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2012 State Tax

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2012 State Tax

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

Forms Available for Filing Season 2014 (TY 2013)
Form Number Form Name Available
Form 1040 U.S. Individual Income Tax Return

1/31/2014

Form 1040A U.S. Individual Income Tax Return

1/31/2014

Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents

1/31/2014

Form 1040V Payment Voucher

1/31/2014

Form 1040ES Estimated Tax Payments

2/13/2014

Schedule A Itemized Deductions

1/31/2014

Schedule B Interest and Ordinary Dividends

1/31/2014

Schedule C Profit or Loss From Business

1/31/2014

Schedule C-EZ Net Profit from Business

1/31/2014

Schedule D Capital Gains and Losses

1/31/2014

Schedule E Supplemental Income and Loss

1/31/2014

Schedule EIC Earned Income Credit

1/31/2014

Schedule F Profit or Loss From Farming

1/31/2014

Schedule H Household Employment Taxes

1/31/2014

Schedule J Farm Income Averaging

1/31/2014

Schedule L Standard Deduction for Certain Filers

1/31/2014

Schedule R Credit for the Elderly or the Disabled

1/31/2014

Schedule SE Self-Employment Tax

1/31/2014

Form 1116 Foreign Tax Credit

1/31/2014

Form 1310 Statement of Person Claiming Refund Due of a Deceased Taxpayer

1/31/2014

Form 2106 Employee Business Expenses

1/31/2014

Form 2106EZ Unreimbursed Employee Business Expenses

1/31/2014

Form 2120 Multiple Support Declaration

1/31/2014

Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts

1/31/2014

Form 2210F Underpayment of Estimated Tax by Farmers and Fishermen

2/13/2014

Form 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains

1/31/2014

Form 2441 Child and Dependent Care Expenses

1/31/2014

Form 2555 Form 2555 Foreign Earned Income

1/31/2014

Form 2555EZ Form 2555EZ Foreign Earned Income Exclusion

1/31/2014

Form 3468 Investment Credit

1/31/2014

Form 3800 General Business Credit

1/31/2014

Form 3903 Moving Expenses

1/31/2014

Form 4136 Credit for Federal Tax Paid on Fuels

1/31/2014

Form 4137 Social Security and Medicare Tax on Unreported Tip Income

1/31/2014

Form 4255 Recapture of Investment Credit

1/31/2014

Form 4562 Depreciation and Amortization (Including Information on Listed Property)

1/31/2014

Form 4684 Casualties and Thefts

1/31/2014

Form 4797 Sales of Business Property

1/31/2014

Form 4835 Farm Rental Income and Expenses

1/31/2014

Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (Can print and mail now)

E-file on 3/5/14

Form 4952 Investment Interest Expense Deduction

1/31/2014

Form 4972 Tax on Lump Sum Distributions

1/31/2014

Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

1/31/2014

Form 5405 First-Time Homebuyer Credit (Only Page 2, Part IV of the Form, Repayment of Credit may be e-filed)

1/31/2014

Form 5695 Residential Energy Credits

1/31/2014

Form 5884 Work Opportunity Credit

1/31/2014

Form 6198 At-Risk Limitations

1/31/2014

Form 6251 Alternative Minimum Tax-Individuals

1/31/2014

Form 6252 Installment Sale Income

1/31/2014

Form 6478 Credit for Alcohol Used as Fuel

1/31/2014

Form 6765 Credit for Increasing Research Activities

1/31/2014

Form 6781 Gains and Losses from Section 1256 Contracts & Straddles

1/31/2014

Form 8082 Notice of Inconsistent Treatment or Administrative Adjustment Request

1/31/2014

Form 8275 Disclosure Statement

1/31/2014

Form 8275R Regulation Disclosure Statement

1/31/2014

Form 8283 Noncash Charitable Contribution

1/31/2014

Form 8379 Injured Spouse Allocation

1/31/2014

Form 8396 Mortgage Interest Credit

1/31/2014

Form 8453 U.S. Individual Income Tax Transmittal for an IRS e-file Return (This form that can't be e-filed, must be mailed in)

2/27/2014

Form 8582 Passive Activity Loss Limitations

1/31/2014

Form 8582-CR Passive Activity Credit Limitations

1/31/2014

Form 8586 Low-Income Housing Credit

1/31/2014

Form 8594 Asset Acquisition Statement

1/31/2014

Form 8606 Nondeductible IRAs

1/31/2014

Form 8609A Annual Statement for Low-Income Housing Credit

1/31/2014

Form 8611 Recapture of Low-income Housing Credit

1/31/2014

Form 8615 Tax for Children Under Age 18/24 With Investment Income of More Than $1,800

1/31/2014

Form 8689 Allocation of Individual Income Tax to the US Virgin Islands

1/31/2014

Form 8697 Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

1/31/2014

Form 8801 Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts

1/31/2014

Form 8812 Additional Child Tax Credit

1/31/2014

Form 8814 Parents' Election To Report Child's Interest and Dividends

1/31/2014

Form 8815 Exclusion of Interest From Series EE US Savings Bonds Issued After 1989

1/31/2014

Form 8820 Orphan Drug Credit

1/31/2014

Form 8824 Like-Kind Exchanges

1/31/2014

Form 8826 Disabled Access Credit

1/31/2014

Form 8828 Recapture of Federal Mortgage Subsidy

1/31/2014

Form 8829 Expenses for Business Use of Your Home

1/31/2014

Form 8833 Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b)

1/31/2014

Form 8834 Qualified Electric Vehicle Credit

1/31/2014

Form 8839 Qualified Adoption Expense

1/31/2014

Form 8844 Empowerment Zone and Renewal Community Employment Credit

1/31/2014

Form 8845 Indian Employment Credit

1/31/2014

Form 8846 Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips

1/31/2014

Form 8847 Credit for Contributions to Selected Community Development Corporations

1/31/2014

Form 8853 Archer MSAs and Long-Term Care Insurance Contracts

1/31/2014

Form 8859 District of Columbia First-Time Homebuyer Credit

2/13/2014

Form 8862 Information To Claim Earned Income Credit After Disallowance

1/31/2014

Form 8863 Education Credits (Hope and Lifetime Learning Credits)

1/31/2014

Form 8864 Biodiesel and Renewable Diesel Fuels Credit

1/31/2014

Form 8874 New Markets Credit

1/31/2014

Form 8880 Credit for Qualified Retirement Savings Contributions

1/31/2014

Form 8881 Credit for Small Employer Pension Plan Startup Costs

1/31/2014

Form 8882 Credit for Employer - Provided ChildCare Facilities and Services

1/31/2014

Form 8885 Health Coverage Tax Credit

1/31/2014

Form 8886 Reportable Transaction Disclosure Statement

1/31/2014

Form 8888 Direct Deposit of Refund to more than 1 account

1/31/2014

Form 8889 Health Savings Accounts (HSAs)

1/31/2014

Form 8891 US Information Return for Beneficiary of Certain Canadian Registered Retirement Plans

1/31/2014

Form 8903 Domestic Production Activities Deduction

1/31/2014

Form 8906 Distilled Spirits Credit

1/31/2014

Form 8907 Nonconventional Source Fuel Credit

1/31/2014

Form 8908 Energy Efficient Home Credit

1/31/2014

Form 8909 Energy Efficient Appliance Credit

1/31/2014

Form 8910 Alternate Motor Vehicle Credit

1/31/2014

Form 8911 Alternate Fuel Vehicle Refueling Credit

1/31/2014

Form 8915 Qualified Hurricane Katrina Retirement Plan Dists and Repayments

1/31/2014

Form 8917 Tuition and Fees Deduction

1/31/2014

Form 8919 Uncollected Social Security and Medicare Tax on Wages

1/31/2014

Form 8930 Midwestern Disaster Area Distributions

1/31/2014

Form 8931 Agricultural Chemicals Security Credit

1/31/2014

Form 8932 Credit for Employer Differential Wage Payments

1/31/2014

Form 8933 Carbon Dioxide Sequestration Credit

1/31/2014

Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

2/13/2014

Form 8941 Credit for Small Employer Health Insurance Premiums

1/31/2014

Form 8949 Sales and other Dispositions of Capital Assets

1/31/2014

Form 8959 Additional Medicare Tax

2/13/2014

Form 8960 Net Investment Income Tax - Individuals, Estates and Trusts

2/13/2014

Form 9465 Installment Agreement Request

1/31/2014

Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (And Section 1082 Basis Adjustment)

1/31/2014

     

 

 

 

Page Last Reviewed or Updated: 04-Mar-2014

The 2012 State Tax

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