren, etc. E file state taxes only free ), and Certain corporations, partnerships, trusts, and exempt organizations. E file state taxes only free Qualified employer plan. E file state taxes only free   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. E file state taxes only free Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. E file state taxes only free They include amounts paid for the following items. E file state taxes only free Tuition and fees. E file state taxes only free Room and board. E file state taxes only free Books, supplies, and equipment. E file state taxes only free Other necessary expenses (such as transportation). E file state taxes only free The cost of room and board qualifies only to the extent that it is not more than the greater of: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. E file state taxes only free Eligible educational institution. E file state taxes only free   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. E file state taxes only free S. E file state taxes only free Department of Education. E file state taxes only free It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. E file state taxes only free   Certain educational institutions located outside the United States also participate in the U. E file state taxes only free S. E file state taxes only free Department of Education's Federal Student Aid (FSA) programs. E file state taxes only free   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. E file state taxes only free   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. E file state taxes only free The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. E file state taxes only free    The educational institution should be able to tell you if it is an eligible educational institution. E file state taxes only free Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. E file state taxes only free Employer-provided educational assistance. E file state taxes only free See chapter 11, Employer-Provided Educational Assistance . E file state taxes only free Tax-free distribution of earnings from a Coverdell education savings account (ESA). E file state taxes only free See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. E file state taxes only free Tax-free distribution of earnings from a qualified tuition program (QTP). E file state taxes only free See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. E file state taxes only free U. E file state taxes only free S. E file state taxes only free savings bond interest that you exclude from income because it is used to pay qualified education expenses. E file state taxes only free See chapter 10, Education Savings Bond Program . E file state taxes only free The tax-free part of scholarships and fellowships. E file state taxes only free See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. E file state taxes only free Veterans' educational assistance. E file state taxes only free See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. E file state taxes only free Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. E file state taxes only free Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. E file state taxes only free Loan origination fee. E file state taxes only free   In general, this is a one-time fee charged by the lender when a loan is made. E file state taxes only free To be deductible as interest, a loan origination fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. E file state taxes only free A loan origination fee treated as interest accrues over the term of the loan. E file state taxes only free   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. E file state taxes only free If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. E file state taxes only free The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. E file state taxes only free A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. E file state taxes only free Example. E file state taxes only free In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. E file state taxes only free The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. E file state taxes only free Bill began making payments on his student loan in 2013. E file state taxes only free Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. E file state taxes only free Bill's loan is payable in 120 equal monthly payments. E file state taxes only free He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). E file state taxes only free Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. E file state taxes only free To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. E file state taxes only free Capitalized interest. E file state taxes only free   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. E file state taxes only free Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. E file state taxes only free No deduction for capitalized interest is allowed in a year in which no loan payments were made. E file state taxes only free Interest on revolving lines of credit. E file state taxes only free   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. E file state taxes only free See Qualified Education Expenses , earlier. E file state taxes only free Interest on refinanced student loans. E file state taxes only free   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. E file state taxes only free    If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. E file state taxes only free Voluntary interest payments. E file state taxes only free   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. E file state taxes only free Example. E file state taxes only free The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. E file state taxes only free He began making payments as required. E file state taxes only free In September 2013, Roger enrolled in graduate school on a full-time basis. E file state taxes only free He applied for and was granted deferment of his loan payments while in graduate school. E file state taxes only free Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. E file state taxes only free Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. E file state taxes only free Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. E file state taxes only free To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. E file state taxes only free Example. E file state taxes only free In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. E file state taxes only free The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. E file state taxes only free The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. E file state taxes only free At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. E file state taxes only free The loan is payable over 60 months, with a payment of $200. E file state taxes only free 51 due on the first of each month, beginning November 2013. E file state taxes only free Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. E file state taxes only free However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). E file state taxes only free Payment Date   Payment   Stated Interest   Principal November 2013   $200. E file state taxes only free 51   $44. E file state taxes only free 27   $156. E file state taxes only free 24 December 2013   $200. E file state taxes only free 51   $43. E file state taxes only free 62   $156. E file state taxes only free 89 Totals   $401. E file state taxes only free 02   $87. E file state taxes only free 89   $313. E file state taxes only free 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. E file state taxes only free 89. E file state taxes only free Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). E file state taxes only free A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. E file state taxes only free Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. E file state taxes only free Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. E file state taxes only free 02 ($87. E file state taxes only free 89 + $10 + $303. E file state taxes only free 13). E file state taxes only free For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. E file state taxes only free She also will apply the remaining amount of capitalized interest ($625 − $303. E file state taxes only free 13 = $321. E file state taxes only free 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. E file state taxes only free Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. E file state taxes only free Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. E file state taxes only free Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. E file state taxes only free Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. E file state taxes only free For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. E file state taxes only free When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. E file state taxes only free Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. E file state taxes only free Your filing status is any filing status except married filing separately. E file state taxes only free No one else is claiming an exemption for you on his or her tax return. E file state taxes only free You are legally obligated to pay interest on a qualified student loan. E file state taxes only free You paid interest on a qualified student loan. E file state taxes only free Claiming an exemption for you. E file state taxes only free   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. E file state taxes only free Example 1. E file state taxes only free During 2013, Josh paid $600 interest on his qualified student loan. E file state taxes only free Only he is legally obligated to make the payments. E file state taxes only free No one claimed an exemption for Josh for 2013. E file state taxes only free Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. E file state taxes only free Example 2. E file state taxes only free During 2013, Jo paid $1,100 interest on her qualified student loan. E file state taxes only free Only she is legally obligated to make the payments. E file state taxes only free Jo's parents claimed an exemption for her on their 2013 tax return. E file state taxes only free In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. E file state taxes only free Interest paid by others. E file state taxes only free   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. E file state taxes only free Example 1. E file state taxes only free Darla obtained a qualified student loan to attend college. E file state taxes only free After Darla's graduation from college, she worked as an intern for a nonprofit organization. E file state taxes only free As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. E file state taxes only free This payment was treated as additional compensation and reported in box 1 of her Form W-2. E file state taxes only free Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. E file state taxes only free Example 2. E file state taxes only free Ethan obtained a qualified student loan to attend college. E file state taxes only free After graduating from college, the first monthly payment on his loan was due in December. E file state taxes only free As a gift, Ethan's mother made this payment for him. E file state taxes only free No one is claiming a dependency exemption for Ethan on his or her tax return. E file state taxes only free Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. E file state taxes only free No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, as home mortgage interest). E file state taxes only free Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. E file state taxes only free However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. E file state taxes only free You can use Worksheet 4-1. E file state taxes only free Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. E file state taxes only free Form 1098-E. E file state taxes only free   To help you figure your student loan interest deduction, you should receive Form 1098-E. E file state taxes only free Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. E file state taxes only free   For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. E file state taxes only free Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. E file state taxes only free However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. E file state taxes only free See Allocating Payments Between Interest and Principal , earlier. E file state taxes only free    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. E file state taxes only free The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. E file state taxes only free Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). E file state taxes only free You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). E file state taxes only free Modified adjusted gross income (MAGI). E file state taxes only free   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. E file state taxes only free However, as discussed below, there may be other modifications. E file state taxes only free Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. E file state taxes only free Table 4-2. E file state taxes only free Effect of MAGI on Student Loan Interest Deduction IF your filing status is. E file state taxes only free . E file state taxes only free . E file state taxes only free AND your MAGI is. E file state taxes only free . E file state taxes only free . E file state taxes only free THEN your student loan interest deduction is. E file state taxes only free . E file state taxes only free . E file state taxes only free single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. E file state taxes only free more than $60,000  but less than $75,000 reduced because of the phaseout. E file state taxes only free $75,000 or more eliminated by the phaseout. E file state taxes only free married filing joint return not more than $125,000 not affected by the phaseout. E file state taxes only free more than $125,000 but less than $155,000 reduced because of the phaseout. E file state taxes only free $155,000 or more eliminated by the phaseout. E file state taxes only free MAGI when using Form 1040A. E file state taxes only free   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). E file state taxes only free MAGI when using Form 1040. E file state taxes only free   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (domestic production activities deduction), and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. E file state taxes only free MAGI when using Form 1040NR. E file state taxes only free   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). E file state taxes only free MAGI when using Form 1040NR-EZ. E file state taxes only free   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). E file state taxes only free Phaseout. E file state taxes only free   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. E file state taxes only free To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. E file state taxes only free The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). E file state taxes only free The denominator is $15,000 ($30,000 in the case of a joint return). E file state taxes only free Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. E file state taxes only free Example 1. E file state taxes only free During 2013 you paid $800 interest on a qualified student loan. E file state taxes only free Your 2013 MAGI is $145,000 and you are filing a joint return. E file state taxes only free You must reduce your deduction by $533, figured as follows. E file state taxes only free   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). E file state taxes only free Example 2. E file state taxes only free The facts are the same as in Example 1 except that you paid $2,750 interest. E file state taxes only free Your maximum deduction for 2013 is $2,500. E file state taxes only free You must reduce your maximum deduction by $1,667, figured as follows. E file state taxes only free   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). E file state taxes only free Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. E file state taxes only free However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. E file state taxes only free Student Loan Interest Deduction Worksheet at the end of this chapter. E file state taxes only free Claiming the Deduction The student loan interest deduction is an adjustment to income. E file state taxes only free To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). E file state taxes only free Worksheet 4-1. E file state taxes only free Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. E file state taxes only free Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. E file state taxes only free 1. E file state taxes only free Enter the total interest you paid in 2013 on qualified student loans. E file state taxes only free Do not enter  more than $2,500 1. E file state taxes only free   2. E file state taxes only free Enter the amount from Form 1040, line 22 2. E file state taxes only free       3. E file state taxes only free Enter the total of the amounts from Form 1040,  lines 23 through 32 3. E file state taxes only free           4. E file state taxes only free Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. E file state taxes only free           5. E file state taxes only free Add lines 3 and 4 5. E file state taxes only free       6. E file state taxes only free Subtract line 5 from line 2 6. E file state taxes only free       7. E file state taxes only free Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. E file state taxes only free       8. E file state taxes only free Enter any foreign housing deduction (Form 2555, line 50) 8. E file state taxes only free       9. E file state taxes only free Enter the amount of income from Puerto Rico you are excluding 9. E file state taxes only free       10. E file state taxes only free Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. E file state taxes only free       11. E file state taxes only free Add lines 6 through 10. E file state taxes only free This is your modified adjusted gross income 11. E file state taxes only free   12. E file state taxes only free Enter the amount shown below for your filing status 12. E file state taxes only free     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. E file state taxes only free Is the amount on line 11 more than the amount on line 12?       □ No. E file state taxes only free Skip lines 13 and 14, enter -0- on line 15, and go to line 16. E file state taxes only free       □ Yes. E file state taxes only free Subtract line 12 from line 11 13. E file state taxes only free   14. E file state taxes only free Divide line 13 by $15,000 ($30,000 if married filing jointly). E file state taxes only free Enter the result as a decimal  (rounded to at least three places). E file state taxes only free If the result is 1. E file state taxes only free 000 or more, enter 1. E file state taxes only free 000 14. E file state taxes only free . E file state taxes only free 15. E file state taxes only free Multiply line 1 by line 14 15. E file state taxes only free   16. E file state taxes only free Student loan interest deduction. E file state taxes only free Subtract line 15 from line 1. E file state taxes only free Enter the result here  and on Form 1040, line 33. E file state taxes only free Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. E file state taxes only free ) 16. E file state taxes only free   Prev  Up  Next   Home   More Online Publications
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Where to Go for Medical Care

