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Turbo Tax Filing For 2010

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Turbo Tax Filing For 2010

Turbo tax filing for 2010 4. Turbo tax filing for 2010   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. Turbo tax filing for 2010 However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. Turbo tax filing for 2010 For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. Turbo tax filing for 2010 This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Turbo tax filing for 2010 The student loan interest deduction is taken as an adjustment to income. Turbo tax filing for 2010 This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Turbo tax filing for 2010 This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. Turbo tax filing for 2010 Table 4-1. Turbo tax filing for 2010 Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Turbo tax filing for 2010 Do not rely on this table alone. Turbo tax filing for 2010 Refer to the text for complete details. Turbo tax filing for 2010 Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Turbo tax filing for 2010 Loan qualifications   Your student loan: •must have been taken out solely to pay qualified education expenses, and •cannot be from a related person or made under a qualified employer plan. Turbo tax filing for 2010 Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Turbo tax filing for 2010 Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Turbo tax filing for 2010 Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). Turbo tax filing for 2010 Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Turbo tax filing for 2010 It includes both required and voluntary interest payments. Turbo tax filing for 2010 Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period for an eligible student. Turbo tax filing for 2010 Loans from the following sources are not qualified student loans. Turbo tax filing for 2010 A related person. Turbo tax filing for 2010 A qualified employer plan. Turbo tax filing for 2010 Your dependent. Turbo tax filing for 2010   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Turbo tax filing for 2010 You can find more information about dependents in Publication 501. Turbo tax filing for 2010 Exceptions. Turbo tax filing for 2010   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Turbo tax filing for 2010 An individual can be your dependent even if you are the dependent of another taxpayer. Turbo tax filing for 2010 An individual can be your dependent even if the individual files a joint return with a spouse. Turbo tax filing for 2010 An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). Turbo tax filing for 2010 Reasonable period of time. Turbo tax filing for 2010   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. Turbo tax filing for 2010   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. Turbo tax filing for 2010 The expenses relate to a specific academic period, and The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. Turbo tax filing for 2010   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Turbo tax filing for 2010 Academic period. Turbo tax filing for 2010   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Turbo tax filing for 2010 In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Turbo tax filing for 2010 Eligible student. Turbo tax filing for 2010   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Turbo tax filing for 2010 Enrolled at least half-time. Turbo tax filing for 2010   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. Turbo tax filing for 2010   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Turbo tax filing for 2010 However, the standard may not be lower than any of those established by the U. Turbo tax filing for 2010 S. Turbo tax filing for 2010 Department of Education under the Higher Education Act of 1965. Turbo tax filing for 2010 Related person. Turbo tax filing for 2010   You cannot deduct interest on a loan you get from a related person. Turbo tax filing for 2010 Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Turbo tax filing for 2010 ), Your lineal descendants (children, grandchildren, etc. Turbo tax filing for 2010 ), and Certain corporations, partnerships, trusts, and exempt organizations. Turbo tax filing for 2010 Qualified employer plan. Turbo tax filing for 2010   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Turbo tax filing for 2010 Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. Turbo tax filing for 2010 They include amounts paid for the following items. Turbo tax filing for 2010 Tuition and fees. Turbo tax filing for 2010 Room and board. Turbo tax filing for 2010 Books, supplies, and equipment. Turbo tax filing for 2010 Other necessary expenses (such as transportation). Turbo tax filing for 2010 The cost of room and board qualifies only to the extent that it is not more than the greater of: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Turbo tax filing for 2010 Eligible educational institution. Turbo tax filing for 2010   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Turbo tax filing for 2010 S. Turbo tax filing for 2010 Department of Education. Turbo tax filing for 2010 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Turbo tax filing for 2010   Certain educational institutions located outside the United States also participate in the U. Turbo tax filing for 2010 S. Turbo tax filing for 2010 Department of Education's Federal Student Aid (FSA) programs. Turbo tax filing for 2010   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. Turbo tax filing for 2010   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Turbo tax filing for 2010 The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Turbo tax filing for 2010    The educational institution should be able to tell you if it is an eligible educational institution. Turbo tax filing for 2010 Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. Turbo tax filing for 2010 Employer-provided educational assistance. Turbo tax filing for 2010 See chapter 11, Employer-Provided Educational Assistance . Turbo tax filing for 2010 Tax-free distribution of earnings from a Coverdell education savings account (ESA). Turbo tax filing for 2010 See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Turbo tax filing for 2010 Tax-free distribution of earnings from a qualified tuition program (QTP). Turbo tax filing for 2010 See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Turbo tax filing for 2010 U. Turbo tax filing for 2010 S. Turbo tax filing for 2010 savings bond interest that you exclude from income because it is used to pay qualified education expenses. Turbo tax filing for 2010 See chapter 10, Education Savings Bond Program . Turbo tax filing for 2010 The tax-free part of scholarships and fellowships. Turbo tax filing for 2010 See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Turbo tax filing for 2010 Veterans' educational assistance. Turbo tax filing for 2010 See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Turbo tax filing for 2010 Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Turbo tax filing for 2010 Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. Turbo tax filing for 2010 Loan origination fee. Turbo tax filing for 2010   In general, this is a one-time fee charged by the lender when a loan is made. Turbo tax filing for 2010 To be deductible as interest, a loan origination fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. Turbo tax filing for 2010 A loan origination fee treated as interest accrues over the term of the loan. Turbo tax filing for 2010   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Turbo tax filing for 2010 If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. Turbo tax filing for 2010 The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. Turbo tax filing for 2010 A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Turbo tax filing for 2010 Example. Turbo tax filing for 2010 In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Turbo tax filing for 2010 The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Turbo tax filing for 2010 Bill began making payments on his student loan in 2013. Turbo tax filing for 2010 Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. Turbo tax filing for 2010 Bill's loan is payable in 120 equal monthly payments. Turbo tax filing for 2010 He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Turbo tax filing for 2010 Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Turbo tax filing for 2010 To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. Turbo tax filing for 2010 Capitalized interest. Turbo tax filing for 2010   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Turbo tax filing for 2010 Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Turbo tax filing for 2010 No deduction for capitalized interest is allowed in a year in which no loan payments were made. Turbo tax filing for 2010 Interest on revolving lines of credit. Turbo tax filing for 2010   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. Turbo tax filing for 2010 See Qualified Education Expenses , earlier. Turbo tax filing for 2010 Interest on refinanced student loans. Turbo tax filing for 2010   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. Turbo tax filing for 2010    If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. Turbo tax filing for 2010 Voluntary interest payments. Turbo tax filing for 2010   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. Turbo tax filing for 2010 Example. Turbo tax filing for 2010 The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Turbo tax filing for 2010 He began making payments as required. Turbo tax filing for 2010 In September 2013, Roger enrolled in graduate school on a full-time basis. Turbo tax filing for 2010 He applied for and was granted deferment of his loan payments while in graduate school. Turbo tax filing for 2010 Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Turbo tax filing for 2010 Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Turbo tax filing for 2010 Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. Turbo tax filing for 2010 To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. Turbo tax filing for 2010 Example. Turbo tax filing for 2010 In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Turbo tax filing for 2010 The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Turbo tax filing for 2010 The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Turbo tax filing for 2010 At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. Turbo tax filing for 2010 The loan is payable over 60 months, with a payment of $200. Turbo tax filing for 2010 51 due on the first of each month, beginning November 2013. Turbo tax filing for 2010 Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. Turbo tax filing for 2010 However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). Turbo tax filing for 2010 Payment Date   Payment   Stated Interest   Principal November 2013   $200. Turbo tax filing for 2010 51   $44. Turbo tax filing for 2010 27   $156. Turbo tax filing for 2010 24 December 2013   $200. Turbo tax filing for 2010 51   $43. Turbo tax filing for 2010 62   $156. Turbo tax filing for 2010 89 Totals   $401. Turbo tax filing for 2010 02   $87. Turbo tax filing for 2010 89   $313. Turbo tax filing for 2010 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. Turbo tax filing for 2010 89. Turbo tax filing for 2010 Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Turbo tax filing for 2010 A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Turbo tax filing for 2010 Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. Turbo tax filing for 2010 Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Turbo tax filing for 2010 02 ($87. Turbo tax filing for 2010 89 + $10 + $303. Turbo tax filing for 2010 13). Turbo tax filing for 2010 For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. Turbo tax filing for 2010 She also will apply the remaining amount of capitalized interest ($625 − $303. Turbo tax filing for 2010 13 = $321. Turbo tax filing for 2010 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. Turbo tax filing for 2010 Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Turbo tax filing for 2010 Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Turbo tax filing for 2010 Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Turbo tax filing for 2010 Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. Turbo tax filing for 2010 For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Turbo tax filing for 2010 When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. Turbo tax filing for 2010 Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Turbo tax filing for 2010 Your filing status is any filing status except married filing separately. Turbo tax filing for 2010 No one else is claiming an exemption for you on his or her tax return. Turbo tax filing for 2010 You are legally obligated to pay interest on a qualified student loan. Turbo tax filing for 2010 You paid interest on a qualified student loan. Turbo tax filing for 2010 Claiming an exemption for you. Turbo tax filing for 2010   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. Turbo tax filing for 2010 Example 1. Turbo tax filing for 2010 During 2013, Josh paid $600 interest on his qualified student loan. Turbo tax filing for 2010 Only he is legally obligated to make the payments. Turbo tax filing for 2010 No one claimed an exemption for Josh for 2013. Turbo tax filing for 2010 Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Turbo tax filing for 2010 Example 2. Turbo tax filing for 2010 During 2013, Jo paid $1,100 interest on her qualified student loan. Turbo tax filing for 2010 Only she is legally obligated to make the payments. Turbo tax filing for 2010 Jo's parents claimed an exemption for her on their 2013 tax return. Turbo tax filing for 2010 In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Turbo tax filing for 2010 Interest paid by others. Turbo tax filing for 2010   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. Turbo tax filing for 2010 Example 1. Turbo tax filing for 2010 Darla obtained a qualified student loan to attend college. Turbo tax filing for 2010 After Darla's graduation from college, she worked as an intern for a nonprofit organization. Turbo tax filing for 2010 As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Turbo tax filing for 2010 This payment was treated as additional compensation and reported in box 1 of her Form W-2. Turbo tax filing for 2010 Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Turbo tax filing for 2010 Example 2. Turbo tax filing for 2010 Ethan obtained a qualified student loan to attend college. Turbo tax filing for 2010 After graduating from college, the first monthly payment on his loan was due in December. Turbo tax filing for 2010 As a gift, Ethan's mother made this payment for him. Turbo tax filing for 2010 No one is claiming a dependency exemption for Ethan on his or her tax return. Turbo tax filing for 2010 Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Turbo tax filing for 2010 No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, as home mortgage interest). Turbo tax filing for 2010 Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Turbo tax filing for 2010 However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Turbo tax filing for 2010 You can use Worksheet 4-1. Turbo tax filing for 2010 Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Turbo tax filing for 2010 Form 1098-E. Turbo tax filing for 2010   To help you figure your student loan interest deduction, you should receive Form 1098-E. Turbo tax filing for 2010 Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. Turbo tax filing for 2010   For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. Turbo tax filing for 2010 Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Turbo tax filing for 2010 However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Turbo tax filing for 2010 See Allocating Payments Between Interest and Principal , earlier. Turbo tax filing for 2010    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Turbo tax filing for 2010 The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Turbo tax filing for 2010 Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). Turbo tax filing for 2010 You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). Turbo tax filing for 2010 Modified adjusted gross income (MAGI). Turbo tax filing for 2010   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. Turbo tax filing for 2010 However, as discussed below, there may be other modifications. Turbo tax filing for 2010 Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Turbo tax filing for 2010 Table 4-2. Turbo tax filing for 2010 Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Turbo tax filing for 2010 . Turbo tax filing for 2010 . Turbo tax filing for 2010 AND your MAGI is. Turbo tax filing for 2010 . Turbo tax filing for 2010 . Turbo tax filing for 2010 THEN your student loan interest deduction is. Turbo tax filing for 2010 . Turbo tax filing for 2010 . Turbo tax filing for 2010 single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Turbo tax filing for 2010 more than $60,000  but less than $75,000 reduced because of the phaseout. Turbo tax filing for 2010 $75,000 or more eliminated by the phaseout. Turbo tax filing for 2010 married filing joint return not more than $125,000 not affected by the phaseout. Turbo tax filing for 2010 more than $125,000 but less than $155,000 reduced because of the phaseout. Turbo tax filing for 2010 $155,000 or more eliminated by the phaseout. Turbo tax filing for 2010 MAGI when using Form 1040A. Turbo tax filing for 2010   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Turbo tax filing for 2010 MAGI when using Form 1040. Turbo tax filing for 2010   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (domestic production activities deduction), and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Turbo tax filing for 2010 MAGI when using Form 1040NR. Turbo tax filing for 2010   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). Turbo tax filing for 2010 MAGI when using Form 1040NR-EZ. Turbo tax filing for 2010   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). Turbo tax filing for 2010 Phaseout. Turbo tax filing for 2010   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Turbo tax filing for 2010 To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Turbo tax filing for 2010 The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Turbo tax filing for 2010 The denominator is $15,000 ($30,000 in the case of a joint return). Turbo tax filing for 2010 Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Turbo tax filing for 2010 Example 1. Turbo tax filing for 2010 During 2013 you paid $800 interest on a qualified student loan. Turbo tax filing for 2010 Your 2013 MAGI is $145,000 and you are filing a joint return. Turbo tax filing for 2010 You must reduce your deduction by $533, figured as follows. Turbo tax filing for 2010   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Turbo tax filing for 2010 Example 2. Turbo tax filing for 2010 The facts are the same as in Example 1 except that you paid $2,750 interest. Turbo tax filing for 2010 Your maximum deduction for 2013 is $2,500. Turbo tax filing for 2010 You must reduce your maximum deduction by $1,667, figured as follows. Turbo tax filing for 2010   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). Turbo tax filing for 2010 Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. Turbo tax filing for 2010 However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. Turbo tax filing for 2010 Student Loan Interest Deduction Worksheet at the end of this chapter. Turbo tax filing for 2010 Claiming the Deduction The student loan interest deduction is an adjustment to income. Turbo tax filing for 2010 To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). Turbo tax filing for 2010 Worksheet 4-1. Turbo tax filing for 2010 Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. Turbo tax filing for 2010 Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. Turbo tax filing for 2010 1. Turbo tax filing for 2010 Enter the total interest you paid in 2013 on qualified student loans. Turbo tax filing for 2010 Do not enter  more than $2,500 1. Turbo tax filing for 2010   2. Turbo tax filing for 2010 Enter the amount from Form 1040, line 22 2. Turbo tax filing for 2010       3. Turbo tax filing for 2010 Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Turbo tax filing for 2010           4. Turbo tax filing for 2010 Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Turbo tax filing for 2010           5. Turbo tax filing for 2010 Add lines 3 and 4 5. Turbo tax filing for 2010       6. Turbo tax filing for 2010 Subtract line 5 from line 2 6. Turbo tax filing for 2010       7. Turbo tax filing for 2010 Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Turbo tax filing for 2010       8. Turbo tax filing for 2010 Enter any foreign housing deduction (Form 2555, line 50) 8. Turbo tax filing for 2010       9. Turbo tax filing for 2010 Enter the amount of income from Puerto Rico you are excluding 9. Turbo tax filing for 2010       10. Turbo tax filing for 2010 Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Turbo tax filing for 2010       11. Turbo tax filing for 2010 Add lines 6 through 10. Turbo tax filing for 2010 This is your modified adjusted gross income 11. Turbo tax filing for 2010   12. Turbo tax filing for 2010 Enter the amount shown below for your filing status 12. Turbo tax filing for 2010     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Turbo tax filing for 2010 Is the amount on line 11 more than the amount on line 12?       □ No. Turbo tax filing for 2010 Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Turbo tax filing for 2010       □ Yes. Turbo tax filing for 2010 Subtract line 12 from line 11 13. Turbo tax filing for 2010   14. Turbo tax filing for 2010 Divide line 13 by $15,000 ($30,000 if married filing jointly). Turbo tax filing for 2010 Enter the result as a decimal  (rounded to at least three places). Turbo tax filing for 2010 If the result is 1. Turbo tax filing for 2010 000 or more, enter 1. Turbo tax filing for 2010 000 14. Turbo tax filing for 2010 . Turbo tax filing for 2010 15. Turbo tax filing for 2010 Multiply line 1 by line 14 15. Turbo tax filing for 2010   16. Turbo tax filing for 2010 Student loan interest deduction. Turbo tax filing for 2010 Subtract line 15 from line 1. Turbo tax filing for 2010 Enter the result here  and on Form 1040, line 33. Turbo tax filing for 2010 Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Turbo tax filing for 2010 ) 16. Turbo tax filing for 2010   Prev  Up  Next   Home   More Online Publications
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The Turbo Tax Filing For 2010

Turbo tax filing for 2010 Publication 925 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Turbo tax filing for 2010 Tax questions. Turbo tax filing for 2010 Useful Items - You may want to see: Future Developments For the latest developments related to Publication 925, such as legislation enacted after it was published, go to www. Turbo tax filing for 2010 irs. Turbo tax filing for 2010 gov/pub925. Turbo tax filing for 2010 Reminders At-risk amounts. Turbo tax filing for 2010  The following rules apply to amounts borrowed after May 3, 2004. Turbo tax filing for 2010 You must file Form 6198, At-Risk Limitations, if you are engaged in an activity included in (6) under Activities Covered by the At-Risk Rules and you have borrowed certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts in this publication. Turbo tax filing for 2010 You may be considered at risk for certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts secured by real property used in the activity of holding real property (other than mineral property) that, if nonrecourse, would be qualified nonrecourse financing. Turbo tax filing for 2010 Photographs of missing children. Turbo tax filing for 2010  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbo tax filing for 2010 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbo tax filing for 2010 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Turbo tax filing for 2010 Introduction This publication discusses two sets of rules that may limit the amount of your deductible loss from a trade, business, rental, or other income-producing activity. Turbo tax filing for 2010 The first part of the publication discusses the passive activity rules. Turbo tax filing for 2010 The second part discusses the at-risk rules. Turbo tax filing for 2010 However, when you figure your allowable losses from any activity, you must apply the at-risk rules before the passive activity rules. Turbo tax filing for 2010 Comments and suggestions. Turbo tax filing for 2010   We welcome your comments about this publication and your suggestions for future editions. Turbo tax filing for 2010   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbo tax filing for 2010 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbo tax filing for 2010 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbo tax filing for 2010   You can send your comments from www. Turbo tax filing for 2010 irs. Turbo tax filing for 2010 gov/formspubs/. Turbo tax filing for 2010 Click on “More Information” and then on “Comment on Tax Forms and Publications. Turbo tax filing for 2010 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Turbo tax filing for 2010 Ordering forms and publications. Turbo tax filing for 2010   Visit www. Turbo tax filing for 2010 irs. Turbo tax filing for 2010 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Turbo tax filing for 2010 Internal Revenue Service 1201 N. Turbo tax filing for 2010 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbo tax filing for 2010   If you have a tax question, check the information available on IRS. Turbo tax filing for 2010 gov or call 1-800-829-1040. Turbo tax filing for 2010 We cannot answer tax questions sent to either of the above addresses. Turbo tax filing for 2010 Useful Items - You may want to see: Publication 527 Residential Rental Property (Including Rental of Vacation Homes) 541 Partnerships Form (and Instructions) 4952 Investment Interest Expense Deduction 6198 At-Risk Limitations 8582 Passive Activity Loss Limitations 8582-CR Passive Activity Credit Limitations 8810 Corporate Passive Activity Loss and Credit Limitations 8949 Sales and Other Dispositions of Capital Assets See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Turbo tax filing for 2010 Prev  Up  Next   Home   More Online Publications