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It 1040x

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It 1040x 4. It 1040x   Deductions Table of Contents Standard DeductionStandard Deduction for Dependents Itemized DeductionsMedical and Dental Expenses Most taxpayers have a choice of taking a standard deduction or itemizing their deductions. It 1040x You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. It 1040x If you have a choice, you should use the method that gives you the lower tax. It 1040x Standard Deduction The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. It 1040x Generally, the standard deduction amounts are adjusted each year for inflation. It 1040x In most cases, you can use Worksheet 4-1 to figure your standard deduction amount. It 1040x Persons not eligible for the standard deduction. It 1040x   Your standard deduction is zero and you should itemize any deductions you have if: You are married and filing a separate return, and your spouse itemizes deductions, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. It 1040x You are considered a dual-status alien if you were both a nonresident alien and a resident alien during the year. It 1040x   If you are a nonresident alien who is married to a U. It 1040x S. It 1040x citizen or resident alien at the end of the year, you can choose to be treated as a U. It 1040x S. It 1040x resident. It 1040x See Publication 519, U. It 1040x S. It 1040x Tax Guide for Aliens. It 1040x If you make this choice, you can take the standard deduction. It 1040x Decedent's final return. It 1040x   The amount of the standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. It 1040x However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. It 1040x Higher standard deduction for age (65 or older). It 1040x   If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. It 1040x You are considered age 65 on the day before your 65th birthday. It 1040x Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. It 1040x Higher standard deduction for blindness. It 1040x   If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. It 1040x You qualify for this benefit if you are totally or partly blind. It 1040x Not totally blind. It 1040x   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is not more than 20 degrees. It 1040x   If your eye condition will never improve beyond these limits, the statement should include this fact. It 1040x You must keep the statement in your records. It 1040x   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. It 1040x Spouse 65 or older or blind. It 1040x   You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and an exemption for your spouse could not be claimed by another taxpayer. It 1040x    You cannot claim the higher standard deduction for an individual other than yourself and your spouse. It 1040x Example. It 1040x This example illustrates how to determine your standard deduction using Worksheet 4-1. It 1040x Bill and Lisa are filing a joint return for 2013. It 1040x Both are over age 65. It 1040x Neither is blind, and neither can be claimed as a dependent. It 1040x They do not itemize deductions, so they use Worksheet 4-1. It 1040x Because they are married filing jointly, they enter $12,200 on line 1. It 1040x They check the “No” box on line 2, so they also enter $12,200 on line 4. It 1040x Because they are both over age 65, they enter $2,400 ($1,200 × 2) on line 5. It 1040x They enter $14,600 ($12,200 + $2,400) on line 6, so their standard deduction is $14,600. It 1040x Standard Deduction for Dependents The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). It 1040x However, the standard deduction may be higher if the individual is 65 or older or blind. It 1040x If an exemption for you (or your spouse if you are filing jointly) can be claimed on someone else's return, use Worksheet 4-1, if applicable, to determine your standard deduction. It 1040x Worksheet 4-1. It 1040x 2013 Standard Deduction Worksheet Caution. It 1040x If you are married filing separately and your spouse itemizes deductions, or if you are a dual-status alien, do not complete this worksheet. It 1040x If you were born before January 2, 1949, and/or blind, check the correct number of boxes below. It 1040x Put the total number of boxes checked in box c and go to line 1. It 1040x a. It 1040x You   Born before  January 2, 1949     Blind b. It 1040x Your spouse, if claiming  spouse's exemption   Born before January 2, 1949     Blind c. It 1040x Total boxes checked             1. It 1040x Enter the amount shown below for your filing status. It 1040x               Single or married filing separately — $6,100 Married filing jointly or Qualifying widow(er) — $12,200 Head of household — $8,950   1. It 1040x           2. It 1040x Can you (or your spouse if filing jointly) be claimed as a dependent on someone else's return?  No. It 1040x Skip line 3; enter the amount from line 1 on line 4. It 1040x   Yes. It 1040x Go to line 3. It 1040x         3. It 1040x Is your earned income* more than $650?               