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Tax preparation forms 4. Tax preparation forms   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. Tax preparation forms 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. Tax preparation forms 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. Tax preparation forms This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Tax preparation forms The student loan interest deduction is taken as an adjustment to income. Tax preparation forms This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Tax preparation forms 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. Tax preparation forms Table 4-1. Tax preparation forms Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Tax preparation forms Do not rely on this table alone. Tax preparation forms Refer to the text for complete details. Tax preparation forms Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Tax preparation forms 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. Tax preparation forms Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Tax preparation forms Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Tax preparation forms 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). Tax preparation forms Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Tax preparation forms It includes both required and voluntary interest payments. Tax preparation forms 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. Tax preparation forms Loans from the following sources are not qualified student loans. Tax preparation forms A related person. Tax preparation forms A qualified employer plan. Tax preparation forms Your dependent. Tax preparation forms   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Tax preparation forms You can find more information about dependents in Publication 501. Tax preparation forms Exceptions. Tax preparation forms   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Tax preparation forms An individual can be your dependent even if you are the dependent of another taxpayer. Tax preparation forms An individual can be your dependent even if the individual files a joint return with a spouse. Tax preparation forms 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). Tax preparation forms Reasonable period of time. Tax preparation forms   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. Tax preparation forms   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. Tax preparation forms 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. Tax preparation forms   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Tax preparation forms Academic period. Tax preparation forms   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. Tax preparation forms 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. Tax preparation forms Eligible student. Tax preparation forms   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Tax preparation forms Enrolled at least half-time. Tax preparation forms   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. Tax preparation forms   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Tax preparation forms However, the standard may not be lower than any of those established by the U. Tax preparation forms S. Tax preparation forms Department of Education under the Higher Education Act of 1965. Tax preparation forms Related person. Tax preparation forms   You cannot deduct interest on a loan you get from a related person. Tax preparation forms Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Tax preparation forms ), Your lineal descendants (children, grandchildren, etc. Tax preparation forms ), and Certain corporations, partnerships, trusts, and exempt organizations. Tax preparation forms Qualified employer plan. Tax preparation forms   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Tax preparation forms 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. Tax preparation forms They include amounts paid for the following items. Tax preparation forms Tuition and fees. Tax preparation forms Room and board. Tax preparation forms Books, supplies, and equipment. Tax preparation forms Other necessary expenses (such as transportation). Tax preparation forms 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. Tax preparation forms Eligible educational institution. Tax preparation forms   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. Tax preparation forms S. Tax preparation forms Department of Education. Tax preparation forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax preparation forms   Certain educational institutions located outside the United States also participate in the U. Tax preparation forms S. Tax preparation forms Department of Education's Federal Student Aid (FSA) programs. Tax preparation forms   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. Tax preparation forms   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Tax preparation forms The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Tax preparation forms    The educational institution should be able to tell you if it is an eligible educational institution. Tax preparation forms 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. Tax preparation forms Employer-provided educational assistance. Tax preparation forms See chapter 11, Employer-Provided Educational Assistance . Tax preparation forms Tax-free distribution of earnings from a Coverdell education savings account (ESA). Tax preparation forms See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Tax preparation forms Tax-free distribution of earnings from a qualified tuition program (QTP). Tax preparation forms See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Tax preparation forms U. Tax preparation forms S. Tax preparation forms savings bond interest that you exclude from income because it is used to pay qualified education expenses. Tax preparation forms See chapter 10, Education Savings Bond Program . Tax preparation forms The tax-free part of scholarships and fellowships. Tax preparation forms See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Tax preparation forms Veterans' educational assistance. Tax preparation forms See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Tax preparation forms Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Tax preparation forms 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. Tax preparation forms Loan origination fee. Tax preparation forms   In general, this is a one-time fee charged by the lender when a loan is made. Tax preparation forms 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. Tax preparation forms A loan origination fee treated as interest accrues over the term of the loan. Tax preparation forms   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Tax preparation forms 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. Tax preparation forms 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. Tax preparation forms A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Tax preparation forms Example. Tax preparation forms In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Tax preparation forms The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Tax preparation forms Bill began making payments on his student loan in 2013. Tax preparation forms 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. Tax preparation forms Bill's loan is payable in 120 equal monthly payments. Tax preparation forms He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Tax preparation forms Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Tax preparation forms 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. Tax preparation forms Capitalized interest. Tax preparation forms   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Tax preparation forms Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Tax preparation forms No deduction for capitalized interest is allowed in a year in which no loan payments were made. Tax preparation forms Interest on revolving lines of credit. Tax preparation forms   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. Tax preparation forms See Qualified Education Expenses , earlier. Tax preparation forms Interest on refinanced student loans. Tax preparation forms   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. Tax preparation forms    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. Tax preparation forms Voluntary interest payments. Tax preparation forms   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. Tax preparation forms Example. Tax preparation forms The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Tax preparation forms He began making payments as required. Tax preparation forms In September 2013, Roger enrolled in graduate school on a full-time basis. Tax preparation forms He applied for and was granted deferment of his loan payments while in graduate school. Tax preparation forms Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Tax preparation forms Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Tax preparation forms 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. Tax preparation forms 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. Tax preparation forms Example. Tax preparation forms In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Tax preparation forms The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Tax preparation forms The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Tax preparation forms 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. Tax preparation forms The loan is payable over 60 months, with a payment of $200. Tax preparation forms 51 due on the first of each month, beginning November 2013. Tax preparation forms 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. Tax preparation forms 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). Tax preparation forms Payment Date   Payment   Stated Interest   Principal November 2013   $200. Tax preparation forms 51   $44. Tax preparation forms 27   $156. Tax preparation forms 24 December 2013   $200. Tax preparation forms 51   $43. Tax preparation forms 62   $156. Tax preparation forms 89 Totals   $401. Tax preparation forms 02   $87. Tax preparation forms 89   $313. Tax preparation forms 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. Tax preparation forms 89. Tax preparation forms Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Tax preparation forms A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Tax preparation forms 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. Tax preparation forms Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Tax preparation forms 02 ($87. Tax preparation forms 89 + $10 + $303. Tax preparation forms 13). Tax preparation forms 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. Tax preparation forms She also will apply the remaining amount of capitalized interest ($625 − $303. Tax preparation forms 13 = $321. Tax preparation forms 