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

Free tax amendment Index A Accelerated Cost Recovery System (ACRS), MACRS Depreciation (see also Modified Accelerated Cost Recovery System (MACRS)) Effective date, Depreciation Methods Accounting methods Accrual method, Accrual method. Free tax amendment Cash method, Cash method. Free tax amendment Change of method, Changing your accounting method. Free tax amendment Constructive receipt of income, Cash method. Free tax amendment , More information. Free tax amendment Accrual method taxpayers, Accrual method. Free tax amendment ACRS (Accelerated Cost Recovery System) Effective date, Depreciation Methods Active participation, Active participation. Free tax amendment Activities not for profit, Duplex. Free tax amendment Additions to property, Additions or improvements to property. Free tax amendment (see also Improvements) Basis, Increases to basis. Free tax amendment , Additions or improvements. Free tax amendment MACRS recovery period, Additions or improvements to property. Free tax amendment Adjusted basis MACRS depreciation, Adjusted Basis Adjusted gross income (AGI) Modified (see Modified adjusted gross income (MAGI)) Advance rent, Advance rent. Free tax amendment Security deposits, Security deposits. Free tax amendment Advertising, Types of Expenses Allocation of expenses Change of property to rental use, Payments added to capital account. Free tax amendment How to divide expenses, Dividing Expenses Part of property rented, Renting Part of Property, How to divide expenses. Free tax amendment Personal use of rental property, Personal use of rental property. Free tax amendment , Personal Use of Dwelling Unit (Including Vacation Home) Alternative Depreciation System (ADS) Election of, Electing ADS MACRS, MACRS Depreciation, Table 2-2d. Free tax amendment Alternative minimum tax (AMT) Accelerated depreciation methods, Alternative minimum tax (AMT). Free tax amendment Amended returns, Filing an amended return. Free tax amendment Apartments Basement apartments, Examples. Free tax amendment Dwelling units, Dwelling unit. Free tax amendment Appraisal fees, Settlement fees and other costs. Free tax amendment Assessments for maintenance, Assessments for local improvements. Free tax amendment Assessments, local (see Local assessments) Assistance (see Tax help) Assumption of mortgage, Assumption of a mortgage. Free tax amendment Attorneys' fees, Settlement fees and other costs. Free tax amendment , Increases to basis. Free tax amendment Automobiles MACRS recovery periods, Property Classes Under GDS B Basis Adjusted basis, Adjusted Basis Assessments for local improvements, Assessments for local improvements. Free tax amendment Basis other than cost, Basis Other Than Cost Cost basis, Cost Basis Decreases to, Decreases to basis. Free tax amendment Deductions Capitalization of costs vs. Free tax amendment , Deducting vs. Free tax amendment capitalizing costs. Free tax amendment Not greater than basis, Cost or Other Basis Fully Recovered Fair market value, Fair market value. Free tax amendment Increases to, Increases to basis. Free tax amendment MACRS depreciable basis, Basis of Depreciable Property Property changed to rental use, Basis of Property Changed to Rental Use C Capital expenditures Deductions vs. Free tax amendment effect on basis, Deducting vs. Free tax amendment capitalizing costs. Free tax amendment Local benefit taxes, Local benefit taxes. Free tax amendment Mortgages, payments to obtain, Expenses paid to obtain a mortgage. Free tax amendment Cars MACRS recovery periods, Property Classes Under GDS Cash method taxpayers, Cash method. Free tax amendment Casualty losses, Exception for Rental Real Estate With Active Participation Change of accounting method, Changing your accounting method. Free tax amendment Charitable contributions Use of property, Donation of use of the property. Free tax amendment Cleaning and maintenance, Types of Expenses Closing costs, Settlement fees and other costs. Free tax amendment Commissions, Types of Expenses Computers MACRS recovery periods, Property Classes Under GDS Condominiums, Condominiums, Dwelling unit. Free tax amendment Constructive receipt of income, Cash method. Free tax amendment , More information. Free tax amendment Cooperative housing, Cooperative apartments. Free tax amendment , Cooperatives, Dwelling unit. Free tax amendment Cost basis, Cost Basis Credit reports, Settlement fees and other costs. Free tax amendment Credits Residential energy credits, Decreases to basis. Free tax amendment D Days of personal use, What is a day of personal use? Days used for repairs and maintenance, Days used for repairs and maintenance. Free tax amendment Deductions Capitalizing costs vs. Free tax amendment effect on basis, Deducting vs. Free tax amendment capitalizing costs. Free tax amendment Depreciation (see