Yes. It 1040x Add $350 to your earned income. It 1040x Enter the total   3. It 1040x         No. It 1040x Enter $1,000 4. It 1040x Enter the smaller of line 1 or line 3 4. It 1040x   5. It 1040x If born before January 2, 1949, or blind, multiply the number in box c by $1,200 ($1,500 if single or head of household). It 1040x Enter the result here. It 1040x Otherwise, enter -0- 5. It 1040x   6. It 1040x Add lines 4 and 5. It 1040x This is your standard deduction for 2013. It 1040x 6. It 1040x   * Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. It 1040x It also includes any amount received as a scholarship that you must include in your income. It 1040x Generally, your earned income is the total of the amount(s) you reported on Form 1040, lines 7, 12, and 18, minus the amount, if any, on line 27 (or the amount you reported on Form 1040A, line 7). It 1040x Itemized Deductions Some individuals should itemize their deductions because it will save them money. It 1040x Others should itemize because they do not qualify for the standard deduction. It 1040x See the discussion under Standard Deduction , earlier, to decide if it would be to your advantage to itemize deductions. It 1040x You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than $150,000. It 1040x For more information, see Overall limitation, later. It 1040x Medical and dental expenses, some taxes, certain interest expenses, charitable contributions, casualty and theft losses, and certain other miscellaneous expenses may be itemized as deductions on Schedule A (Form 1040). It 1040x You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Cannot take the standard deduction, Had uninsured medical or dental expenses that are more than 10% of your adjusted gross income (or more than 7. It 1040x 5% of your adjusted gross income if either you or your spouse is age 65 or older), Paid interest on your home, Paid real estate or personal property taxes, Paid mortgage insurance premiums, Paid state and local income or general sales taxes, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities (see Publication 526, Charitable Contributions), or Have total itemized deductions that are more than the standard deduction that applies to you. It 1040x See the Schedule A (Form 1040) instructions for more information. It 1040x Overall limitation. It 1040x   You may not be able to deduct all of your itemized deductions if your adjusted gross income is more than: $150,000, if married filing separately, $250,000, if single, $275,000, if head of household, or $300,000, if married filing jointly or qualifying widow(er). It 1040x  If your adjusted gross income exceeds the applicable amount, you will use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your total itemized deductions. It 1040x Medical and Dental Expenses You can deduct certain medical and dental expenses you paid for yourself, your spouse, and your dependent(s) if you itemize your deductions on Schedule A (Form 1040). It 1040x Table 4-1 shows some common items that you can or cannot include in figuring your medical expense deduction. It 1040x For more information, see the following discussions of selected items, which are presented in alphabetical order. It 1040x A more extensive list of items and further details can be found in Publication 502, Medical and Dental Expenses. It 1040x Table 4-1. It 1040x Medical and Dental Expenses Checklist You can include: You cannot include: Bandages Capital expenses for equipment or improvements to your home needed for medical care (see Publication 502) Certain weight-loss expenses for obesity Diagnostic devices Expenses of an organ donor Eye surgery—to promote the correct function of the eye Guide dogs or other animals aiding the blind, deaf, and disabled Hospital services fees (lab work, therapy, nursing services, surgery, etc. It 1040x ) Lead-based paint removal (see Publication 502) Long-term care contracts, qualified (see Publication 502) Meals and lodging provided by a hospital during medical treatment Medical and hospital insurance premiums Medical services fees (from doctors, dentists, surgeons, specialists, and other medical practitioners) Medicare Part D premiums Oxygen equipment and oxygen Part of life-care fee paid to retirement home designated for medical care Prescription medicines (prescribed by a doctor) and insulin Psychiatric and psychological treatment Social security tax, Medicare tax, FUTA, and state employment tax for worker providing medical care (see Publication 502) Special items (artificial limbs, false teeth, eyeglasses, contact lenses, hearing aids, crutches, wheelchair, etc. It 1040x ) Special education for mentally or physically disabled persons (see Publication 502) Stop-smoking programs Transportation for needed medical care Treatment at a drug or alcohol center (includes meals and lodging provided by the center) Wages for nursing services (see Publication 502) Contributions to Archer MSAs (see Publication 969) Bottled water Diaper service Expenses for your general health (even if following your doctor's advice) such as: —Health club dues —Household help (even if recommended by a doctor) —Social activities, such as dancing or swimming lessons —Trip for general health improvement Flexible spending account reimbursements for medical expenses (if contributions were on a pretax basis) (see Publication 502) Funeral, burial, or cremation expenses Health savings account payments for medical expenses (see Publication 502) Illegal operation or treatment Life insurance or