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How Do I Amend A Tax Return For 2010

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How Do I Amend A Tax Return For 2010

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

How do i amend a tax return for 2010 Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. How do i amend a tax return for 2010 Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. How do i amend a tax return for 2010 , Change in Accounting Method Comments on publication, Comments and suggestions. How do i amend a tax return for 2010 Constructive receipt of income, Constructive receipt. How do i amend a tax return for 2010 Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. How do i amend a tax return for 2010 E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. How do i amend a tax return for 2010 , Making back-up election. How do i amend a tax return for 2010 8752, Required payment for partnership or S corporation. How do i amend a tax return for 2010 , Activating election. How do i amend a tax return for 2010 970, Adopting LIFO method. How do i amend a tax return for 2010 Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. How do i amend a tax return for 2010 Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. How do i amend a tax return for 2010 Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. How do i amend a tax return for 2010 Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. How do i amend a tax return for 2010 T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. How do i amend a tax return for 2010 TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. How do i amend a tax return for 2010 General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications