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

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The studies in this section relate to the Federal Transfer tax system (estate and gift taxes) and to trusts, which are an integral part of many estate plans.

Estate Tax Statistics

Estate Tax Statistics OneSheet

This annual study includes information on gross estate and its composition, deductions, and tax, as well as information on the age, sex, and marital status of decedents. Estate tax data are produced by filing year and selected years of death. Data are compiled from Form 706.

Gift Tax

Snapshot of Gift Tax Statistics

This study includes information on gifts to individuals and charities that exceed the annual exclusion. Data are collected for the donor of the gift, the amount of each individual gift reported, the computation of lifetime gifts, and calculation of tax liability. Data are compiled from Form 709.

Income from
Trusts & Estates

Snapshot of Income from Trusts and Estates (Form 1041)

These population data, derived from IRS Master File data, include information on income, deductions, and tax liability reported for estates and domestic trusts. Information on Foreign Trusts is also available. Data are compiled from Form 1041.

Nonresident Alien
Estate Tax

Snapshot of Nonresident Alien Estate Tax

Provides data on estate tax returns filed for non-U.S. citizens who owned at least $60,000 worth of property within the U.S. at time of death. Data are classified by tax status and size of U.S. gross estate. This study is conducted annually and data are compiled from Form 706NA.

Personal Wealth

This periodic study provides estimates of personal wealth of top wealth holders that are generated from estate tax return data using the "estate multiplier" technique, in conjunction with both filing-year and year-of-death estate databases.

Split Interest Trusts

Snapshot of Split Interest Data

Split-interest trusts make distributions to both charitable and non-charitable beneficiaries, while providing tax benefits to their donors. Based on the method and timing of distributions, split-interest trusts are divided into four categories: charitable remainder annuity trusts, charitable remainder unitrusts, charitable lead trusts, and pooled income funds. Data are compiled from Form 5227.

 

Estate and Gift Tax Archive

 

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Page Last Reviewed or Updated: 27-Jan-2014

The Free H&r Block Efile

Free h&r block efile 5. Free h&r block efile   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free h&r block efile You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Free h&r block efile By selecting the method that is best for you, you will have quick and easy access to tax help. Free h&r block efile Free help with your tax return. Free h&r block efile   You can get free help preparing your return nationwide from IRS-certified volunteers. Free h&r block efile The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free h&r block efile The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free h&r block efile Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free h&r block efile In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free h&r block efile To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free h&r block efile gov, download the IRS2Go app, or call 1-800-906-9887. Free h&r block efile   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free h&r block efile To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free h&r block efile aarp. Free h&r block efile org/money/taxaide or call 1-888-227-7669. Free h&r block efile For more information on these programs, go to IRS. Free h&r block efile gov and enter “VITA” in the search box. Free h&r block efile Internet. Free h&r block efile    IRS. Free h&r block efile gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free h&r block efile Download the free IRS2Go app from the iTunes app store or from Google Play. Free h&r block efile Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free h&r block efile Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free h&r block efile gov or download the IRS2Go app and select the Refund Status option. Free h&r block efile The IRS issues more than 9 out of 10 refunds in less than 21 days. Free h&r block efile Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free h&r block efile You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free h&r block efile The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free h&r block efile Use the Interactive Tax Assistant (ITA) to research your tax questions. Free h&r block efile No need to wait on the phone or stand in line. Free h&r block efile The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free h&r block efile When you reach the response screen, you can print the entire interview and the final response for your records. Free h&r block efile New subject areas are added on a regular basis. Free h&r block efile  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free h&r block efile gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free h&r block efile You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free h&r block efile The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free h&r block efile When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free h&r block efile Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free h&r block efile You can also ask the IRS to mail a return or an account transcript to you. Free h&r block efile Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free h&r block efile gov or by calling 1-800-908-9946. Free h&r block efile Tax return and tax account transcripts are generally available for the current year and the past three years. Free h&r block efile Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free h&r block efile Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free h&r block efile If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free h&r block efile Check the status of your amended return using Where's My Amended Return? Go to IRS. Free h&r block efile gov and enter Where's My Amended Return? in the search box. Free h&r block efile You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free h&r block efile It can take up to 3 weeks from the date you mailed it to show up in our system. Free h&r block efile Make a payment using one of several safe and convenient electronic payment options available on IRS. Free h&r block efile gov. Free h&r block efile Select the Payment tab on the front page of IRS. Free h&r block efile gov for more information. Free h&r block efile Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free h&r block efile Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free h&r block efile gov. Free h&r block efile Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free h&r block efile Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free h&r block efile gov. Free h&r block efile Request an Electronic Filing PIN by going to IRS. Free h&r block efile gov and entering Electronic Filing PIN in the search box. Free h&r block efile Download forms, instructions and publications, including accessible versions for people with disabilities. Free h&r block efile Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free h&r block efile gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free h&r block efile An employee can answer questions about your tax account or help you set up a payment plan. Free h&r block efile Before you visit, check the Office Locator on IRS. Free h&r block efile gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free h&r block efile If you have a special need, such as a disability, you can request an appointment. Free h&r block efile Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free h&r block efile Apply for an Employer Identification Number (EIN). Free h&r block efile Go to IRS. Free h&r block efile gov and enter Apply for an EIN in the search box. Free h&r block efile Read the Internal Revenue Code, regulations, or other official guidance. Free h&r block efile Read Internal Revenue Bulletins. Free h&r block efile Sign up to receive local and national tax news and more by email. Free h&r block efile Just click on “subscriptions” above the search box on IRS. Free h&r block efile gov and choose from a variety of options. Free h&r block efile Phone. Free h&r block efile    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free h&r block efile Download the free IRS2Go app from the iTunes app store or from Google Play. Free h&r block efile Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free h&r block efile gov, or download the IRS2Go app. Free h&r block efile Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free h&r block efile The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free h&r block efile Most VITA and TCE sites offer free electronic filing. Free h&r block efile Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free h&r block efile Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free h&r block efile Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free h&r block efile If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free h&r block efile The IRS issues more than 9 out of 10 refunds in less than 21 days. Free h&r block efile Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free h&r block efile Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free h&r block efile The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free h&r block efile Note, the above information is for our automated hotline. Free h&r block efile Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free h&r block efile Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free h&r block efile You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free h&r block efile It can take up to 3 weeks from the date you mailed it to show up in our system. Free h&r block efile Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free h&r block efile You should receive your order within 10 business days. Free h&r block efile Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free h&r block efile If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free h&r block efile Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free h&r block efile The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free h&r block efile These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free h&r block efile Mail. Free h&r block efile   You can send your order for forms, instructions, and publications to the address below. Free h&r block efile You should receive a response within 10 business days after your request is received. Free h&r block efile Internal Revenue Service 1201 N. Free h&r block efile Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Free h&r block efile The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free h&r block efile Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free h&r block efile   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free h&r block efile We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free h&r block efile You face (or your business is facing) an immediate threat of adverse action. Free h&r block efile You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free h&r block efile   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free h&r block efile Here's why we can help: TAS is an independent organization within the IRS. Free h&r block efile Our advocates know how to work with the IRS. Free h&r block efile Our services are free and tailored to meet your needs. Free h&r block efile We have offices in every state, the District of Columbia, and Puerto Rico. Free h&r block efile   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. Free h&r block efile irs. Free h&r block efile gov/Advocate, or call us toll-free at 1-877-777-4778. Free h&r block efile   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free h&r block efile If you know of one of these broad issues, please report it to us through our Systemic Advisory Management System at www. Free h&r block efile irs. Free h&r block efile gov/Advocate/Systemic-Advocacy-Management-System-SAMS. Free h&r block efile Low Income Taxpayer Clinics. Free h&r block efile    Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free h&r block efile Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free h&r block efile Visit www. Free h&r block efile irs. Free h&r block efile gov/Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free h&r block efile Prev  Up  Next   Home   More Online Publications