income protection policies, or policies providing payment for loss of life, limb, sight, etc. It 1040x Medical insurance included in a car insurance policy covering all persons injured in or by your car Medicine you buy without a prescription Nursing care for a healthy baby Prescription drugs you brought in (or ordered shipped) from another country, in most cases (see Publication 502) Surgery for purely cosmetic reasons (see Publication 502) Toothpaste, toiletries, cosmetics, etc. It 1040x Teeth whitening Weight-loss expenses not for the treatment of obesity or other disease You can deduct only the amount of your medical and dental expenses that is more than 10% of your adjusted gross income (or that is more than 7. It 1040x 5% of your adjusted gross income if you or your spouse is age 65 or older). It 1040x What to include. It 1040x   Generally, you can include only the medical and dental expenses you paid this year, regardless of when the services were provided. It 1040x If you pay medical expenses by check, the day you mail or deliver the check generally is the date of payment. It 1040x If you use a pay-by-phone or online account to pay your medical expenses, the date reported on the statement of the financial institution showing when payment was made is the date of payment. It 1040x You can include medical expenses you charge to your credit card in the year the charge is made. It 1040x It does not matter when you actually pay the amount charged. It 1040x Home Improvements You can include in medical expenses amounts you pay for home improvements if their main purpose is medical care for you, your spouse, or your dependent. It 1040x Only reasonable costs to accommodate a home to your disabled condition (or that of your spouse or your dependent(s) who live with you) are considered medical care. It 1040x Additional costs for personal motives, such as for architectural or aesthetic reasons, are not medical expenses. It 1040x Publication 502 contains additional information and examples, including a capital expense worksheet, to assist you in figuring the amount of the capital expense that you can include in your medical expenses. It 1040x Also, see Publication 502 for information about deductible operating and upkeep expenses related to such capital expense items, and for information about improvements, for medical reasons, to property rented by a person with disabilities. It 1040x Household Help You cannot include in medical expenses the cost of household help, even if such help is recommended by a doctor. It 1040x This is a personal expense that is not deductible. It 1040x However, you may be able to include certain expenses paid to a person providing nursing-type services. It 1040x For more information, see Nursing Services , later. It 1040x Also, certain maintenance or personal care services provided for qualified long-term care can be included in medical expenses. It 1040x For more information, see Qualified long-term care services under Long-Term Care, later. It 1040x Hospital Services You can include in medical expenses amounts you pay for the cost of inpatient care at a hospital or similar institution if a principal reason for being there is to receive medical care. It 1040x This includes amounts paid for meals and lodging. It 1040x Also, see Meals and Lodging , later. It 1040x Long-Term Care You can include in medical expenses amounts paid for qualified long-term care services and premiums paid for qualified long-term care insurance contracts. It 1040x Qualified long-term care services. It 1040x   Qualified long-term care services are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, rehabilitative services, and maintenance and personal care services (defined later) that are: Required by a chronically ill individual, and Provided under a plan of care prescribed by a licensed health care practitioner. It 1040x Chronically ill individual. It 1040x    An individual is chronically ill if, within the previous 12 months, a licensed health care practitioner has certified that the individual meets either of the following descriptions. It 1040x He or she is unable to perform at least two activities of daily living without substantial assistance from another individual for at least 90 days, due to a loss of functional capacity. It 1040x Activities of daily living are eating, toileting, transferring, bathing, dressing, and continence. It 1040x He or she requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. It 1040x Maintenance and personal care services. It 1040x    Maintenance or personal care services is care which has as its primary purpose the providing of a chronically ill individual with needed assistance with his or her disabilities (including protection from threats to health and safety due to severe cognitive impairment). It 1040x Qualified long-term care insurance contracts. It 1040x   A qualified long-term care insurance contract is an insurance contract that provides only coverage of qualified long-term care services. It 1040x The contract must: Be guaranteed renewable, Not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed, Provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract must be used only to reduce future premiums or increase future benefits, and Generally