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How Do College Students File Taxes

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How Do College Students File Taxes

How do college students file taxes 4. How do college students file taxes   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. How do college students file taxes 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. How do college students file taxes 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. How do college students file taxes This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. How do college students file taxes The student loan interest deduction is taken as an adjustment to income. How do college students file taxes This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). How do college students file taxes 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. How do college students file taxes Table 4-1. How do college students file taxes Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. How do college students file taxes Do not rely on this table alone. How do college students file taxes Refer to the text for complete details. How do college students file taxes Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. How do college students file taxes 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. How do college students file taxes Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. How do college students file taxes Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. How do college students file taxes 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). How do college students file taxes Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. How do college students file taxes It includes both required and voluntary interest payments. How do college students file taxes 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. How do college students file taxes Loans from the following sources are not qualified student loans. How do college students file taxes A related person. How do college students file taxes A qualified employer plan. How do college students file taxes Your dependent. How do college students file taxes   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. How do college students file taxes You can find more information about dependents in Publication 501. How do college students file taxes Exceptions. How do college students file taxes   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. How do college students file taxes An individual can be your dependent even if you are the dependent of another taxpayer. How do college students file taxes An individual can be your dependent even if the individual files a joint return with a spouse. How do college students file taxes 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). How do college students file taxes Reasonable period of time. How do college students file taxes   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. How do college students file taxes   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. How do college students file taxes 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. How do college students file taxes   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. How do college students file taxes Academic period. How do college students file taxes   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. How do college students file taxes 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. How do college students file taxes Eligible student. How do college students file taxes   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. How do college students file taxes Enrolled at least half-time. How do college students file taxes   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. How do college students file taxes   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. How do college students file taxes However, the standard may not be lower than any of those established by the U. How do college students file taxes S. How do college students file taxes Department of Education under the Higher Education Act of 1965. How do college students file taxes Related person. How do college students file taxes   You cannot deduct interest on a loan you get from a related person. How do college students file taxes Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. How do college students file taxes ), Your lineal descendants (children, grandchildren, etc. How do college students file taxes ), and Certain corporations, partnerships, trusts, and exempt organizations. How do college students file taxes Qualified employer plan. How do college students file taxes   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. How do college students file taxes 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. How do college students file taxes They include amounts paid for the following items. How do college students file taxes Tuition and fees. How do college students file taxes Room and board. How do college students file taxes Books, supplies, and equipment. How do college students file taxes Other necessary expenses (such as transportation). How do college students file taxes 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. How do college students file taxes Eligible educational institution. How do college students file taxes   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. How do college students file taxes S. How do college students file taxes Department of Education. How do college students file taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How do college students file taxes   Certain educational institutions located outside the United States also participate in the U. How do college students file taxes S. How do college students file taxes Department of Education's Federal Student Aid (FSA) programs. How do college students file taxes   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. How do college students file taxes   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. How do college students file taxes The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. How do college students file taxes    The educational institution should be able to tell you if it is an eligible educational institution. How do college students file taxes 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. How do college students file taxes Employer-provided educational assistance. How do college students file taxes See chapter 11, Employer-Provided Educational Assistance . How do college students file taxes Tax-free distribution of earnings from a Coverdell education savings account (ESA). How do college students file taxes See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. How do college students file taxes Tax-free distribution of earnings from a qualified tuition program (QTP). How do college students file taxes See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. How do college students file taxes U. How do college students file taxes S. How do college students file taxes savings bond interest that you exclude from income because it is used to pay qualified education expenses. How do college students file taxes See chapter 10, Education Savings Bond Program . How do college students file taxes The tax-free part of scholarships and fellowships. How do college students file taxes See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. How do college students file taxes Veterans' educational assistance. How do college students file taxes See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. How do college students file taxes Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How do college students file taxes 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. How do college students file taxes Loan origination fee. How do college students file taxes   In general, this is a one-time fee charged by the lender when a loan is made. How do college students file taxes 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. How do college students file taxes A loan origination fee treated as interest accrues over the term of the loan. How do college students file taxes   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. How do college students file taxes 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. How do college students file taxes 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. How do college students file taxes A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. How do college students file taxes Example. How do college students file taxes In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. How do college students file taxes The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. How do college students file taxes Bill began making payments on his student loan in 2013. How do college students file taxes 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. How do college students file taxes Bill's loan is payable in 120 equal monthly payments. How do college students file taxes He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). How do college students file taxes Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. How do college students file taxes 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. How do college students file taxes Capitalized interest. How do college students file taxes   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. How do college students file taxes Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. How do college students file taxes No deduction for capitalized interest is allowed in a year in which no loan payments were made. How do college students file taxes Interest on revolving lines of credit. How do college students file taxes   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. How do college students file taxes See Qualified Education Expenses , earlier. How do college students file taxes Interest on refinanced student loans. How do college students file taxes   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. How do college students file taxes    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. How do college students file taxes Voluntary interest payments. How do college students file taxes   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. How do college students file taxes Example. How do college students file taxes The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. How do college students file taxes He began making payments as required. How do college students file taxes In September 2013, Roger enrolled in graduate school on a full-time basis. How do college students file taxes He applied for and was granted deferment of his loan payments while in graduate school. How do college students file taxes Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. How do college students file taxes Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. How do college students file taxes 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. How do college students file taxes 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. How do college students file taxes Example. How do college students file taxes In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. How do college students file taxes The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. How do college students file taxes The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. How do college students file taxes 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. How do college students file taxes The loan is payable over 60 months, with a payment of $200. How do college students file taxes 51 due on the first of each month, beginning November 2013. How do college students file taxes 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. How do college students file taxes 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). How do college students file taxes Payment Date   Payment   Stated Interest   Principal November 2013   $200. How do college students file taxes 51   $44. How do college students file taxes 27   $156. How do college students file taxes 24 December 2013   $200. How do college students file taxes 51   $43. How do college students file taxes 62   $156. How do college students file taxes 89 Totals   $401. How do college students file taxes 02   $87. How do college students file taxes 89   $313. How do college students file taxes 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. How do college students file taxes 89. How do college students file taxes Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). How do college students file taxes A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. How do college students file taxes 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. How do college students file taxes Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. How do college students file taxes 02 ($87. How do college students file taxes 89 + $10 + $303. How do college students file taxes 13). How do college students file taxes 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. How do college students file taxes She also will apply the remaining amount of capitalized interest ($625 − $303. How do college students file taxes 13 = $321. How do college students file taxes 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. How do college students file taxes Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. How do college students file taxes Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. How do college students file taxes Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. How do college students file taxes 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. How do college students file taxes For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. How do college students file taxes 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. How do college students file taxes Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. How do college students file taxes Your filing status is any filing status except married filing separately. How do college students file taxes No one else is claiming an exemption for you on his or her tax return. How do college students file taxes You are legally obligated to pay interest on a qualified student loan. How do college students file taxes You paid interest on a qualified student loan. How do college students file taxes Claiming an exemption for you. How do college students file taxes   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. How do college students file taxes Example 1. How do college students file taxes During 2013, Josh paid $600 interest on his qualified student loan. How do college students file taxes Only he is legally obligated to make the payments. How do college students file taxes No one claimed an exemption for Josh for 2013. How do college students file taxes Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. How do college students file taxes Example 2. How do college students file taxes During 2013, Jo paid $1,100 interest on her qualified student loan. How do college students file taxes Only she is legally obligated to make the payments. How do college students file taxes Jo's parents claimed an exemption for her on their 2013 tax return. How do college students file taxes In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. How do college students file taxes Interest paid by others. How do college students file taxes   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. How do college students file taxes Example 1. How do college students file taxes Darla obtained a qualified student loan to attend college. How do college students file taxes After Darla's graduation from college, she worked as an intern for a nonprofit organization. How do college students file taxes As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. How do college students file taxes This payment was treated as additional compensation and reported in box 1 of her Form W-2. How do college students file taxes Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. How do college students file taxes Example 2. How do college students file taxes Ethan obtained a qualified student loan to attend college. How do college students file taxes After graduating from college, the first monthly payment on his loan was due in December. How do college students file taxes As a gift, Ethan's mother made this payment for him. How do college students file taxes No one is claiming a dependency exemption for Ethan on his or her tax return. How do college students file taxes Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. How do college students file taxes 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). How do college students file taxes Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. How do college students file taxes However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. How do college students file taxes You can use Worksheet 4-1. How do college students file taxes Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. How do college students file taxes Form 1098-E. How do college students file taxes   To help you figure your student loan interest deduction, you should receive Form 1098-E. How do college students file taxes 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. How do college students file taxes   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. How do college students file taxes Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. How do college students file taxes However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. How do college students file taxes See Allocating Payments Between Interest and Principal , earlier. How do college students file taxes    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. How do college students file taxes The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. How do college students file taxes 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). How do college students file taxes 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). How do college students file taxes Modified adjusted gross income (MAGI). How do college students file taxes   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. How do college students file taxes However, as discussed below, there may be other modifications. How do college students file taxes Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. How do college students file taxes Table 4-2. How do college students file taxes Effect of MAGI on Student Loan Interest Deduction IF your filing status is. How do college students file taxes . How do college students file taxes . How do college students file taxes AND your MAGI is. How do college students file taxes . How do college students file taxes . How do college students file taxes THEN your student loan interest deduction is. How do college students file taxes . How do college students file taxes . How do college students file taxes single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. How do college students file taxes more than $60,000  but less than $75,000 reduced because of the phaseout. How do college students file taxes $75,000 or more eliminated by the phaseout. How do college students file taxes married filing joint return not more than $125,000 not affected by the phaseout. How do college students file taxes more than $125,000 but less than $155,000 reduced because of the phaseout. How do college students file taxes $155,000 or more eliminated by the phaseout. How do college students file taxes MAGI when using Form 1040A. How do college students file taxes   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). How do college students file taxes MAGI when using Form 1040. How do college students file taxes   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. How do college students file taxes MAGI when using Form 1040NR. How do college students file taxes   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). How do college students file taxes MAGI when using Form 1040NR-EZ. How do college students file taxes   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). How do college students file taxes Phaseout. How do college students file taxes   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. How do college students file taxes To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. How do college students file taxes The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). How do college students file taxes The denominator is $15,000 ($30,000 in the case of a joint return). How do college students file taxes Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. How do college students file taxes Example 1. How do college students file taxes During 2013 you paid $800 interest on a qualified student loan. How do college students file taxes Your 2013 MAGI is $145,000 and you are filing a joint return. How do college students file taxes You must reduce your deduction by $533, figured as follows. How do college students file taxes   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). How do college students file taxes Example 2. How do college students file taxes The facts are the same as in Example 1 except that you paid $2,750 interest. How do college students file taxes Your maximum deduction for 2013 is $2,500. How do college students file taxes You must reduce your maximum deduction by $1,667, figured as follows. How do college students file taxes   $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). How do college students file taxes 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. How do college students file taxes 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. How do college students file taxes Student Loan Interest Deduction Worksheet at the end of this chapter. How do college students file taxes Claiming the Deduction The student loan interest deduction is an adjustment to income. How do college students file taxes 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). How do college students file taxes Worksheet 4-1. How do college students file taxes 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. How do college students file taxes 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. How do college students file taxes 1. How do college students file taxes Enter the total interest you paid in 2013 on qualified student loans. How do college students file taxes Do not enter  more than $2,500 1. How do college students file taxes   2. How do college students file taxes Enter the amount from Form 1040, line 22 2. How do college students file taxes       3. How do college students file taxes Enter the total of the amounts from Form 1040,  lines 23 through 32 3. How do college students file taxes           4. How do college students file taxes Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. How do college students file taxes           5. How do college students file taxes Add lines 3 and 4 5. How do college students file taxes       6. How do college students file taxes Subtract line 5 from line 2 6. How do college students file taxes       7. How do college students file taxes Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. How do college students file taxes       8. How do college students file taxes Enter any foreign housing deduction (Form 2555, line 50) 8. How do college students file taxes       9. How do college students file taxes Enter the amount of income from Puerto Rico you are excluding 9. How do college students file taxes       10. How do college students file taxes Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. How do college students file taxes       11. How do college students file taxes Add lines 6 through 10. How do college students file taxes This is your modified adjusted gross income 11. How do college students file taxes   12. How do college students file taxes Enter the amount shown below for your filing status 12. How do college students file taxes     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. How do college students file taxes Is the amount on line 11 more than the amount on line 12?       □ No. How do college students file taxes Skip lines 13 and 14, enter -0- on line 15, and go to line 16. How do college students file taxes       □ Yes. How do college students file taxes Subtract line 12 from line 11 13. How do college students file taxes   14. How do college students file taxes Divide line 13 by $15,000 ($30,000 if married filing jointly). How do college students file taxes Enter the result as a decimal  (rounded to at least three places). How do college students file taxes If the result is 1. How do college students file taxes 000 or more, enter 1. How do college students file taxes 000 14. How do college students file taxes . How do college students file taxes 15. How do college students file taxes Multiply line 1 by line 14 15. How do college students file taxes   16. How do college students file taxes Student loan interest deduction. How do college students file taxes Subtract line 15 from line 1. How do college students file taxes Enter the result here  and on Form 1040, line 33. How do college students file taxes Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. How do college students file taxes ) 16. How do college students file taxes   Prev  Up  Next   Home   More Online Publications
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How do college students file taxes Índice Pérdidas en ciertas actividades madereras, retroactivación a 5 años, Traspaso a 5 años de NOL por ciertas pérdidas en actividades madereras. How do college students file taxes A Actividad maderera: Costos de reforestación, Costos de Reforestación Retroactivación a 5 años de NOL, Costos de Reforestación Apógrafo de la declaración de impuestos, solicitud de, Solicitud de apógrafo de la declaración de impuestos. How do college students file taxes Ayuda: Ayuda especial del IRS, Cómo Obtener Ayuda con los Impuestos Cibersitio del IRS, Cómo Obtener Ayuda con los Impuestos Cómo obtener, Cómo Obtener Ayuda con los Impuestos Teléfono, Cómo Obtener Ayuda con los Impuestos C Cancelación de endeudamiento, Exclusión de Ciertas Cancelaciones de Endeudamiento por Motivos del Huracán Katrina Cibersitio del IRS, Servicios gratis con los impuestos. How do college students file taxes Contribuciones caritativas, Suspensión Temporal de los Límites sobre las Contribuciones Caritativas Contribuyentes afectados, Contribuyentes afectados. How do college students file taxes Conversión involuntaria (ver Plazo de reposición para que las ganancias no sean reconocidas) Copia de su declaración de impuestos, solicitud de, Solicitud de copia de la declaración de impuestos. How do college students file taxes Costos de demolición, Costos de Demolición y Limpieza Costos de limpieza, Costos de Demolición y Limpieza Costos de reforestación, Costos de Reforestación Crédito Hope (ver Créditos por enseñanza superior) Crédito perpétuo (vitalicio) por aprendizaje (ver Créditos por enseñanza superior) Crédito por ingreso del trabajo, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Crédito por la retención de empleados, Créditos por la Retención de Empleados Crédito por oportunidad de trabajo, Crédito por Oportunidad de Trabajo Crédito por vivienda para afectados por el huracán Katrina, Crédito por Vivienda del Huracán Katrina Crédito tributario por hijos, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Crédito tributario por rehabilitación, Aumento del Crédito Tributario por Rehabilitación Créditos por enseñanza superior, Créditos Tributarios por Enseñanza Superior Créditos: Enseñanza superior, Créditos Tributarios por Enseñanza Superior Impuesto por rehabilitación, Aumento del Crédito Tributario por Rehabilitación Ingreso del trabajo, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Oportunidad de trabajo, Crédito por Oportunidad de Trabajo Retención de empleados , Créditos por la Retención de Empleados Tributario por hijos, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Vivienda para afectados por el huracán Katrina, Crédito por Vivienda del Huracán Katrina Cuentas IRA y otros planes de jubilación, Las Cuentas IRA y Otros Planes de Jubilación D Declaración de impuestos: Solicitud de apógrafo, Solicitud de apógrafo de la declaración de impuestos. How do college students file taxes Solicitud de una copia, Solicitud de copia de la declaración de impuestos. How do college students file taxes Deducción caritativa: Inventario de alimentos, Deducción Caritativa por Contribuciones de Inventario de Alimentos Inventario de libros, Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas Deducción conforme a la sección 179, Mayor Deducción Conforme a la Sección 179 Defensor del contribuyente, Poniéndose en contacto con el Defensor del Contribuyente. How do college students file taxes Depreciación : Asignación especial , Asignación (Descuento) Especial de Depreciación Depreciación: Propiedad calificada de la Zona GO, Propiedad calificada de la Zona GO. How do college students file taxes Distribución calificada por motivos del huracán, Distribución calificada por motivos del huracán. How do college students file taxes Distribuciones: Compra o construcción de una vivienda, Reintegro de Distribuciones Calificadas por la Compra o Construcción de un Hogar Principal Huracán calificado, Distribución calificada por motivos del huracán. How do college students file taxes Reintegro de, Reintegro de Distribuciones Calificadas por Motivos de un Huracán Tributación de, Tributación de Distribuciones Calificadas por Motivos de un Huracán E Exención adicional por provisión de vivienda, Exenciones Adicionales por la Provisión de Vivienda para Personas que Tuvieron que Abandonar sus Hogares por Causa del Huracán Katrina F Fechas de vencimiento, prorrogadas, Prórrogas de las Fechas de Vencimiento Tributarias I Internet: Cibersitio del IRS, Servicios gratis con los impuestos. How do college students file taxes Inventario de alimentos, deducción caritativa por , Deducción Caritativa por Contribuciones de Inventario de Alimentos Inventario de libros, deducción caritativa por, Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas P Pérdida calificada en una Zona GO, Pérdida calificada en una Zona GO. How do college students file taxes Pérdidas netas de operación , Pérdidas Netas de Operación Pérdidas por hechos fortuitos y robos, Pérdidas por Hechos Fortuitos y Robos Pérdidas por robo, Pérdidas por Hechos Fortuitos y Robos Plan de jubilación elegible, Plan de jubilación elegible. How do college students file taxes Planes de jubilación, Las Cuentas IRA y Otros Planes de Jubilación Plazo de reposición para que las ganancias no sean reconocidas, Período de Reposición para que las Ganancias no sean Reconocidas R Reembolsos de millas, voluntarios que prestaron servicios con fines caritativos, Reembolsos de Millas a Voluntarios que Prestaron Servicios con Fines Caritativos Reubicación temporal, Alivio Tributario para la Reubicación Temporal S Servicio de Impuestos Internos (IRS): Cibersitio del, Servicios gratis con los impuestos. How do college students file taxes Subsidio hipotecario federal, recuperación, Recuperación del Subsidio Hipotecario Federal T Tasa estándar por milla, uso con fines caritativos, Tasa Estándar por Milla para el Uso de Vehículos para Fines Caritativos Z Zona central del desastre, Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) Zona de desastre con cobertura: Katrina, Zona de Desastre del Huracán Katrina con Cobertura Rita, Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) Wilma, Zona de Desastre del Huracán Wilma con Cobertura Zona de desastre: Huracán Katrina, Zona de Desastre del Huracán Katrina Huracán Rita, Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) Huracán Wilma, Zona de Desastre del Huracán Wilma Zona de Oportunidad del Golfo (GO), Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) Zona GO de Rita, Zona GO de Rita Zona GO de Wilma, Zona GO de Wilma Anterior  Subir     Inicio   More Online Publications