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Federal Income Tax 1040ez

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Federal Income Tax 1040ez

Federal income tax 1040ez 5. Federal income tax 1040ez   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Federal income tax 1040ez You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Federal income tax 1040ez By selecting the method that is best for you, you will have quick and easy access to tax help. Federal income tax 1040ez Free help with your tax return. Federal income tax 1040ez   You can get free help preparing your return nationwide from IRS-certified volunteers. Federal income tax 1040ez The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Federal income tax 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Federal income tax 1040ez Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Federal income tax 1040ez In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Federal income tax 1040ez To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Federal income tax 1040ez gov, download the IRS2Go app, or call 1-800-906-9887. Federal income tax 1040ez   As part of the TCE program, AARP offers the Tax-Aide counseling program. Federal income tax 1040ez To find the nearest AARP Tax-Aide site, visit AARP's website at www. Federal income tax 1040ez aarp. Federal income tax 1040ez org/money/taxaide or call 1-888-227-7669. Federal income tax 1040ez For more information on these programs, go to IRS. Federal income tax 1040ez gov and enter “VITA” in the search box. Federal income tax 1040ez Internet. Federal income tax 1040ez    IRS. Federal income tax 1040ez gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Federal income tax 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. Federal income tax 1040ez Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Federal income tax 1040ez Check the status of your 2013 refund with the Where's My Refund? application on IRS. Federal income tax 1040ez gov or download the IRS2Go app and select the Refund Status option. Federal income tax 1040ez The IRS issues more than 9 out of 10 refunds in less than 21 days. Federal income tax 1040ez Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Federal income tax 1040ez You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Federal income tax 1040ez The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Federal income tax 1040ez Use the Interactive Tax Assistant (ITA) to research your tax questions. Federal income tax 1040ez No need to wait on the phone or stand in line. Federal income tax 1040ez The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Federal income tax 1040ez When you reach the response screen, you can print the entire interview and the final response for your records. Federal income tax 1040ez New subject areas are added on a regular basis. Federal income tax 1040ez  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Federal income tax 1040ez gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Federal income tax 1040ez You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Federal income tax 1040ez The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Federal income tax 1040ez When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Federal income tax 1040ez Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Federal income tax 1040ez You can also ask the IRS to mail a return or an account transcript to you. Federal income tax 1040ez Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Federal income tax 1040ez gov or by calling 1-800-908-9946. Federal income tax 1040ez Tax return and tax account transcripts are generally available for the current year and the past three years. Federal income tax 1040ez Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Federal income tax 1040ez Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Federal income tax 1040ez If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Federal income tax 1040ez Check the status of your amended return using Where's My Amended Return? Go to IRS. Federal income tax 1040ez gov and enter Where's My Amended Return? in the search box. Federal income tax 1040ez You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Federal income tax 1040ez It can take up to 3 weeks from the date you mailed it to show up in our system. Federal income tax 1040ez Make a payment using one of several safe and convenient electronic payment options available on IRS. Federal income tax 1040ez gov. Federal income tax 1040ez Select the Payment tab on the front page of IRS. Federal income tax 1040ez gov for more information. Federal income tax 1040ez Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Federal income tax 1040ez Figure your income tax withholding with the IRS Withholding Calculator on IRS. Federal income tax 1040ez gov. Federal income tax 1040ez Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Federal income tax 1040ez Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Federal income tax 1040ez gov. Federal income tax 1040ez Request an Electronic Filing PIN by going to IRS. Federal income tax 1040ez gov and entering Electronic Filing PIN in the search box. Federal income tax 1040ez Download forms, instructions and publications, including accessible versions for people with disabilities. Federal income tax 1040ez Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Federal income tax 1040ez gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Federal income tax 1040ez An employee can answer questions about your tax account or