not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer, or the contract makes per diem or other periodic payments without regard to expenses. It 1040x   The amount of qualified long-term care premiums you can include is limited. It 1040x You can include the following as medical expenses on Schedule A (Form 1040). It 1040x Qualified long-term care premiums up to the following amounts. It 1040x Age 40 or under – $360. It 1040x Age 41 to 50 – $680. It 1040x Age 51 to 60 – $1,360. It 1040x Age 61 to 70 – $3,640. It 1040x Age 71 or over – $4,550. It 1040x Unreimbursed expenses for qualified long-term care services. It 1040x Note. It 1040x The limit on premiums is for each person. It 1040x Meals and Lodging You can include in medical expenses the cost of meals and lodging at a hospital or similar institution if your main reason for being there is to receive medical care. It 1040x You may be able to include in medical expenses the cost of lodging (but not meals) not provided in a hospital or similar institution. It 1040x You can include the cost of such lodging while away from home if all of the following requirements are met. It 1040x The lodging is primarily for, and essential to, medical care. It 1040x The medical care is provided by a doctor in a licensed hospital or in a medical care facility related to, or the equivalent of, a licensed hospital. It 1040x The lodging is not lavish or extravagant under the circumstances. It 1040x There is no significant element of personal pleasure, recreation, or vacation in the travel away from home. It 1040x The amount you include in medical expenses for lodging cannot be more than $50 per night for each person. It 1040x You can include lodging for a person traveling with the person receiving the medical care. It 1040x For example, if a parent is traveling with a sick child, up to $100 per night can be included as a medical expense for lodging. It 1040x (Meals are not included. It 1040x ) Nursing home. It 1040x   You can include in medical expenses the cost of medical care in a nursing home or a home for the aged for yourself, your spouse, or your dependent(s). It 1040x This includes the cost of meals and lodging in the home if a main reason for being there is to get medical care. It 1040x   Do not include the cost of meals and lodging if the reason for being in the home is personal. It 1040x However, you can include in medical expenses the part of the cost that is for medical or nursing care. It 1040x Medical Insurance Premiums You can include in medical expenses insurance premiums you pay for policies that cover medical care. It 1040x Policies can provide payment for: Hospitalization, surgical fees, X-rays, Prescription drugs and insulin, Dental care, Replacement of lost or damaged contact lenses, and Qualified long-term care insurance contracts (subject to the additional limits included in the discussion on qualified long-term care insurance contracts under Long-Term Care , earlier). It 1040x If you have a policy that provides payments for other than medical care, you can include the premiums for the medical care part of the policy if the charge for the medical part is reasonable. It 1040x The cost of the medical portion must be separately stated in the insurance contract or given to you in a separate statement. It 1040x Medicare Part A. It 1040x   If you are covered under social security (or if you are a government employee who paid Medicare tax), you are enrolled in Medicare Part A. It 1040x The payroll tax paid for Medicare Part A is not a medical expense. It 1040x If you are not covered under social security (or were not a government employee who paid Medicare tax), you can enroll voluntarily in Medicare Part A. It 1040x In this situation you can include the premiums you paid for Medicare Part A as a medical expense. It 1040x Medicare Part B. It 1040x   Medicare Part B is a supplemental medical insurance. It 1040x Premiums you pay for Medicare Part B are a medical expense. It 1040x If you applied for it at age 65 or after you became disabled, you can include in medical expenses the monthly premiums you paid. It 1040x If you were over age 65 or disabled when you first enrolled, check with your local Social Security Administration office, or go to their website at www. It 1040x SSA. It 1040x gov, to find out your premium. It 1040x Medicare Part D. It 1040x   Medicare Part D is a voluntary prescription drug insurance program for persons with Medicare Part A or Part B. It 1040x You can include as a medical expense premiums you pay for Medicare Part D. It 1040x Prepaid insurance premiums. It 1040x   Insurance premiums you pay before you are age 65 for medical care for yourself, your spouse, or your dependents after you reach age 65 are medical care expenses in the year paid if they are: Payable in equal yearly installments, or more often, and Payable for at least 10 years, or until you reach age 65 (but not for less than 5 years). It 1040x Medicines You can include in medical expenses amounts you pay for prescribed medicines and drugs. It 1040x A prescribed drug is one that requires a prescription by a doctor for its use by an individual. It 1040x You can also include amounts you pay for insulin. It 1040x Except for insulin, you cannot include in medical expenses amounts