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H And R Block For Military

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H And R Block For Military

H and r block for military 3. H and r block for military   Lifetime Learning Credit Table of Contents Introduction Can You Claim the CreditWho Can Claim the Credit Who Cannot Claim the Credit What Expenses QualifyQualified Education Expenses No Double Benefit Allowed Expenses That Do Not Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses Figuring the CreditEffect of the Amount of Your Income on the Amount of Your Credit Claiming the Credit Introduction For 2013, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. H and r block for military They are the American opportunity credit and the lifetime learning credit. H and r block for military This chapter discusses the lifetime learning credit. H and r block for military The American opportunity credit is discussed in chapter 2, The American Opportunity Credit . H and r block for military This chapter explains: Who can claim the lifetime learning credit, What expenses qualify for the credit, Who is an eligible student, Who can claim a dependent's expenses, How to figure the credit, How to claim the credit, and When the credit must be repaid. H and r block for military What is the tax benefit of the lifetime learning credit. H and r block for military   For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all eligible students. H and r block for military There is no limit on the number of years the lifetime learning credit can be claimed for each student. H and r block for military   A tax credit reduces the amount of income tax you may have to pay. H and r block for military Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. H and r block for military The lifetime learning credit is a nonrefundable credit. H and r block for military This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you. H and r block for military   Your allowable lifetime learning credit may be limited by the amount of your income and the amount of your tax. H and r block for military Can you claim more than one education credit this year. H and r block for military   For each student, you can elect for any year only one of the credits. H and r block for military For example, if you elect to take the lifetime learning credit for a child on your 2013 tax return, you cannot, for that same child, also claim the American opportunity credit for 2013. H and r block for military   If you are eligible to claim the lifetime learning credit and you are also eligible to claim the American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both. H and r block for military   If you pay qualified education expenses for more than one student in the same year, you can choose to take certain credits on a per-student, per-year basis. H and r block for military This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. H and r block for military Differences between the American opportunity and lifetime learning credits. H and r block for military   There are several differences between these two credits. H and r block for military For example, you can claim the American opportunity credit for the same student for no more than 4 tax years, but any year in which the Hope Scholarship Credit was claimed counts toward the 4 years. H and r block for military However, there is no limit on the number of years for which you can claim a lifetime learning credit based on the same student's expenses. H and r block for military The differences between these credits are shown in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 near the end of this publication. H and r block for military Overview of the lifetime learning credit. H and r block for military   See Table 3-1, Overview of the Lifetime Learning Credit for the basics of the lifetime learning credit. H and r block for military The details are discussed in this chapter. H and r block for military Can You Claim the Credit The following rules will help you determine if you are eligible to claim the lifetime learning credit on your tax return. H and r block for military Who Can Claim the Credit Generally, you can claim the lifetime learning credit if all three of the following requirements are met. H and r block for military You pay qualified education expenses of higher education. H and r block for military You pay the education expenses for an eligible student. H and r block for military The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. H and r block for military Table 3-1. H and r block for military Overview of the Lifetime Learning Credit Maximum credit Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $127,000 if married filling jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable Nonrefundable—credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available for an unlimited number of years Type of program required Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Available for one or more courses Felony drug conviction Felony drug convictions do not make the student ineligible Qualified expenses Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Note. H and r block for military Qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you. H and r block for military “Qualified education expenses” are defined later under Qualified Education Expenses . H and r block for military “Eligible students” are defined later under Who Is an Eligible Student . H and r block for military A dependent for whom you claim an exemption is defined later under Who Can Claim a Dependent's Expenses . H and r block for military You may find Figure 3-1, Can You Claim the Lifetime Learning Credit for 2013 , later, helpful in determining if you can claim a lifetime learning credit on your tax return. H and r block for military Who Cannot Claim the Credit You cannot claim the lifetime learning credit for 2013 if any of the following apply. H and r block for military Your filing status is married filing separately. H and r block for military You are listed as a dependent on another person's tax return (such as your parents'). H and r block for military See Who Can Claim a Dependent's Expenses , later. H and r block for military Your modified adjusted gross income (MAGI) is $63,000 or more ($127,000 or more in the case of a joint return). H and r block for military MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit . H and r block for military You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. H and r block for military More information on nonresident aliens can be found in Publication 519. H and r block for military You claim the American Opportunity Credit (see chapter 2) or a Tuition and Fees Deduction (see chapter 6) for the same student in 2013. H and r block for military What Expenses Qualify The lifetime learning credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. H and r block for military Generally, the credit is allowed for qualified education expenses paid in 2013 for an academic period beginning in 2013 or in the first 3 months of 2014. H and r block for military For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 credit. H and r block for military Academic period. H and r block for military   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. H and r block for military 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. H and r block for military Paid with borrowed funds. H and r block for military   You can claim a lifetime learning credit for qualified education expenses paid with the proceeds of a loan. H and r block for military You use the expenses to figure the lifetime learning credit for the year in which the expenses are paid, not the year in which the loan is repaid. H and r block for military Treat loan disbursements sent directly to the educational institution as paid on the date the institution credits the student's account. H and r block for military Student withdraws from class(es). H and r block for military   You can claim a lifetime learning credit for qualified education expenses not refunded when a student withdraws. H and r block for military Qualified Education Expenses For purposes of the lifetime learning credit, qualified education expenses are tuition and certain related expenses required for enrollment in a course at an eligible educational institution. H and r block for military The course must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills. H and r block for military Eligible educational institution. H and r block for military   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. H and r block for military S. H and r block for military Department of Education. H and r block for military It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. H and r block for military The educational institution should be able to tell you if it is an eligible educational institution. H and r block for military   Certain educational institutions located outside the United States also participate in the U. H and r block for military S. H and r block for military Department of Education's Federal Student Aid (FSA) programs. H and r block for military Related expenses. H and r block for military   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution for enrollment or attendance. H and r block for military Prepaid expenses. H and r block for military   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring an education credit for 2013 only. H and r block for military See Academic period , earlier. H and r block for military For example, you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). H and r block for military You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). H and r block for military In the following examples, assume that each student is an eligible student at an eligible educational institution. H and r block for military Example 1. H and r block for military   Jackson is a sophomore in University V's degree program in dentistry. H and r block for military This year, in addition to tuition, he is required to pay a fee to the university for the rental of the dental equipment he will use in this program. H and r block for military Because the equipment rental fee must be paid to University V for enrollment and attendance, Jackson's equipment rental fee is a qualified expense. H and r block for military Example 2. H and r block for military   Donna and Charles, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. H and r block for military The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. H and r block for military Charles bought his books from a friend, so what he paid for them is not a qualified education expense. H and r block for military Donna bought hers at College W's bookstore. H and r block for military Although Donna paid College W directly for her first-year books and materials, her payment is not a qualified expense because the books and materials are not required to be purchased from College W for enrollment or attendance at the institution. H and r block for military Example 3. H and r block for military   When Marci enrolled at College X for her freshman year, she had to pay a separate student activity fee in addition to her tuition. H and r block for military This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by students, such as the student newspaper and student government. H and r block for military No portion of the fee covers personal expenses. H and r block for military Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. H and r block for military Therefore, it is a qualified expense. H and r block for military No Double Benefit Allowed You cannot do any of the following: Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim a lifetime learning credit based on those same expenses. H and r block for military Claim a lifetime learning credit in the same year that you are claiming a tuition and fees deduction for the same student. H and r block for military Claim a lifetime learning credit and an American opportunity credit based on the same qualified education expenses. H and r block for military Claim a lifetime learning credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). H and r block for military See Coordination