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. Tax preparation forms Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Tax preparation forms Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Tax preparation forms Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Tax preparation forms 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. Tax preparation forms For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Tax preparation forms 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. Tax preparation forms Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Tax preparation forms Your filing status is any filing status except married filing separately. Tax preparation forms No one else is claiming an exemption for you on his or her tax return. Tax preparation forms You are legally obligated to pay interest on a qualified student loan. Tax preparation forms You paid interest on a qualified student loan. Tax preparation forms Claiming an exemption for you. Tax preparation forms   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. Tax preparation forms Example 1. Tax preparation forms During 2013, Josh paid $600 interest on his qualified student loan. Tax preparation forms Only he is legally obligated to make the payments. Tax preparation forms No one claimed an exemption for Josh for 2013. Tax preparation forms Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Tax preparation forms Example 2. Tax preparation forms During 2013, Jo paid $1,100 interest on her qualified student loan. Tax preparation forms Only she is legally obligated to make the payments. Tax preparation forms Jo's parents claimed an exemption for her on their 2013 tax return. Tax preparation forms In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Tax preparation forms Interest paid by others. Tax preparation forms   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. Tax preparation forms Example 1. Tax preparation forms Darla obtained a qualified student loan to attend college. Tax preparation forms After Darla's graduation from college, she worked as an intern for a nonprofit organization. Tax preparation forms As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Tax preparation forms This payment was treated as additional compensation and reported in box 1 of her Form W-2. Tax preparation forms Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Tax preparation forms Example 2. Tax preparation forms Ethan obtained a qualified student loan to attend college. Tax preparation forms After graduating from college, the first monthly payment on his loan was due in December. Tax preparation forms As a gift, Ethan's mother made this payment for him. Tax preparation forms No one is claiming a dependency exemption for Ethan on his or her tax return. Tax preparation forms Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Tax preparation forms 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). Tax preparation forms Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Tax preparation forms However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Tax preparation forms You can use Worksheet 4-1. Tax preparation forms Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Tax preparation forms Form 1098-E. Tax preparation forms   To help you figure your student loan interest deduction, you should receive Form 1098-E. Tax preparation forms 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. Tax preparation forms   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. Tax preparation forms Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Tax preparation forms However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Tax preparation forms See Allocating Payments Between Interest and Principal , earlier. Tax preparation forms    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Tax preparation forms The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Tax preparation forms 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). Tax preparation forms 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). Tax preparation forms Modified adjusted gross income (MAGI). Tax preparation forms   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. Tax preparation forms However, as discussed below, there may be other modifications. Tax preparation forms Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Tax preparation forms Table 4-2. Tax preparation forms Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Tax preparation forms . Tax preparation forms . Tax preparation forms AND your MAGI is. Tax preparation forms . Tax preparation forms . Tax preparation forms THEN your student loan interest deduction is. Tax preparation forms . Tax preparation forms . Tax preparation forms single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Tax preparation forms more than $60,000  but less than $75,000 reduced because of the phaseout. Tax preparation forms $75,000 or more eliminated by the phaseout. Tax preparation forms married filing joint return not more than $125,000 not affected by the phaseout. Tax preparation forms more than $125,000 but less than $155,000 reduced because of the phaseout. Tax preparation forms $155,000 or more eliminated by the phaseout. Tax preparation forms MAGI when using Form 1040A. Tax preparation forms   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). Tax preparation forms MAGI when using Form 1040. Tax preparation forms   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. Tax preparation forms MAGI when using Form 1040NR. Tax preparation forms   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). Tax preparation forms MAGI when using Form 1040NR-EZ. Tax preparation forms   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). Tax preparation forms Phaseout. Tax preparation forms   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Tax preparation forms To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Tax preparation forms The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Tax preparation forms The denominator is $15,000 ($30,000 in the case of a joint return). Tax preparation forms Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Tax preparation forms Example 1. Tax preparation forms During 2013 you paid $800 interest on a qualified student loan. Tax preparation forms Your 2013 MAGI is $145,000 and you are filing a joint return. Tax preparation forms You must reduce your deduction by $533, figured as follows. Tax preparation forms   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Tax preparation forms Example 2. Tax preparation forms The facts are the same as in Example 1 except that you paid $2,750 interest. Tax preparation forms Your maximum deduction for 2013 is $2,500. Tax preparation forms You must reduce your maximum deduction by $1,667, figured as follows. Tax preparation forms   $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). Tax preparation forms 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. Tax preparation forms 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. Tax preparation forms Student Loan Interest Deduction Worksheet at the end of this chapter. Tax preparation forms Claiming the Deduction The student loan interest deduction is an adjustment to income. Tax preparation forms 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). Tax preparation forms Worksheet 4-1. Tax preparation forms 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. Tax preparation forms 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. Tax preparation forms 1. Tax preparation forms Enter the total interest you paid in 2013 on qualified student loans. Tax preparation forms Do not enter  more than $2,500 1. Tax preparation forms   2. Tax preparation forms Enter the amount from Form 1040, line 22 2. Tax preparation forms       3. Tax preparation forms Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Tax preparation forms           4. Tax preparation forms Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Tax preparation forms           5. Tax preparation forms Add lines 3 and 4 5. Tax preparation forms       6. Tax preparation forms Subtract line 5 from line 2 6. Tax preparation forms       7. Tax preparation forms Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Tax preparation forms       8. Tax preparation forms Enter any foreign housing deduction (Form 2555, line 50) 8. Tax preparation forms       9. Tax preparation forms Enter the amount of income from Puerto Rico you are excluding 9. Tax preparation forms       10. Tax preparation forms Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Tax preparation forms       11. Tax preparation forms Add lines 6 through 10. Tax preparation forms This is your modified adjusted gross income 11. Tax preparation forms   12. Tax preparation forms Enter the amount shown below for your filing status 12. Tax preparation forms     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Tax preparation forms Is the amount on line 11 more than the amount on line 12?       □ No. Tax preparation forms Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Tax preparation forms       □ Yes. Tax preparation forms Subtract line 12 from line 11 13. Tax preparation forms   14. Tax preparation forms Divide line 13 by $15,000 ($30,000 if married filing jointly). Tax preparation forms Enter the result as a decimal  (rounded to at least three places). Tax preparation forms If the result is 1. Tax preparation forms 000 or more, enter 1. Tax preparation forms 000 14. Tax preparation forms . Tax preparation forms 15. Tax preparation forms Multiply line 1 by line 14 15. Tax preparation forms   16. Tax preparation forms Student loan interest deduction. Tax preparation forms Subtract line 15 from line 1. Tax preparation forms Enter the result here  and on Form 1040, line 33. Tax preparation forms Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Tax preparation forms ) 16. Tax preparation forms   Prev  Up  Next   Home   More Online Publications
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Tax preparation forms Part Six -   Cómo Calcular los Impuestos y Créditos Los ocho capítulos de esta sección explican cómo calcular sus impuestos y cómo calcular los impuestos de determinados hijos con ingresos no derivados del trabajo de $2,000 o más. Tax preparation forms Explican también créditos tributarios que, a diferencia de las deducciones, se restan directamente de los impuestos y los disminuyen, dólar por dólar. Tax preparation forms El capítulo 36 trata sobre el crédito por ingreso del trabajo y el capítulo 37 abarca una amplia gama de otros créditos, como por ejemplo, el crédito por adopción. Tax preparation forms Table of Contents 30. Tax preparation forms   Cómo Calcular los ImpuestosIntroduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración 31. Tax preparation forms   Impuesto sobre Ingresos No Derivados del Trabajo de Determinados Hijos¿Que Hay de Nuevo? Introduction Useful Items - You may want to see: Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la MadrePadres que no Presentan la Declaración Conjunta Elección de los Padres de Declarar los Intereses y Dividendos del HijoConsecuencias de Incluir los Ingresos del Hijo Cómo Calcular los Ingresos del Hijo Cómo Calcular el Impuesto Adicional Impuesto para Determinados Hijos con Ingresos No Derivados del TrabajoCómo Facilitar Información sobre los Padres (líneas A-C del Formulario 8615) Paso 1. Tax preparation forms Cómo Calcular los Ingresos Netos No Derivados del Trabajo del Hijo (Parte I del Formulario 8615) Paso 2. Tax preparation forms Cómo Calcular el Impuesto Provisional a la Tasa Impositiva de los Padres (Parte II del Formulario 8615) Paso 3. Tax preparation forms Cómo Calcular el Impuesto del Hijo (Parte III del Formulario 8615) 32. Tax preparation forms   Crédito por Gastos del Cuidado de Menores y DependientesRecordatorios Introduction Useful Items - You may want to see: Requisitos Para Reclamar el CréditoRequisitos de la Persona Calificada Requisito del Ingreso del Trabajo Requisito de Gastos Relacionados con el Trabajo Requisito de la Declaración Conjunta Requisito de Identificación del Proveedor de Cuidados Cómo Calcular el CréditoCómo Calcular el Total de los Gastos Relacionados con el Trabajo Límite del Ingreso del Trabajo Límite de Dinero Cantidad de Crédito Cómo Reclamar el CréditoCrédito tributario no reembolsable. Tax preparation forms Impuestos sobre la Nómina para Empleadores de Empleados Domésticos 33. Tax preparation forms   Crédito para Ancianos o Personas IncapacitadasIntroduction Useful Items - You may want to see: ¿Reúne los Requisitos del Crédito?Persona que Reúne los Requisitos Límites sobre los Ingresos Cómo Reclamar el CréditoEl Crédito Calculado por el IRS El Crédito Calculado por Usted Mismo 34. Tax preparation forms   Crédito Tributario por HijosIntroduction Useful Items - You may want to see: Hijo Calificado Cantidad de CréditoLímites del Crédito Cómo Reclamar el Crédito Crédito Tributario Adicional por Hijos Cómo Completar el Anexo 8812 (Formulario 1040A o Formulario 1040)Parte I Partes II a IV 35. Tax preparation forms   Créditos Tributarios por EstudiosIntroduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados 36. Tax preparation forms   Crédito por Ingreso del Trabajo (EIC) Qué Hay de Nuevo Recordatorios Introduction Useful Items - You may want to see: ¿Reúne los Requisitos para el Crédito?Si se Hizo una Solicitud Indebida del Crédito en un Año Anterior Parte A. Tax preparation forms Requisitos para TodosRequisito 1. Tax preparation forms Tiene que Tener Ingresos Brutos Ajustados Inferiores a: Requisito 2. Tax preparation forms Tiene que tener un número de Seguro Social válido Requisito 3. Tax preparation forms Su Estado Civil para Efectos de la Declaración no Puede Ser Casado que Presenta la Declaración por Separado Requisito 4. Tax preparation forms Tiene que Ser Ciudadano o Extranjero Residente de los Estados Unidos Durante Todo el Año Requisito 5. Tax preparation forms No Puede Presentar el Formulario 2555 ni el Formulario 2555-EZ Requisito 6. Tax preparation forms Tiene que Tener Ingresos de Inversiones de $3,300 o Menos Requisito 7. Tax preparation forms Tiene que Haber Recibido Ingresos del Trabajo Parte B. Tax preparation forms Requisitos si Tiene un Hijo CalificadoRequisito 8. Tax preparation forms Su Hijo Tiene que Cumplir los Requisitos de Parentesco, Edad, Residencia y de la Declaración Conjunta Requisito 9. Tax preparation forms Para Reclamar el Crédito por Ingreso del Trabajo, Sólo una Persona Puede Basarse en el Hijo Calificado de Usted Requisito 10. Tax preparation forms Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Parte C. Tax preparation forms Requisitos si no Tiene un Hijo CalificadoRequisito 11. Tax preparation forms Tiene que Tener por lo Menos 25 Años pero Menos de 65 Años Requisito 12. Tax preparation forms No Puede Ser el Dependiente de Otra Persona Requisito 13. Tax preparation forms Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Requisito 14. Tax preparation forms Tiene que Haber Vivido en los Estados Unidos durante más de la Mitad del Año Parte D. Tax preparation forms Cómo Calcular y Reclamar el Crédito por Ingreso del TrabajoRequisito 15. Tax preparation forms Su Ingreso del Trabajo Tiene que Ser Menos de: El IRS Puede Calcularle el Crédito por Ingreso del Trabajo Cómo Calcular Usted Mismo el Crédito por Ingreso del Trabajo EjemplosEjemplo 1. Tax preparation forms Juan y Julia Martínez (Formulario 1040A) Ejemplo 2. Tax preparation forms Carla Robles (Formulario 1040EZ) 37. Tax preparation forms   Otros CréditosQué Hay de Nuevo Introduction Useful Items - You may want to see: Créditos no ReembolsablesCrédito por Adopción Crédito por Vehículo Motorizado Alternativo Crédito por Bienes de Reabastecimiento de Vehículos con Combustible Alternativo Crédito para Titulares de Bonos de Crédito Tributario Crédito por Impuestos Extranjeros Crédito por Intereses Hipotecarios Crédito no Reembolsable del Impuesto Mínimo de Años Anteriores Crédito por Vehículos Enchufables con Motor de Dirección Eléctrica Créditos por Energía de la Propiedad Residencial Crédito por Aportaciones a Cuentas de Ahorro para la Jubilación (Crédito del Ahorrador) Créditos ReembolsablesCrédito por el Impuesto sobre Ganancias de Capital no Distribuidas Crédito Tributario por Cobertura del Seguro Médico Crédito por Retención en Exceso del Impuesto del Seguro Social o del Impuesto de la Jubilación Ferroviaria Prev  Up  Next   Home   More Online Publications