help you set up a payment plan. Federal income tax 1040ez Before you visit, check the Office Locator on IRS. Federal income tax 1040ez gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Federal income tax 1040ez If you have a special need, such as a disability, you can request an appointment. Federal income tax 1040ez Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Federal income tax 1040ez Apply for an Employer Identification Number (EIN). Federal income tax 1040ez Go to IRS. Federal income tax 1040ez gov and enter Apply for an EIN in the search box. Federal income tax 1040ez Read the Internal Revenue Code, regulations, or other official guidance. Federal income tax 1040ez Read Internal Revenue Bulletins. Federal income tax 1040ez Sign up to receive local and national tax news and more by email. Federal income tax 1040ez Just click on “subscriptions” above the search box on IRS. Federal income tax 1040ez gov and choose from a variety of options. Federal income tax 1040ez Phone. Federal income tax 1040ez    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Federal income tax 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. Federal income tax 1040ez Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Federal income tax 1040ez gov, or download the IRS2Go app. Federal income tax 1040ez Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Federal income tax 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Federal income tax 1040ez Most VITA and TCE sites offer free electronic filing. Federal income tax 1040ez Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Federal income tax 1040ez Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Federal income tax 1040ez Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Federal income tax 1040ez If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Federal income tax 1040ez The IRS issues more than 9 out of 10 refunds in less than 21 days. Federal income tax 1040ez Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Federal income tax 1040ez Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Federal income tax 1040ez The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Federal income tax 1040ez Note, the above information is for our automated hotline. Federal income tax 1040ez Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Federal income tax 1040ez Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Federal income tax 1040ez You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Federal income tax 1040ez It can take up to 3 weeks from the date you mailed it to show up in our system. Federal income tax 1040ez Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Federal income tax 1040ez You should receive your order within 10 business days. Federal income tax 1040ez Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Federal income tax 1040ez If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Federal income tax 1040ez Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Federal income tax 1040ez The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Federal income tax 1040ez These individuals can also contact the IRS through relay services such as the Federal Relay Service. Federal income tax 1040ez Mail. Federal income tax 1040ez   You can send your order for forms, instructions, and publications to the address below. Federal income tax 1040ez You should receive a response within 10 business days after your request is received. Federal income tax 1040ez Internal Revenue Service 1201 N. Federal income tax 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Federal income tax 1040ez The Taxpayer Advocate Service (TAS) is your voice at the IRS. Federal income tax 1040ez Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Federal income tax 1040ez   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Federal income tax 1040ez We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Federal income tax 1040ez You face (or your business is facing) an immediate threat of adverse action. Federal income tax 1040ez You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Federal income tax 1040ez   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Federal income tax 1040ez Here's why we can help: TAS is an independent organization within the IRS. Federal income tax 1040ez Our advocates know how to work with the IRS. Federal income tax 1040ez Our services are free and tailored to meet your needs. Federal income tax 1040ez We have offices in every state, the District of Columbia, and Puerto Rico. Federal income tax 1040ez   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. Federal income tax 1040ez irs. Federal income tax 1040ez gov/Advocate, or call us toll-free at 1-877-777-4778. Federal income tax 1040ez   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Federal income tax 1040ez If you know of one of these broad issues, please report it to us through our Systemic Advisory Management System at www. Federal income tax 1040ez irs. Federal income tax 1040ez gov/Advocate/Systemic-Advocacy-Management-System-SAMS. Federal income tax 1040ez Low Income Taxpayer Clinics. Federal income tax 1040ez    Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Federal income tax 1040ez Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Federal income tax 1040ez Visit www. Federal income tax 1040ez irs. Federal income tax 1040ez gov/Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Federal income tax 1040ez Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Arizona Office of the Attorney General- Tucson