With American Opportunity and Lifetime Learning Credits in chapter 7, Coverdell Education Savings Account, and Coordination With American Opportunity and Lifetime Learning Credits in chapter 8, Qualified Tuition Program. H and r block for military Claim a credit based on qualified education expenses paid with tax-free educational assistance, such as a scholarship, grant, or assistance provided by an employer. H and r block for military See Adjustments to Qualified Education Expenses, next. H and r block for military This image is too large to be displayed in the current screen. H and r block for military Please click the link to view the image. H and r block for military Figure 3-1 Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. H and r block for military The result is the amount of adjusted qualified education expenses for each student. H and r block for military Tax-free educational assistance. H and r block for military   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. H and r block for military See Academic period , earlier. H and r block for military   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. H and r block for military This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). H and r block for military   If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed , later. H and r block for military If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed , later. H and r block for military   Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. H and r block for military Generally, any scholarship or fellowship is treated as tax free. H and r block for military However, a scholarship or fellowship is not treated as tax free to the extent the student includes it in gross income (if the student is required to file a tax return for the year the scholarship or fellowship is received) and either of the following is true. H and r block for military The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. H and r block for military The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. H and r block for military You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year it is received. H and r block for military For examples, see Coordination with Pell grants and other scholarships, later. H and r block for military Refunds. H and r block for military   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. H and r block for military Some tax-free educational assistance received after 2013 may be treated as a refund. H and r block for military See Tax-free educational assistance , earlier. H and r block for military Refunds received in 2013. H and r block for military   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses for 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. H and r block for military Refunds received after 2013 but before your income tax return is filed. H and r block for military   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid before you file an income tax return for 2013, the amount of qualified education expenses for 2013 is reduced by the amount of the refund. H and r block for military Refunds received after 2013 and after your income tax return is filed. H and r block for military   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid after you file an income tax return for 2013, you may need to repay some or all of the credit. H and r block for military See Credit recapture, next. H and r block for military Credit recapture. H and r block for military    If any tax-free educational assistance for the qualified education expenses paid in 2013 or any refund of your qualified education expenses paid in 2013 is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. H and r block for military You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. H and r block for military You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). H and r block for military Include that amount as an additional tax for the year the refund or tax-free assistance was received. H and r block for military Example. H and r block for military   You pay $9,300 in tuition and fees in December 2013, and your child began college in January 2014. H and r block for military You filed your 2013 tax return on February 14, 2014, and claimed a lifetime learning credit of $1,860. H and r block for military You claimed no other tax credits. H and r block for military After you filed your return, your child withdrew from two courses and you received a refund of $2,900. H and r block for military You must refigure your 2013 lifetime learning credit using $6,400 of qualified education expenses instead of $9,300. H and r block for military The refigured credit is $1,280 and your tax liability increased by $580. H and r block for military See instructions for your 2014 income tax return to determine where to include this tax. H and r block for military If you pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. H and r block for military Amounts that do not reduce qualified education expenses. H and r block for military   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. H and r block for military   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. H and r block for military The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. H and r block for military The use of the money is not restricted. H and r block for military For examples, see Adjustments to Qualified Education Expenses in chapter 2, American Opportunity Credit. H and r block for military Coordination with Pell grants and other scholarships. H and r block for military   In some cases, you may be able to reduce your tax liability by including scholarships in income. H and r block for military If you are claiming an education credit for a claimed dependent who received a scholarship, you may be able to reduce your tax liability if the student includes the scholarship in income. H and r block for military The scholarship must be one that may (by its terms) be applied to expenses (such as room and board) other than qualified education expenses. H and r block for military Example 1—No scholarship. H and r block for military Judy Green, who is unmarried, is taking courses at a public community college to be recertified to teach in public schools. H and r block for military Her AGI and her MAGI, for purposes of the credit, are $27,000. H and r block for military Judy takes the standard deduction of $5,950 and personal exemption of $3,800, reducing her AGI to taxable income of $17,250 and her tax before credits is $2,156. H and r block for military She claims no credits other than the lifetime learning credit. H and r block for military In July 2013 she paid $700 for the summer 2013 semester; in August 2013 she paid $1,900 for the fall 2013 semester; and in December 2013 she paid another $1,900 for the spring semester beginning in January 2014. H and r block for military Judy and the college meet all requirements for the lifetime learning tax credit. H and r block for military She can use all of the $4,500 tuition she paid in 2013 when figuring her 2013 lifetime learning credit. H and r block for military She claims a $900 lifetime learning credit and her tax after credits is $1,256. H and r block for military Example 2—Scholarship excluded from income. H and r block for military The facts are the same as in Example 1—No scholarship, except that Judy was awarded a $1,500 scholarship. H and r block for military Under the terms of her scholarship, it may be used to pay any educational expenses, including room and board. H and r block for military If Judy excludes the scholarship from income, she will be deemed (for purposes of computing her education credit) as having used the scholarship to pay for tuition, required fees, and course materials. H and r block for military Only $3,000 of the $4,500 tuition she paid in 2013 could be used when figuring her 2013 lifetime learning credit. H and r block for military Her lifetime learning credit would be reduced to $600 and her tax after credits would be $1,556. H and r block for military Example 3—Scholarship included in income. H and r block for military The facts are the same as in Example 2—Scholarship excluded from income. H and r block for military If, unlike Example 2, Judy includes the $1,500 scholarship in income, she will be deemed to have used the entire scholarship to pay for room and board. H and r block for military Judy's AGI will increase to $28,500, her taxable income would be $18,750, and her tax before credits would be $2,381. H and r block for military She would be able to use the $4,500 of adjusted qualified education expenses to figure her credit. H and r block for military Judy could claim a $900 lifetime learning credit and her tax after credits would be $1,481. H and r block for military Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. H and r block for military This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. H and r block for military Sports, games, hobbies, and noncredit courses. H and r block for military   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. H and r block for military However, if the course of instruction or other education is part of the student's degree program or is taken by the student to acquire or improve job skills, these expenses can qualify. H and r block for military Comprehensive or bundled fees. H and r block for military   Some eligible educational institutions combine all of their fees for an academic period into one amount. H and r block for military If you do not receive or do not have access to an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. H and r block for military The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T. H and r block for military See Figuring the Credit , later, for more information about Form 1098-T. H and r block for military Who Is an Eligible Student For purposes of the lifetime learning credit, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (as defined under Qualified Education Expenses , earlier). H and r block for military Who Can Claim a Dependent's Expenses If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim a lifetime learning credit for your dependent's expenses for that year. H and r block for military For you to claim a lifetime learning credit for your dependent's expenses, you must also claim an exemption for your dependent. H and r block for military You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. H and r block for military IF you. H and r block for military . H and r block for military . H and r block for military THEN only. H and r block for military . H and r block for military . H and r block for military claim an exemption on your tax return for a dependent who is an eligible student you can claim the lifetime learning credit based on that dependent's expenses. H and r block for military The dependent cannot claim the credit. H and r block for military do not claim an exemption on your tax return for a dependent who is an eligible student (even if entitled to the exemption) the dependent can claim the lifetime learning credit. H and r block for military You cannot claim the credit based on this dependent's expenses. H and r block for military Expenses paid by dependent. H and r block for military   If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. H and r block for military Include these expenses when figuring the amount of your lifetime learning credit. H and r block for military    Qualified education expenses paid directly to an eligible educational institution for your dependent under a court-approved divorce decree are treated as paid by your dependent. H and r block for military Expenses paid by you. H and r block for military   If you claim an exemption for a dependent who is an eligible student, only you can include any expenses you paid when figuring the amount of the lifetime learning credit. H and r block for military If neither you nor anyone else claims an exemption for the dependent, only the dependent can include any expenses you paid when figuring the lifetime learning credit. H and r block for military Expenses paid by others. H and r block for military   Someone other than you, your spouse, or your dependent (such as a relative or former spouse) may make a payment directly to an eligible educational institution to pay for an eligible student's qualified education expenses. H and r block for military In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. H and r block for military If you claim an exemption on your tax return for the student, you are considered to have paid the expenses. H and r block for military Example. H and r block for military In 2013, Ms. H and r block for military Allen makes a payment directly to an eligible educational institution for her grandson Todd's qualified education expenses. H and r block for military For purposes of claiming a lifetime learning credit, Todd is treated as receiving the money from his grandmother and, in turn, paying his qualified education expenses himself. H and r block for military Unless an exemption for Todd is claimed on someone else's 2013 tax return, only Todd can use the payment to claim a lifetime learning credit. H and r block for military If anyone, such as Todd's parents, claims an exemption for Todd on his or her 2013 tax return, whoever claims the exemption may be able to use the expenses to claim a lifetime learning credit. H and r block for military If anyone else claims an exemption for Todd, Todd cannot claim a lifetime learning credit. H and r block for military Tuition reduction. H and r block for military   When an eligible educational institution provides a reduction in tuition to an employee of the institution (or spouse or dependent child of an employee), the amount of the reduction may or may not be taxable. H and r block for military If it is taxable, the employee is treated as receiving a payment of that amount and, in turn, paying it to the educational institution on behalf of the student. H and r block for military For more information on tuition reductions, see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. H and r block for military Figuring the Credit The amount of the lifetime learning credit is 20% of the first $10,000 of qualified education expenses you paid for all eligible students. H and r block for military The maximum amount of lifetime learning credit you can claim for 2013 is $2,000 (20% × $10,000). H and r block for military However, that amount may be reduced based on your MAGI. H and r block for military See Effect of the Amount of Your Income on the Amount of Your Credit , later. H and r block for military Example. H and r block for military Bruce and Toni Harper are married and file a joint tax return. H and r block for military For 2013, their MAGI is $75,000. H and r block for military Toni is attending a local college (an eligible educational institution) to earn credits toward a degree in nursing. H and r block for military She already has a bachelor's degree in history and wants to become a nurse. H and r block for military In August 2013, Toni paid $5,000 of qualified education expenses for her fall 2013 semester. H and r block for military Bruce and Toni can claim a $1,000 (20% × $5,000) lifetime learning credit on their 2013 joint tax return. H and r block for military Form 1098-T. H and r block for military   To help you figure your lifetime learning credit, the student should receive Form 1098-T. H and r block for military Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. H and r block for military An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. H and r block for military However, the amounts in boxes 1 and 2 of Form 1098-T might be different from what you paid. H and r block for military When figuring the credit, use only the amounts you paid or are deemed to have paid in 2013 for qualified education expenses. H and r block for military   In addition, Form 1098-T should give other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements or refunds, and whether the student was enrolled at least half-time or was a graduate student. H and r block for military    The eligible educational institution may ask for a completed Form W-9S, or similar statement to obtain the student's name, address, and taxpayer identification number. H and r block for military Effect of the Amount of Your Income on the Amount of Your Credit The amount of your lifetime learning credit is phased out (gradually reduced) if your MAGI is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). H and r block for military You cannot claim a lifetime learning credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). H and r block for military Modified adjusted gross income (MAGI). H and r block for military   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. H and r block for military MAGI when using Form 1040A. H and r block for military   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. H and r block for military MAGI when using Form 1040. H and r block for military   If you file Form 1040, your MAGI is the AGI on line 38 of that form, 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. H and r block for military You can use Worksheet 3-1 to figure your MAGI. H and r block for military Worksheet 3-1. H and r block for military MAGI for the Lifetime Learning Credit 1. H and r block for military Enter your adjusted gross income  (Form 1040, line 38)   1. H and r block for military   2. H and r block for military Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. H and r block for military       3. H and r block for military Enter your foreign housing deduction (Form 2555, line 50)   3. H and r block for military       4. H and r block for military Enter the amount of income from Puerto Rico you are excluding   4. H and r block for military       5. H and r block for military Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. H and r block for military       6. H and r block for military Add the amounts on lines 2, 3, 4, and 5   6. H and r block for military   7. H and r block for military Add the amounts on lines 1 and 6. H and r block for military  This is your modified adjusted  gross income. H and r block for military Enter this amount  on Form 8863, line 14   7. H and r block for military   Phaseout. H and r block for military   If your MAGI