In non-emergency situations, your first choice should be your primary care provider (PCP). Your PCP knows your medical history and treats common ailments. Urgent care is best when you need medical attention for a non-life threatening illness quickly or after regular hours. Go to the emergency room if your illness is serious or life-threatening, such as:

  • Choking
  • Stopped breathing
  • Head injury with passing out, fainting, or confusion
  • Injury to neck or spine, especially if there is loss of feeling or inability to move
  • Electric shock or lightning strike
  • Severe burn
  • Seizure that lasts three to five minutes

MedlinePlus has more information about the differences among health care providers and facilities.

Choosing a Health Care Facility

Report cards on the Internet can help you compare healthcare facilities. Compare doctors and health care facilities at www.healthcare.gov/compare. In addition, private organizations like U.S. News and World Report and Healthgrades.com rate hospitals based on information collected from Medicare records and other sources. As of October 2012, the Affordable Care Act requires all hospitals to report performance publically.

When determining the best health care facility for you, consider these factors:

  • Does the facility accept payment from your insurance plan?
  • Does your doctor have privileges to provide treatment to patients at the facility?
  • What is the quality of the facility?
  • Does the facility specialize in services and procedures that fit with your medical needs?
  • Is the facility in an area you can travel to and from easily? Find health care facilities in your area.