Website: Arizona Office of the Attorney General- Tucson

Address: Arizona Office of the Attorney General- Tucson
Consumer Information and Complaints
400 W. Congress St.
South Bldg., Suite 315
Tucson, AZ 85701-1367

Phone Number: 520-628-6504

Toll-free: 1-800-352-8431 (AZ, except in Maricopa and Pima Counties)

Arizona Office of the Attorney General-Phoenix

Website: Arizona Office of the Attorney General-Phoenix

Address: Arizona Office of the Attorney General-Phoenix
Consumer Information and Complaints
1275 W. Washington St.
Phoenix, AZ 85007

Phone Number: 602-542-5763

Toll-free: 1-800-352-8431 (AZ, except Phoenix)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
2910 N. 44th St., Suite 310
Phoenix, AZ 85018

Phone Number: 602-771-2800

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Affairs Division
2910 N. 44th St., Suite 210
Phoenix, AZ 85018-7269

Phone Number: 602-364-2499 602-364-2977 (in Spanish)

Toll-free: 1-800-325-2548 (AZ)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Arizona Corporation Commission

Website: Arizona Corporation Commission

Address: Arizona Corporation Commission
Securities Division
1300 W. Washington St., 3rd Floor
Phoenix, AZ 85007

Phone Number: 602-542-4242

Toll-free: 1-866-837-4399 (AZ)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Corporation Commission

Website: Corporation Commission

Address: Corporation Commission
Utilities Division
Consumer Services

1200 W. Washington St.
Phoenix, AZ 85007-2996

Phone Number: 602-542-4251

Toll-free: 1-800-222-7000 (AZ)

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The Federal Income Tax 1040ez

Federal income tax 1040ez 10. Federal income tax 1040ez   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Federal income tax 1040ez Eligible educational institution. Federal income tax 1040ez Dependent for whom you claim an exemption. Federal income tax 1040ez MAGI when using Form 1040A. Federal income tax 1040ez MAGI when using Form 1040. Federal income tax 1040ez Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Federal income tax 1040ez S. Federal income tax 1040ez savings bonds. Federal income tax 1040ez If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Federal income tax 1040ez However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Federal income tax 1040ez Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Federal income tax 1040ez S. Federal income tax 1040ez savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Federal income tax 1040ez You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Federal income tax 1040ez Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Federal income tax 1040ez Your filing status is not married filing separately. Federal income tax 1040ez Qualified U. Federal income tax 1040ez S. Federal income tax 1040ez savings bonds. Federal income tax 1040ez   A qualified U. Federal income tax 1040ez S. Federal income tax 1040ez savings bond is a series EE bond issued after 1989 or a series I bond. Federal income tax 1040ez The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Federal income tax 1040ez   The owner must be at least 24 years old before the bond's issue date. Federal income tax 1040ez The issue date is printed on the front of the savings bond. Federal income tax 1040ez    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Federal income tax 1040ez Qualified education expenses. Federal income tax 1040ez   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Federal income tax 1040ez Tuition and fees required to enroll at or attend an eligible educational institution. Federal income tax 1040ez Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Federal income tax 1040ez Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Federal income tax 1040ez Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Federal income tax 1040ez Adjusted qualified education expenses. Federal income tax 1040ez   You must reduce your qualified education expenses by all of the following tax-free benefits. Federal income tax 1040ez Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Federal income tax 1040ez Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Federal income tax 1040ez Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Federal income tax 1040ez Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Federal income tax 1040ez Any expenses used in figuring the American opportunity and lifetime learning credits. Federal income tax 1040ez See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Federal income tax 1040ez Eligible educational institution. Federal income tax 1040ez   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. Federal income tax 1040ez S. Federal income tax 1040ez Department of Education. Federal income tax 1040ez It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Federal income tax 1040ez The educational institution should be able to tell you if it is an eligible educational institution. Federal income tax 1040ez   Certain educational institutions located outside the United States also participate in the U. Federal income tax 1040ez S. Federal income tax 1040ez Department of Education's Federal Student Aid (FSA) programs. Federal income tax 1040ez Dependent for whom you claim an exemption. Federal income tax 1040ez   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Federal income tax 1040ez Modified adjusted gross income (MAGI). Federal income tax 1040ez   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Federal income tax 1040ez However, as discussed below, there may be other modifications. Federal income tax 1040ez MAGI when using Form 1040A. Federal income tax 1040ez   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Federal income tax 1040ez MAGI when using Form 1040. Federal income tax 1040ez   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Federal income tax 1040ez    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Federal income tax 1040ez If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Federal income tax 1040ez Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Federal income tax 1040ez Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Federal income tax 1040ez    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Federal income tax 1040ez Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Federal income tax 1040ez See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Federal income tax 1040ez Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Federal income tax 1040ez However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Federal income tax 1040ez To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Federal income tax 1040ez The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Federal income tax 1040ez The denominator (bottom part) of the fraction is the total proceeds you received during the year. Federal income tax 1040ez Example. Federal income tax 1040ez In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Federal income tax 1040ez S. Federal income tax 1040ez savings bond. Federal income tax 1040ez They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Federal income tax 1040ez In 2013, they paid $7,650 of their daughter's college tuition. Federal income tax 1040ez They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Federal income tax 1040ez Their MAGI for 2013 was $80,000. Federal income tax 1040ez   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Federal income tax 1040ez They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Federal income tax 1040ez Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Federal income tax 1040ez Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Federal income tax 1040ez Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Federal income tax 1040ez Attach Form 8815 to your tax return. Federal income tax 1040ez Prev  Up  Next   Home   More Online Publications