you pay for a drug that is not prescribed. It 1040x Imported medicines and drugs. It 1040x   If you import medicines or drugs from other countries, see Medicines and Drugs From Other Countries, under What Expenses Are Not Includible, in Publication 502. It 1040x Nursing Services You can include in medical expenses wages and other amounts you pay for nursing services. It 1040x The services need not be performed by a nurse as long as the services are of a kind generally performed by a nurse. It 1040x This includes services connected with caring for the patient's condition, such as giving medication or changing dressings, as well as bathing and grooming the patient. It 1040x These services can be provided in your home or another care facility. It 1040x Generally, only the amount spent for nursing services is a medical expense. It 1040x If the attendant also provides personal and household services, amounts paid to the attendant must be divided between the time spent performing household and personal services and the time spent for nursing services. It 1040x However, certain maintenance or personal care services provided for qualified long-term care can be included in medical expenses. It 1040x See Maintenance and personal care services under Qualified long-term care services, earlier. It 1040x Additionally, certain expenses for household services or for the care of a qualifying individual incurred to allow you to work may qualify for the child and dependent care credit. It 1040x See Child and Dependent Care Credit , later, and Publication 503, Child and Dependent Care Expenses. It 1040x You can also include in medical expenses part of the amount you pay for that attendant's meals. It 1040x Divide the food expense among the household members to find the cost of the attendant's food. It 1040x Then divide that cost in the same manner as in the preceding paragraph. It 1040x If you had to pay additional amounts for household upkeep because of the attendant, you can include the extra amounts with your medical expenses. It 1040x This includes extra rent or utilities you pay because you moved to a larger apartment to provide space for the attendant. It 1040x Employment taxes. It 1040x   You can include as a medical expense social security tax, FUTA, Medicare tax, and state employment taxes you pay for a nurse, attendant, or other person who provides medical care. It 1040x If the attendant also provides personal and household services, you can include as a medical expense only the amount of employment taxes paid for medical services as explained earlier under Nursing Services. It 1040x For information on employment tax responsibilities of household employers, see Publication 926, Household Employer's Tax Guide. It 1040x Transportation You can include in medical expenses amounts paid for transportation primarily for, and essential to, medical care. It 1040x Car expenses. It 1040x    You can include out-of-pocket expenses, such as the cost of gas and oil, when you use a car for medical reasons. It 1040x You cannot include depreciation, insurance, general repair, or maintenance expenses. It 1040x   If you do not want to use your actual expenses for 2013, you can use the standard medical mileage rate of 24 cents a mile. It 1040x   You can also include parking fees and tolls. It 1040x You can add these fees and tolls to your medical expenses whether you use actual expenses or use the standard mileage rate. It 1040x You can also include:    Bus, taxi, train, or plane fares or ambulance service, and Transportation expenses of a nurse or other person who can give injections, medications, or other treatment required by a patient who is traveling to get medical care and is unable to travel alone. It 1040x Do not include transportation expenses if, for purely personal reasons, you choose to travel to another city for an operation or other medical care prescribed by your doctor. It 1040x Prev  Up  Next   Home   More Online Publications
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It 1040x 4. It 1040x   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. It 1040x 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. It 1040x 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. It 1040x This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. It 1040x The student loan interest deduction is taken as an adjustment to income. It 1040x This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). It 1040x 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. It 1040x Table 4-1. It 1040x Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. It 1040x Do not rely on this table alone. It 1040x Refer to the text for complete details. It 1040x Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. It 1040x 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. It 1040x Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. It 1040x Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. It 1040x 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). It 1040x Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. It 1040x It includes both required and voluntary interest payments. It 1040x 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. It 1040x Loans from the following sources are not qualified student loans. It 1040x A related person. It 1040x A qualified employer plan. It 1040x Your dependent. It 1040x   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. It 1040x You can find more information about dependents in Publication 501. It 1040x Exceptions. It 1040x   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. It 1040x An individual can be your dependent even if you are the dependent of another taxpayer. It 1040x An individual can be your dependent even if the individual files a joint return with a spouse. It 1040x 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). It 1040x Reasonable period of time. It 1040x   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. It 1040x   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. It 1040x 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. It 1040x   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. It 1040x Academic period. It 1040x   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. It 1040x 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. It 1040x Eligible student. It 1040x   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. It 1040x Enrolled at least half-time. It 1040x   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. It 1040x   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. It 1040x However, the standard may not be lower than any of those established by the U. It 1040x S. It 1040x Department of Education under the Higher Education Act of 1965. It 1040x Related person. It 1040x   You cannot deduct interest on a loan you get from a related person. It 1040x Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. It 1040x ), Your lineal descendants (children, grandchildren, etc. It 1040x ), and Certain corporations, partnerships, trusts, and exempt organizations. It 1040x Qualified employer plan. It 1040x   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. It 1040x 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. It 1040x They include amounts paid for the following items. It 1040x Tuition and fees. It 1040x Room and board. It 1040x Books, supplies, and equipment. It 1040x Other necessary expenses (such as transportation). It 1040x 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. It 1040x Eligible educational institution. It 1040x   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. It 1040x S. It 1040x Department of Education. It 1040x It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. It 1040x   Certain educational institutions located outside the United States also participate in the U. It 1040x S. It 1040x Department of Education's Federal Student Aid (FSA) programs. It 1040x   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. It 1040x   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. It 1040x The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. It 1040x    The educational institution should be able to tell you if it is an eligible educational institution. It 1040x 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. It 1040x Employer-provided educational assistance. It 1040x See chapter 11, Employer-Provided Educational Assistance . It 1040x Tax-free distribution of earnings from a Coverdell education savings account (ESA). It 1040x See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. It 1040x Tax-free distribution of earnings from a qualified tuition program (QTP). It 1040x See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. It 1040x U. It 1040x S. It 1040x savings bond interest that you exclude from income because it is used to pay qualified education expenses. It 1040x See chapter 10, Education Savings Bond Program . It 1040x The tax-free part of scholarships and fellowships. It 1040x See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. It 1040x Veterans' educational assistance. It 1040x See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. It 1040x Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. It 1040x 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. It 1040x Loan origination fee. It 1040x   In general, this is a one-time fee charged by the lender when a loan is made. It 1040x 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. It 1040x A loan origination fee treated as interest accrues over the term of the loan. It 1040x   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. It 1040x 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. It 1040x 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. It 1040x A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. It 1040x Example. It 1040x In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. It 1040x The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. It 1040x Bill began making payments on his student loan in 2013. It 1040x 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. It 1040x Bill's loan is payable in 120 equal monthly payments. It 1040x He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). It 1040x Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. It 1040x 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. It 1040x Capitalized interest. It 1040x   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. It 1040x Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. It 1040x No deduction for capitalized interest is allowed in a year in which no loan payments were made. It 1040x Interest on revolving lines of credit. It 1040x   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. It 1040x See Qualified Education Expenses , earlier. It 1040x Interest on refinanced student loans. It 1040x   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. It 1040x    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. It 1040x Voluntary interest payments. It 1040x   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. It 1040x Example. It 1040x The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. It 1040x He began making payments as required. It 1040x In September 2013, Roger enrolled in graduate school on a full-time basis. It 1040x He applied for and was granted deferment of his loan payments while in graduate school. It 1040x Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. It 1040x Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. It 1040x 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. It 1040x 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. It 1040x Example. It 1040x In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. It 1040x The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. It 1040x The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. It 1040x 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. It 1040x The loan is payable over 60 months, with a payment of $200. It 1040x 51 due on the first of each month, beginning November 2013. It 1040x 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. It 1040x 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). It 1040x Payment Date   Payment   Stated Interest   Principal November 2013   $200. It 1040x 51   $44. It 1040x 27   $156. It 1040x 24 December 2013   $200. It 1040x 51   $43. It 1040x 62   $156. It 1040x 89 Totals   $401. It 1040x 02   $87. It 1040x 89   $313. It 1040x 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. It 1040x 89. It 1040x Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). It 1040x A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. It 1040x 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. It 1040x Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. It 1040x 02 ($87. It 1040x 89 + $10 + $303. It 1040x 13). It 1040x 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. It 1040x She also will apply the remaining amount of capitalized interest ($625 − $303. It 1040x 13 = $321. It 1040x 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. It 1040x Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. It 1040x Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. It 1040x Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. It 1040x 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. It 1040x For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. It 1040x 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. It 1040x Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. It 1040x Your filing status is any filing status except married filing separately. It 1040x No one else is claiming an exemption for you on his or her tax return. It 1040x You are legally obligated to pay interest on a qualified student loan. It 1040x You paid interest on a qualified student loan. It 1040x Claiming an exemption for you. It 1040x   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. It 1040x Example 1. It 1040x During 2013, Josh paid $600 interest on his qualified student loan. It 1040x Only he is legally obligated to make the payments. It 1040x No one claimed an exemption for Josh for 2013. It 1040x Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. It 1040x Example 2. It 1040x During 2013, Jo paid $1,100 interest on her qualified student loan. It 1040x Only she is legally obligated to make the payments. It 1040x Jo's parents claimed an exemption for her on their 2013 tax return. It 1040x In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. It 1040x Interest paid by others. It 1040x   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. It 1040x Example 1. It 1040x Darla obtained a qualified student loan to attend college. It 1040x After Darla's graduation from college, she worked as an intern for a nonprofit organization. It 1040x As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. It 1040x This payment was treated as additional compensation and reported in box 1 of her Form W-2. It 1040x Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. It 1040x Example 2. It 1040x Ethan obtained a qualified student loan to attend college. It 1040x After graduating from college, the first monthly payment on his loan was due in December. It 1040x As a gift, Ethan's mother made this payment for him. It 1040x No one is claiming a dependency exemption for Ethan on his or her tax return. It 1040x Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. It 1040x 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). It 1040x Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. It 1040x However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. It 1040x You can use Worksheet 4-1. It 1040x Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. It 1040x Form 1098-E. It 1040x   To help you figure your student loan interest deduction, you should receive Form 1098-E. It 1040x 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. It 1040x   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. It 1040x Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. It 1040x However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. It 1040x See Allocating Payments Between Interest and Principal , earlier. It 1040x    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. It 1040x The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. It 1040x 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). It 1040x 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). It 1040x Modified adjusted gross income (MAGI). It 1040x   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. It 1040x However, as discussed below, there may be other modifications. It 1040x Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. It 1040x Table 4-2. It 1040x Effect of MAGI on Student Loan Interest Deduction IF your filing status is. It 1040x . It 1040x . It 1040x AND your MAGI is. It 1040x . It 1040x . It 1040x THEN your student loan interest deduction is. It 1040x . It 1040x . It 1040x single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. It 1040x more than $60,000  but less than $75,000 reduced because of the phaseout. It 1040x $75,000 or more eliminated by the phaseout. It 1040x married filing joint return not more than $125,000 not affected by the phaseout. It 1040x more than $125,000 but less than $155,000 reduced because of the phaseout. It 1040x $155,000 or more eliminated by the phaseout. It 1040x MAGI when using Form 1040A. It 1040x   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). It 1040x MAGI when using Form 1040. It 1040x   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. It 1040x MAGI when using Form 1040NR. It 1040x   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). It 1040x MAGI when using Form 1040NR-EZ. It 1040x   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). It 1040x Phaseout. It 1040x   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. It 1040x To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. It 1040x The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). It 1040x The denominator is $15,000 ($30,000 in the case of a joint return). It 1040x Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. It 1040x Example 1. It 1040x During 2013 you paid $800 interest on a qualified student loan. It 1040x Your 2013 MAGI is $145,000 and you are filing a joint return. It 1040x You must reduce your deduction by $533, figured as follows. It 1040x   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). It 1040x Example 2. It 1040x The facts are the same as in Example 1 except that you paid $2,750 interest. It 1040x Your maximum deduction for 2013 is $2,500. It 1040x You must reduce your maximum deduction by $1,667, figured as follows. It 1040x   $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). It 1040x 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. It 1040x 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. It 1040x Student Loan Interest Deduction Worksheet at the end of this chapter. It 1040x Claiming the Deduction The student loan interest deduction is an adjustment to income. It 1040x 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). It 1040x Worksheet 4-1. It 1040x 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. It 1040x 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. It 1040x 1. It 1040x Enter the total interest you paid in 2013 on qualified student loans. It 1040x Do not enter  more than $2,500 1. It 1040x   2. It 1040x Enter the amount from Form 1040, line 22 2. It 1040x       3. It 1040x Enter the total of the amounts from Form 1040,  lines 23 through 32 3. It 1040x           4. It 1040x Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. It 1040x           5. It 1040x Add lines 3 and 4 5. It 1040x       6. It 1040x Subtract line 5 from line 2 6. It 1040x       7. It 1040x Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. It 1040x       8. It 1040x Enter any foreign housing deduction (Form 2555, line 50) 8. It 1040x       9. It 1040x Enter the amount of income from Puerto Rico you are excluding 9. It 1040x       10. It 1040x Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. It 1040x       11. It 1040x Add lines 6 through 10. It 1040x This is your modified adjusted gross income 11. It 1040x   12. It 1040x Enter the amount shown below for your filing status 12. It 1040x     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. It 1040x Is the amount on line 11 more than the amount on line 12?       □ No. It 1040x Skip lines 13 and 14, enter -0- on line 15, and go to line 16. It 1040x       □ Yes. It 1040x Subtract line 12 from line 11 13. It 1040x   14. It 1040x Divide line 13 by $15,000 ($30,000 if married filing jointly). It 1040x Enter the result as a decimal  (rounded to at least three places). It 1040x If the result is 1. It 1040x 000 or more, enter 1. It 1040x 000 14. It 1040x . It 1040x 15. It 1040x Multiply line 1 by line 14 15. It 1040x   16. It 1040x Student loan interest deduction. It 1040x Subtract line 15 from line 1. It 1040x Enter the result here  and on Form 1040, line 33. It 1040x Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. It 1040x ) 16. It 1040x   Prev  Up  Next   Home   More Online Publications