Elder Care and Health Care Facilities Seniors

As people live longer, the need for services for seniors has become more important. The Eldercare Locator (www.eldercare.gov), a public service of the Administration on Aging, U.S. Department of Health and Human Services, is a nationwide service that connects older Americans and their caregivers with information on senior services. Visit www.aoa.gov/Elders_Families for a list of resources to connect older persons, caregivers, and professionals with important federal, national, and local programs.

The Joint Commission on Accreditation of Healthcare Organizations(JCAHO) accredits hospitals as well as nursing homes and other healthcare organizations. Specially trained investigators assess whether these organizations meet set standards. At qualitycheck.org, you can check on a local facility, including how it compares with others. The Joint Commission also accepts consumer complaints. You can post a complaint online.

Naming a Durable Power of Attorney for Health Care

A durable power of attorney for health care (sometimes called a durable medical power of attorney) specifies the person you've chosen to make medical decisions for you. It is activated anytime you're unconscious or unable to make medical decisions. You need to choose someone who meets the legal requirements in your state for acting as your agent. State laws vary, but most states disqualify anyone under the age of 18, your health care provider, or employees of your health care provider.

The person you name as your agent must:

  • Be willing to speak and advocate on your behalf
  • Be willing to deal with conflict among friends and family members, if it arises
  • Know you well and understand your wishes
  • Be willing to talk with you about these issues
  • Be someone you trust with your life

The E File State Taxes Only Free

E file state taxes only free Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. E file state taxes only free Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. E file state taxes only free However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. E file state taxes only free The new provisions are in the Supplement to Publication 463, which is reprinted below. E file state taxes only free Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. E file state taxes only free After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. E file state taxes only free Certain provisions of this new law may reduce your taxes for 2001. E file state taxes only free The new law contains the following provisions. E file state taxes only free A new depreciation deduction, the special depreciation allowance. E file state taxes only free An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. E file state taxes only free If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. E file state taxes only free See Amended Return, later. E file state taxes only free Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. E file state taxes only free However, there is a limit on the depreciation deduction you can take for your car each year. E file state taxes only free See Depreciation Limit later. E file state taxes only free Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. E file state taxes only free This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. E file state taxes only free You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). E file state taxes only free See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. E file state taxes only free You can claim the special depreciation allowance only for the year the qualified property is placed in service. E file state taxes only free Qualified property. E file state taxes only free   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. E file state taxes only free You bought it new. E file state taxes only free You bought it after September 10, 2001. E file state taxes only free (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. E file state taxes only free ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. E file state taxes only free Example. E file state taxes only free Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. E file state taxes only free Bob's car is qualified property. E file state taxes only free Bob chooses not to take a section 179 deduction for the car. E file state taxes only free He does claim the new special depreciation allowance. E file state taxes only free Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . E file state taxes only free 75). E file state taxes only free He then figures the special depreciation allowance of $4,500 ($15,000 × . E file state taxes only free 30). E file state taxes only free The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . E file state taxes only free 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). E file state taxes only free However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . E file state taxes only free 75), as discussed next. E file state taxes only free Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. E file state taxes only free The limit is increased to $23,080 if the car is an electric car. E file state taxes only free The section 179 deduction is treated as depreciation for purposes of this limit. E file state taxes only free If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. E file state taxes only free For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). E file state taxes only free Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. E file state taxes only free S. E file state taxes only free Individual Income Tax Return, by April 15, 2003. E file state taxes only free At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. E file state taxes only free ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). E file state taxes only free If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). E file state taxes only free Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. E file state taxes only free For details, see Revenue Procedure 2002–33. E file state taxes only free (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. E file state taxes only free ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. E file state taxes only free Example. E file state taxes only free The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . E file state taxes only free 75 x . E file state taxes only free 20) depreciation deduction for his new car using MACRS. E file state taxes only free Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. E file state taxes only free Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. E file state taxes only free Bob's new filled-in Form 2106 is shown later. E file state taxes only free Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. E file state taxes only free As a general rule, you must make this election by the due date (including extensions) of your return. E file state taxes only free You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. E file state taxes only free To get this extension, you must have filed your original return by the due date (including extensions). E file state taxes only free At the top of the statement, print “Filed pursuant to section 301. E file state taxes only free 9100–2. E file state taxes only free ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. E file state taxes only free Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. E file state taxes only free Deemed election for return filed before June 1, 2002. E file state taxes only free   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. E file state taxes only free You filed your 2001 return before June 1, 2002. E file state taxes only free You claimed depreciation on your return but did not claim the special depreciation allowance. E file state taxes only free You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. E file state taxes only free Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications