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I Need To File My 2011 Tax Return

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I Need To File My 2011 Tax Return

I need to file my 2011 tax return 4. I need to file my 2011 tax return   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. I need to file my 2011 tax return 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. I need to file my 2011 tax return 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. I need to file my 2011 tax return This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. I need to file my 2011 tax return The student loan interest deduction is taken as an adjustment to income. I need to file my 2011 tax return This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). I need to file my 2011 tax return 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. I need to file my 2011 tax return Table 4-1. I need to file my 2011 tax return Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. I need to file my 2011 tax return Do not rely on this table alone. I need to file my 2011 tax return Refer to the text for complete details. I need to file my 2011 tax return Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. I need to file my 2011 tax return 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. I need to file my 2011 tax return Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. I need to file my 2011 tax return Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. I need to file my 2011 tax return 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). I need to file my 2011 tax return Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. I need to file my 2011 tax return It includes both required and voluntary interest payments. I need to file my 2011 tax return 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. I need to file my 2011 tax return Loans from the following sources are not qualified student loans. I need to file my 2011 tax return A related person. I need to file my 2011 tax return A qualified employer plan. I need to file my 2011 tax return Your dependent. I need to file my 2011 tax return   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. I need to file my 2011 tax return You can find more information about dependents in Publication 501. I need to file my 2011 tax return Exceptions. I need to file my 2011 tax return   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. I need to file my 2011 tax return An individual can be your dependent even if you are the dependent of another taxpayer. I need to file my 2011 tax return An individual can be your dependent even if the individual files a joint return with a spouse. I need to file my 2011 tax return 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). I need to file my 2011 tax return Reasonable period of time. I need to file my 2011 tax return   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. I need to file my 2011 tax return   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. I need to file my 2011 tax return 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. I need to file my 2011 tax return   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. I need to file my 2011 tax return Academic period. I need to file my 2011 tax return   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. I need to file my 2011 tax return 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. I need to file my 2011 tax return Eligible student. I need to file my 2011 tax return   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. I need to file my 2011 tax return Enrolled at least half-time. I need to file my 2011 tax return   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. I need to file my 2011 tax return   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. I need to file my 2011 tax return However, the standard may not be lower than any of those established by the U. I need to file my 2011 tax return S. I need to file my 2011 tax return Department of Education under the Higher Education Act of 1965. I need to file my 2011 tax return Related person. I need to file my 2011 tax return   You cannot deduct interest on a loan you get from a related person. I need to file my 2011 tax return Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. I need to file my 2011 tax return ), Your lineal descendants (children, grandchildren, etc. I need to file my 2011 tax return ), and Certain corporations, partnerships, trusts, and exempt organizations. I need to file my 2011 tax return Qualified employer plan. I need to file my 2011 tax return   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. I need to file my 2011 tax return 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. I need to file my 2011 tax return They include amounts paid for the following items. I need to file my 2011 tax return Tuition and fees. I need to file my 2011 tax return Room and board. I need to file my 2011 tax return Books, supplies, and equipment. I need to file my 2011 tax return Other necessary expenses (such as transportation). I need to file my 2011 tax return 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. I need to file my 2011 tax return Eligible educational institution. I need to file my 2011 tax return   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. I need to file my 2011 tax return S. I need to file my 2011 tax return Department of Education. I need to file my 2011 tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. I need to file my 2011 tax return   Certain educational institutions located outside the United States also participate in the U. I need to file my 2011 tax return S. I need to file my 2011 tax return Department of Education's Federal Student Aid (FSA) programs. I need to file my 2011 tax return   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. I need to file my 2011 tax return   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. I need to file my 2011 tax return The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. I need to file my 2011 tax return    The educational institution should be able to tell you if it is an eligible educational institution. I need to file my 2011 tax return 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. I need to file my 2011 tax return Employer-provided educational assistance. I need to file my 2011 tax return See chapter 11, Employer-Provided Educational Assistance . I need to file my 2011 tax return Tax-free distribution of earnings from a Coverdell education savings account (ESA). I need to file my 2011 tax return See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. I need to file my 2011 tax return Tax-free distribution of earnings from a qualified tuition program (QTP). I need to file my 2011 tax return See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. I need to file my 2011 tax return U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bond interest that you exclude from income because it is used to pay qualified education expenses. I need to file my 2011 tax return See chapter 10, Education Savings Bond Program . I need to file my 2011 tax return The tax-free part of scholarships and fellowships. I need to file my 2011 tax return See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. I need to file my 2011 tax return Veterans' educational assistance. I need to file my 2011 tax return See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. I need to file my 2011 tax return Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. I need to file my 2011 tax return 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. I need to file my 2011 tax return Loan origination fee. I need to file my 2011 tax return   In general, this is a one-time fee charged by the lender when a loan is made. I need to file my 2011 tax return 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. I need to file my 2011 tax return A loan origination fee treated as interest accrues over the term of the loan. I need to file my 2011 tax return   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. I need to file my 2011 tax return 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. I need to file my 2011 tax return 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. I need to file my 2011 tax return A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. I need to file my 2011 tax return Example. I need to file my 2011 tax return In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. I need to file my 2011 tax return The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. I need to file my 2011 tax return Bill began making payments on his student loan in 2013. I need to file my 2011 tax return 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. I need to file my 2011 tax return Bill's loan is payable in 120 equal monthly payments. I need to file my 2011 tax return He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). I need to file my 2011 tax return Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. I need to file my 2011 tax return 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. I need to file my 2011 tax return Capitalized interest. I need to file my 2011 tax return   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. I need to file my 2011 tax return Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. I need to file my 2011 tax return No deduction for capitalized interest is allowed in a year in which no loan payments were made. I need to file my 2011 tax return Interest on revolving lines of credit. I need to file my 2011 tax return   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. I need to file my 2011 tax return See Qualified Education Expenses , earlier. I need to file my 2011 tax return Interest on refinanced student loans. I need to file my 2011 tax return   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. I need to file my 2011 tax return    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. I need to file my 2011 tax return Voluntary interest payments. I need to file my 2011 tax return   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. I need to file my 2011 tax return Example. I need to file my 2011 tax return The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. I need to file my 2011 tax return He began making payments as required. I need to file my 2011 tax return In September 2013, Roger enrolled in graduate school on a full-time basis. I need to file my 2011 tax return He applied for and was granted deferment of his loan payments while in graduate school. I need to file my 2011 tax return Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. I need to file my 2011 tax return Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. I need to file my 2011 tax return 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. I need to file my 2011 tax return 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. I need to file my 2011 tax return Example. I need to file my 2011 tax return In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. I need to file my 2011 tax return The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. I need to file my 2011 tax return The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. I need to file my 2011 tax return 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. I need to file my 2011 tax return The loan is payable over 60 months, with a payment of $200. I need to file my 2011 tax return 51 due on the first of each month, beginning November 2013. I need to file my 2011 tax return 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. I need to file my 2011 tax return 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). I need to file my 2011 tax return Payment Date   Payment   Stated Interest   Principal November 2013   $200. I need to file my 2011 tax return 51   $44. I need to file my 2011 tax return 27   $156. I need to file my 2011 tax return 24 December 2013   $200. I need to file my 2011 tax return 51   $43. I need to file my 2011 tax return 62   $156. I need to file my 2011 tax return 89 Totals   $401. I need to file my 2011 tax return 02   $87. I need to file my 2011 tax return 89   $313. I need to file my 2011 tax return 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. I need to file my 2011 tax return 89. I need to file my 2011 tax return Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). I need to file my 2011 tax return A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. I need to file my 2011 tax return 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. I need to file my 2011 tax return Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. I need to file my 2011 tax return 02 ($87. I need to file my 2011 tax return 89 + $10 + $303. I need to file my 2011 tax return 13). I need to file my 2011 tax return 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. I need to file my 2011 tax return She also will apply the remaining amount of capitalized interest ($625 − $303. I need to file my 2011 tax return 13 = $321. I need to file my 2011 tax return 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. I need to file my 2011 tax return Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. I need to file my 2011 tax return Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. I need to file my 2011 tax return Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. I need to file my 2011 tax return 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. I need to file my 2011 tax return For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. I need to file my 2011 tax return 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. I need to file my 2011 tax return Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. I need to file my 2011 tax return Your filing status is any filing status except married filing separately. I need to file my 2011 tax return No one else is claiming an exemption for you on his or her tax return. I need to file my 2011 tax return You are legally obligated to pay interest on a qualified student loan. I need to file my 2011 tax return You paid interest on a qualified student loan. I need to file my 2011 tax return Claiming an exemption for you. I need to file my 2011 tax return   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. I need to file my 2011 tax return Example 1. I need to file my 2011 tax return During 2013, Josh paid $600 interest on his qualified student loan. I need to file my 2011 tax return Only he is legally obligated to make the payments. I need to file my 2011 tax return No one claimed an exemption for Josh for 2013. I need to file my 2011 tax return Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. I need to file my 2011 tax return Example 2. I need to file my 2011 tax return During 2013, Jo paid $1,100 interest on her qualified student loan. I need to file my 2011 tax return Only she is legally obligated to make the payments. I need to file my 2011 tax return Jo's parents claimed an exemption for her on their 2013 tax return. I need to file my 2011 tax return In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. I need to file my 2011 tax return Interest paid by others. I need to file my 2011 tax return   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. I need to file my 2011 tax return Example 1. I need to file my 2011 tax return Darla obtained a qualified student loan to attend college. I need to file my 2011 tax return After Darla's graduation from college, she worked as an intern for a nonprofit organization. I need to file my 2011 tax return As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. I need to file my 2011 tax return This payment was treated as additional compensation and reported in box 1 of her Form W-2. I need to file my 2011 tax return Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. I need to file my 2011 tax return Example 2. I need to file my 2011 tax return Ethan obtained a qualified student loan to attend college. I need to file my 2011 tax return After graduating from college, the first monthly payment on his loan was due in December. I need to file my 2011 tax return As a gift, Ethan's mother made this payment for him. I need to file my 2011 tax return No one is claiming a dependency exemption for Ethan on his or her tax return. I need to file my 2011 tax return Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. I need to file my 2011 tax return 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). I need to file my 2011 tax return Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. I need to file my 2011 tax return However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. I need to file my 2011 tax return You can use Worksheet 4-1. I need to file my 2011 tax return Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. I need to file my 2011 tax return Form 1098-E. I need to file my 2011 tax return   To help you figure your student loan interest deduction, you should receive Form 1098-E. I need to file my 2011 tax return 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. I need to file my 2011 tax return   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. I need to file my 2011 tax return Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. I need to file my 2011 tax return However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. I need to file my 2011 tax return See Allocating Payments Between Interest and Principal , earlier. I need to file my 2011 tax return    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. I need to file my 2011 tax return The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. I need to file my 2011 tax return 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). I need to file my 2011 tax return 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). I need to file my 2011 tax return Modified adjusted gross income (MAGI). I need to file my 2011 tax return   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. I need to file my 2011 tax return However, as discussed below, there may be other modifications. I need to file my 2011 tax return Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. I need to file my 2011 tax return Table 4-2. I need to file my 2011 tax return Effect of MAGI on Student Loan Interest Deduction IF your filing status is. I need to file my 2011 tax return . I need to file my 2011 tax return . I need to file my 2011 tax return AND your MAGI is. I need to file my 2011 tax return . I need to file my 2011 tax return . I need to file my 2011 tax return THEN your student loan interest deduction is. I need to file my 2011 tax return . I need to file my 2011 tax return . I need to file my 2011 tax return single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. I need to file my 2011 tax return more than $60,000  but less than $75,000 reduced because of the phaseout. I need to file my 2011 tax return $75,000 or more eliminated by the phaseout. I need to file my 2011 tax return married filing joint return not more than $125,000 not affected by the phaseout. I need to file my 2011 tax return more than $125,000 but less than $155,000 reduced because of the phaseout. I need to file my 2011 tax return $155,000 or more eliminated by the phaseout. I need to file my 2011 tax return MAGI when using Form 1040A. I need to file my 2011 tax return   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). I need to file my 2011 tax return MAGI when using Form 1040. I need to file my 2011 tax return   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. I need to file my 2011 tax return MAGI when using Form 1040NR. I need to file my 2011 tax return   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). I need to file my 2011 tax return MAGI when using Form 1040NR-EZ. I need to file my 2011 tax return   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). I need to file my 2011 tax return Phaseout. I need to file my 2011 tax return   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. I need to file my 2011 tax return To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. I need to file my 2011 tax return The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). I need to file my 2011 tax return The denominator is $15,000 ($30,000 in the case of a joint return). I need to file my 2011 tax return Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. I need to file my 2011 tax return Example 1. I need to file my 2011 tax return During 2013 you paid $800 interest on a qualified student loan. I need to file my 2011 tax return Your 2013 MAGI is $145,000 and you are filing a joint return. I need to file my 2011 tax return You must reduce your deduction by $533, figured as follows. I need to file my 2011 tax return   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). I need to file my 2011 tax return Example 2. I need to file my 2011 tax return The facts are the same as in Example 1 except that you paid $2,750 interest. I need to file my 2011 tax return Your maximum deduction for 2013 is $2,500. I need to file my 2011 tax return You must reduce your maximum deduction by $1,667, figured as follows. I need to file my 2011 tax return   $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). I need to file my 2011 tax return 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. I need to file my 2011 tax return 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. I need to file my 2011 tax return Student Loan Interest Deduction Worksheet at the end of this chapter. I need to file my 2011 tax return Claiming the Deduction The student loan interest deduction is an adjustment to income. I need to file my 2011 tax return 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). I need to file my 2011 tax return Worksheet 4-1. I need to file my 2011 tax return 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. I need to file my 2011 tax return 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. I need to file my 2011 tax return 1. I need to file my 2011 tax return Enter the total interest you paid in 2013 on qualified student loans. I need to file my 2011 tax return Do not enter  more than $2,500 1. I need to file my 2011 tax return   2. I need to file my 2011 tax return Enter the amount from Form 1040, line 22 2. I need to file my 2011 tax return       3. I need to file my 2011 tax return Enter the total of the amounts from Form 1040,  lines 23 through 32 3. I need to file my 2011 tax return           4. I need to file my 2011 tax return Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. I need to file my 2011 tax return           5. I need to file my 2011 tax return Add lines 3 and 4 5. I need to file my 2011 tax return       6. I need to file my 2011 tax return Subtract line 5 from line 2 6. I need to file my 2011 tax return       7. I need to file my 2011 tax return Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. I need to file my 2011 tax return       8. I need to file my 2011 tax return Enter any foreign housing deduction (Form 2555, line 50) 8. I need to file my 2011 tax return       9. I need to file my 2011 tax return Enter the amount of income from Puerto Rico you are excluding 9. I need to file my 2011 tax return       10. I need to file my 2011 tax return Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. I need to file my 2011 tax return       11. I need to file my 2011 tax return Add lines 6 through 10. I need to file my 2011 tax return This is your modified adjusted gross income 11. I need to file my 2011 tax return   12. I need to file my 2011 tax return Enter the amount shown below for your filing status 12. I need to file my 2011 tax return     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. I need to file my 2011 tax return Is the amount on line 11 more than the amount on line 12?       □ No. I need to file my 2011 tax return Skip lines 13 and 14, enter -0- on line 15, and go to line 16. I need to file my 2011 tax return       □ Yes. I need to file my 2011 tax return Subtract line 12 from line 11 13. I need to file my 2011 tax return   14. I need to file my 2011 tax return Divide line 13 by $15,000 ($30,000 if married filing jointly). I need to file my 2011 tax return Enter the result as a decimal  (rounded to at least three places). I need to file my 2011 tax return If the result is 1. I need to file my 2011 tax return 000 or more, enter 1. I need to file my 2011 tax return 000 14. I need to file my 2011 tax return . I need to file my 2011 tax return 15. I need to file my 2011 tax return Multiply line 1 by line 14 15. I need to file my 2011 tax return   16. I need to file my 2011 tax return Student loan interest deduction. I need to file my 2011 tax return Subtract line 15 from line 1. I need to file my 2011 tax return Enter the result here  and on Form 1040, line 33. I need to file my 2011 tax return Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. I need to file my 2011 tax return ) 16. I need to file my 2011 tax return   Prev  Up  Next   Home   More Online Publications
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I need to file my 2011 tax return 10. I need to file my 2011 tax return   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. I need to file my 2011 tax return Eligible educational institution. I need to file my 2011 tax return Dependent for whom you claim an exemption. I need to file my 2011 tax return MAGI when using Form 1040A. I need to file my 2011 tax return MAGI when using Form 1040. I need to file my 2011 tax return Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bonds. I need to file my 2011 tax return If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. I need to file my 2011 tax return However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. I need to file my 2011 tax return Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. I need to file my 2011 tax return You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. I need to file my 2011 tax return Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. I need to file my 2011 tax return Your filing status is not married filing separately. I need to file my 2011 tax return Qualified U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bonds. I need to file my 2011 tax return   A qualified U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bond is a series EE bond issued after 1989 or a series I bond. I need to file my 2011 tax return The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). I need to file my 2011 tax return   The owner must be at least 24 years old before the bond's issue date. I need to file my 2011 tax return The issue date is printed on the front of the savings bond. I need to file my 2011 tax return    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). I need to file my 2011 tax return Qualified education expenses. I need to file my 2011 tax return   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. I need to file my 2011 tax return Tuition and fees required to enroll at or attend an eligible educational institution. I need to file my 2011 tax return Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. I need to file my 2011 tax return Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). I need to file my 2011 tax return Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). I need to file my 2011 tax return Adjusted qualified education expenses. I need to file my 2011 tax return   You must reduce your qualified education expenses by all of the following tax-free benefits. I need to file my 2011 tax return Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). I need to file my 2011 tax return Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). I need to file my 2011 tax return Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). I need to file my 2011 tax return Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). I need to file my 2011 tax return Any expenses used in figuring the American opportunity and lifetime learning credits. I need to file my 2011 tax return See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. I need to file my 2011 tax return Eligible educational institution. I need to file my 2011 tax return   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. I need to file my 2011 tax return S. I need to file my 2011 tax return Department of Education. I need to file my 2011 tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. I need to file my 2011 tax return The educational institution should be able to tell you if it is an eligible educational institution. I need to file my 2011 tax return   Certain educational institutions located outside the United States also participate in the U. I need to file my 2011 tax return S. I need to file my 2011 tax return Department of Education's Federal Student Aid (FSA) programs. I need to file my 2011 tax return Dependent for whom you claim an exemption. I need to file my 2011 tax return   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. I need to file my 2011 tax return Modified adjusted gross income (MAGI). I need to file my 2011 tax return   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. I need to file my 2011 tax return However, as discussed below, there may be other modifications. I need to file my 2011 tax return MAGI when using Form 1040A. I need to file my 2011 tax return   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). I need to file my 2011 tax return MAGI when using Form 1040. I need to file my 2011 tax return   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion 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, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. I need to file my 2011 tax return    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. I need to file my 2011 tax return If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. I need to file my 2011 tax return Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. I need to file my 2011 tax return Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). I need to file my 2011 tax return    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. I need to file my 2011 tax return Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. I need to file my 2011 tax return See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. I need to file my 2011 tax return Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. I need to file my 2011 tax return However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. I need to file my 2011 tax return To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. I need to file my 2011 tax return The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. I need to file my 2011 tax return The denominator (bottom part) of the fraction is the total proceeds you received during the year. I need to file my 2011 tax return Example. I need to file my 2011 tax return In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. I need to file my 2011 tax return S. I need to file my 2011 tax return savings bond. I need to file my 2011 tax return They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. I need to file my 2011 tax return In 2013, they paid $7,650 of their daughter's college tuition. I need to file my 2011 tax return They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. I need to file my 2011 tax return Their MAGI for 2013 was $80,000. I need to file my 2011 tax return   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. I need to file my 2011 tax return They must pay tax on the remaining $450 ($3,000 − $2,550) interest. I need to file my 2011 tax return Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. I need to file my 2011 tax return Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. I need to file my 2011 tax return Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. I need to file my 2011 tax return Attach Form 8815 to your tax return. I need to file my 2011 tax return Prev  Up  Next   Home   More Online Publications