Depreciation) Limitations on, Form 4562. Free tax amendment Passive activity losses (see Passive activity) Depreciation, Depreciation of Rental Property, Changing your accounting method. Free tax amendment Alternative Depreciation System (ADS) (see Modified Accelerated Cost Recovery System (MACRS)) Basis (see Basis) Change of accounting method, Changing your accounting method. Free tax amendment Change of property to rental use, Property Changed to Rental Use Claiming correct amount of, Claiming the Correct Amount of Depreciation Declining balance method, Depreciation Methods Duration of property expected to last more than one year, What Rental Property Can Be Depreciated? Eligible property, What Rental Property Can Be Depreciated? First-year expensing, Section 179 deduction. Free tax amendment MACRS (see Modified Accelerated Cost Recovery System (MACRS)) Methods, Depreciation Methods, Figuring Your Depreciation Deduction Ownership of property, What Rental Property Can Be Depreciated?, Property you own. Free tax amendment Rental expense, Depreciation. Free tax amendment Rented property, Rented property. Free tax amendment Section 179 deduction, Section 179 deduction. Free tax amendment Special depreciation allowances, Claiming the Special Depreciation Allowance Straight line method, Depreciation Methods Useful life, What Rental Property Can Be Depreciated?, Property having a determinable useful life. Free tax amendment Vacant rental property, Vacant rental property. Free tax amendment Discount, bonds and notes issued at (see Original issue discount (OID)) Dividing of expenses (see Allocation of expenses) Dwelling units Definition, Dwelling unit. Free tax amendment Fair rental price, Fair rental price. Free tax amendment Personal use of, Personal Use of Dwelling Unit (Including Vacation Home), What is a day of personal use? E Easements, Decreases to basis. Free tax amendment Equipment rental expense, Rental of equipment. Free tax amendment F Fair market value (FMV), Fair market value. Free tax amendment Fair rental price, Dividing Expenses, Fair rental price. Free tax amendment Fees Loan origination fees, Points, Settlement fees and other costs. Free tax amendment Points (see Points) Settlement fees and other costs, Settlement fees and other costs. Free tax amendment Tax return preparation fees, Legal and other professional fees. Free tax amendment First-year expensing, Section 179 deduction. Free tax amendment Form 1040 Not rented for profit income, Where to report. Free tax amendment Part of property rented, Renting Part of Property Rental income and expenses, Reporting Rental Income, Expenses, and Losses Schedule E, Schedule E (Form 1040) Form 1098 Mortgage interest, Form 1098, Mortgage Interest Statement. Free tax amendment Form 4684 Casualties and thefts, How to report. Free tax amendment Form 4797 Sales of business property, How to report. Free tax amendment Form 8582 Passive activity losses, Form 8582. Free tax amendment , Form 8582 not required. Free tax amendment Free tax services, Free help with your tax return. Free tax amendment G Gains and losses At-risk rules, At-Risk Rules Casualty and theft losses, Exception for Rental Real Estate With Active Participation Limits on rental losses, Form 4562. Free tax amendment Passive activity losses, Passive Activity Limits Rental real estate activities, Exception for Rental Real Estate With Active Participation Sale of rental property, Sale or exchange of rental property. Free tax amendment , How to report. Free tax amendment General depreciation system (GDS) (see Modified Accelerated Cost Recovery System (MACRS)) H Help (see Tax help) Home Main home, Main home. Free tax amendment Use as rental property (see Use of home) I Improvements, Table 1-1. Free tax amendment Examples of Improvements (see also Repairs) Assessments for local improvements, Assessments for local improvements. Free tax amendment Basis, Increases to basis. Free tax amendment , Additions or improvements. Free tax amendment Depreciation of rented property, Rented property. Free tax amendment MACRS recovery period, Additions or improvements to property. Free tax amendment Insurance, Types of Expenses Casualty or theft loss payments, Decreases to basis. Free tax amendment Change of property to rental use, Property Changed to Rental Use Fire insurance premiums, cost basis, Settlement fees and other costs. Free tax amendment Part of property rented, Renting Part of Property Premiums paid in advance, Insurance premiums paid in advance. Free tax amendment Title insurance, cost basis, Settlement fees and other costs. Free tax amendment Interest payments, Interest expense. Free tax amendment (see also Mortgages) Loan origination fees, Points Rental expenses, Types of Expenses L Land Cost basis, Separating cost of land and buildings. Free tax amendment Depreciation, Land. Free tax amendment Leases Cancellation payments, Canceling a lease. Free tax amendment Equipment leasing, Rental of equipment. Free tax amendment Limits Passive activity losses and credits, Passive Activity Limits Rental losses, Limits on Rental Losses Loans Assumption fees, Settlement fees and other costs. Free tax amendment Charges connected with getting or refinancing, cost basis, Settlement fees and other costs. Free tax amendment Low or no interest, Loans with low or no interest. Free tax amendment Origination fees, Points Local assessments, Assessments for local improvements. Free tax amendment Losses (see Gains and losses) M Missing children, photographs of, Reminders Modified Accelerated Cost Recovery System (MACRS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Additions or improvements to property, Additions or improvements to property. Free tax amendment Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Basis other than cost, Basis Other Than Cost Conventions, Conventions Cost basis, Cost Basis Depreciable basis, Basis of Depreciable Property Effective date, Depreciation Methods Excluded property, Excluded Property General Depreciation System (GDS), MACRS Depreciation, Property Classes Under GDS, Figuring Your Depreciation Deduction Nonresidential rental property, Property Classes Under GDS Property used in rental activities (Table 2-1), Table 2-1. Free tax amendment MACRS Recovery Periods for Property Used in Rental Activities Recovery periods, Table 2-1. Free tax amendment MACRS Recovery Periods for Property Used in Rental Activities, 5-, 7-, or 15-year property. Free tax amendment Residential rental property, Property Classes Under GDS, Residential rental property. Free tax amendment Special depreciation allowances, Claiming the Special Depreciation Allowance Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). Free tax amendment Mortgages, Expenses paid to obtain a mortgage. Free tax amendment Assumption of, cost basis, Assumption of a mortgage. Free tax amendment Change of property to rental use, Property Changed to Rental Use End of, OID, Loan or mortgage ends. Free tax amendment Interest, Interest expense. Free tax amendment , Property Changed to Rental Use, Renting Part of Property Mortgage insurance premiums, Settlement fees and other costs. Free tax amendment Part of property rented, Renting Part of Property N Nonresidential real property, Property Classes Under GDS Not-for-profit activities, Duplex. Free tax amendment O Original issue discount (OID), Points, Loan or mortgage ends. Free tax amendment P Part interest Expenses, Part interest. Free tax amendment Income, Part interest. Free tax amendment Passive activity Maximum special allowance, Maximum special allowance. Free tax amendment Personal property Rental income from, Property or services. Free tax amendment Personal use of rental property, Payments added to capital account. Free tax amendment , Personal Use of Dwelling Unit (Including Vacation Home) (see also Property changed to rental use) Placed-in-service date, Placed in Service Points, Types of Expenses, Points, Settlement fees and other costs. Free tax amendment Pre-rental expenses, Pre-rental expenses. Free tax amendment Principal residence (see Home) Profit, property not rented for, Duplex. Free tax amendment Property changed to rental use, Payments added to capital account. Free tax amendment Basis, Basis of Property Changed to Rental Use Publications (see Tax help) R Real estate professionals, Real estate professionals. Free tax amendment Real estate taxes, Real estate taxes. Free tax amendment Real property trades or businesses, Real property trades or businesses. Free tax amendment Recordkeeping requirements Travel and transportation expenses, Local transportation expenses. Free tax amendment , Travel expenses. Free tax amendment Recovery periods, Property Classes Under GDS Rent, Settlement fees and other costs. Free tax amendment Advance rent, Advance rent. Free tax amendment Fair price, Fair rental price. Free tax amendment Rental expenses, Rental Expenses Advertising, Types of Expenses Allocation between rental and personal uses, Dividing Expenses Change of property to rental use, Property Changed to Rental Use Cleaning and maintenance, Types of Expenses Commissions, Types of Expenses Depreciation, Depreciation. Free tax amendment Dwelling unit used as home, Dwelling Unit Used as a Home Equipment rental, Rental of equipment. Free tax amendment Home, property also used as, Rental of property also used as your home. Free tax amendment Improvements, Table 1-1. Free tax amendment Examples of Improvements Insurance, Types of Expenses, Insurance premiums paid in advance. Free tax amendment Interest payments, Types of Expenses, Interest expense. Free tax amendment Local transportation expenses, Types of Expenses, Local transportation expenses. Free tax amendment Part of property rented, Renting Part of Property Points, Types of Expenses, Points Pre-rental expenses, Pre-rental expenses. Free tax amendment Rental payments, Types of Expenses Repairs, Types of Expenses, Repairs and Improvements Sale of property, Vacant while listed for sale. Free tax amendment Tax return preparation fees, Legal and other professional fees. Free tax amendment Taxes, Types of Expenses Tenant, paid by, Expenses paid by tenant. Free tax amendment Travel expenses, Types of Expenses Utilities, Types of Expenses Vacant rental property, Vacant rental property. Free tax amendment Rental income Advance rent, Advance rent. Free tax amendment Cancellation of lease payments, Canceling a lease. Free tax amendment Dwelling unit used as home, Dwelling Unit Used as a Home Lease with option to buy, Lease with option to buy. Free tax amendment Not rented for profit, Not Rented for Profit Part interest, Part interest. Free tax amendment Property received from tenant, Property or services. Free tax amendment Reporting, Accrual method. Free tax amendment , Which Forms To Use Security deposit, Security deposits. Free tax amendment Services received from tenant, Property or services. Free tax amendment Uncollected rent, Uncollected rent. Free tax amendment Used as home, Rental of property also used as your home. Free tax amendment Rental losses, Exception for Rental Real Estate With Active Participation (see also Gains and losses) (see also Passive activity) Repairs, Types of Expenses, Repairs and Improvements (see also Improvements) Assessments for maintenance, Assessments for local improvements. Free tax amendment Personal use of rental property exception for days used for repairs and maintenance, Days used for repairs and maintenance. Free tax amendment S Sale of property Expenses, Vacant while listed for sale. Free tax amendment Gain or loss, Sale or exchange of rental property. Free tax amendment , How to report. Free tax amendment Main home, Sale of main home used as rental property. Free tax amendment Section 179 deductions, Section 179 deduction. Free tax amendment Security deposits, Security deposits. Free tax amendment Settlement fees, Settlement fees and other costs. Free tax amendment Shared equity financing agreements, Shared equity financing agreement. Free tax amendment Special depreciation allowances, Claiming the Special Depreciation Allowance Spouse Material participation, Participating spouse. Free tax amendment Standard mileage rates, Local transportation expenses. Free tax amendment Surveys, Settlement fees and other costs. Free tax amendment T Tables and figures Improvements, examples of (Table 1-1), Table 1-1. Free tax amendment Examples of Improvements MACRS optional tables (Table 2-2d), Table 2-2d. Free tax amendment MACRS optional tables (Tables 2-2a, 2-2b, and 2-2c), Tables 2-2a, 2-2b, and 2-2c. Free tax amendment MACRS recovery periods for property used in rental activities (Table 2-1), Table 2-1. Free tax amendment MACRS Recovery Periods for Property Used in Rental Activities Tax credits Residential energy credits, effect on basis, Decreases to basis. Free tax amendment Tax help, How To Get Tax Help Tax return preparation fees, Legal and other professional fees. Free tax amendment Taxes Deduction of, Types of Expenses Local benefit taxes, Local benefit taxes. Free tax amendment Real estate taxes, Real estate taxes. Free tax amendment Transfer taxes, Settlement fees and other costs. Free tax amendment Theft losses, Theft. Free tax amendment Title insurance, Settlement fees and other costs. Free tax amendment Transfer taxes, Settlement fees and other costs. Free tax amendment Travel and transportation expenses Local transportation expenses, Types of Expenses, Local transportation expenses. Free tax amendment Recordkeeping, Travel expenses. Free tax amendment Rental expenses, Types of Expenses Standard mileage rate, Local transportation expenses. Free tax amendment U Uncollected rent Income, Uncollected rent. Free tax amendment Use of home Before or after renting, Days used as a main home before or after renting. Free tax amendment Change to rental use, Property Changed to Rental Use Days of personal use, What is a day of personal use? Fair rental price, Fair rental price. Free tax amendment Passive activity rules exception, Exception for Personal Use of Dwelling Unit Personal use as dwelling unit, Personal Use of Dwelling Unit (Including Vacation Home) Utilities, Types of Expenses, Increases to basis. Free tax amendment V Vacant rental property, Vacant rental property. Free tax amendment Vacation homes Dwelling unit, Dwelling unit. Free tax amendment Fair rental price, Fair rental price. Free tax amendment Personal use of, Personal Use of Dwelling Unit (Including Vacation Home) Valuation Fair market value, Fair market value. Free tax amendment Prev  Up     Home   More Online Publications