is within the range of incomes where the credit must be reduced, you will figure your reduced credit using lines 10-18 of Form 8863. H and r block for military The same method is shown in the following example. H and r block for military Example. H and r block for military You are filing a joint return with a MAGI of $112,000. H and r block for military In 2013, you paid $6,600 of qualified education expenses. H and r block for military You figure the tentative lifetime learning credit (20% of the first $10,000 of qualified education expenses you paid for all eligible students). H and r block for military The result is a $1,320 (20% x $6,600) tentative credit. H and r block for military Because your MAGI is within the range of incomes where the credit must be reduced, you must multiply your tentative credit ($1,320) by a fraction. H and r block for military The numerator of the fraction is $127,000 (the upper limit for those filing a joint return) minus your MAGI. H and r block for military The denominator is $20,000, the range of incomes for the phaseout ($107,000 to $127,000). H and r block for military The result is the amount of your phased out (reduced) lifetime learning credit ($990). H and r block for military   $1,320 × $127,000 − $112,000  $20,000 = $990   Claiming the Credit You claim the lifetime learning credit by completing Form 8863 and submitting it with your Form 1040 or 1040A. H and r block for military Enter the credit on Form 1040, line 49, or Form 1040A, line 31. H and r block for military Note. H and r block for military In Appendix A, Illustrated Example of Education Credits at the end of this publication, there is an example illustrating the use of Form 8863 when both the American opportunity credit and the lifetime learning credit are claimed on the same tax return. H and r block for military Prev  Up  Next   Home   More Online Publications
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When selecting a broker or investment advisor, research the person's education and professional history as well as the firm this person works for. Ask:

  • Has this person worked with others who have circumstances similar to yours?
  • Is this person licensed in your state? Your state securities administrator lists individuals and firms that are registered in your state. Ask if the regulatory office has any other background information. You can find out how to reach your state securities regulator by visiting www.nasaa.org.
  • Has the person had any run-ins with regulators or received serious complaints from investors? Call your local state securities regulator or the SEC. You can also check out FINRA's BrokerCheck to find licensing, employment, and disciplinary information. Or call FINRA toll-free at 1-800-289-9999.
  • How is the person paid? Is it an hourly rate, a flat fee, or a commission that depends on the investments you make? Does the person get a bonus from his or her firm for selling you a particular product?
  • What are the fees for setting up and servicing your account?

The H And R Block For Military

H and r block for military 12. H and r block for military   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. H and r block for military Free help with your tax return. H and r block for military   You can get free help preparing your return nationwide from IRS-certified volunteers. H and r block for military The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. H and r block for military The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H and r block for military 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. H and r block for military In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. H and r block for military To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. H and r block for military gov, download the IRS2Go app, or call 1-800-906-9887. H and r block for military   As part of the TCE program, AARP offers the Tax-Aide counseling program. H and r block for military To find the nearest AARP Tax-Aide site, visit AARP's website at www. H and r block for military aarp. H and r block for military org/money/taxaide or call 1-888-227-7669. H and r block for military For more information on these programs, go to IRS. H and r block for military gov and enter “VITA” in the search box. H and r block for military Internet. H and r block for military    IRS. H and r block for military gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. H and r block for military Download the free IRS2Go app from the iTunes app store or from Google Play. H and r block for military 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. H and r block for military Check the status of your 2013 refund with the Where's My Refund? application on IRS. H and r block for military gov or download the IRS2Go app and select the Refund Status option. H and r block for military The IRS issues more than 9 out of 10 refunds in less than 21 days. H and r block for military 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. H and r block for military You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. H and r block for military The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H and r block for military Use the Interactive Tax Assistant (ITA) to research your tax questions. H and r block for military No need to wait on the phone or stand in line. H and r block for military 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. H and r block for military When you reach the response screen, you can print the entire interview and the final response for your records. H and r block for military New subject areas are added on a regular basis. H and r block for military  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. H and r block for military gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. H and r block for military You can use the IRS Tax Map, to search publications and instructions by topic or keyword. H and r block for military The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. H and r block for military 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. H and r block for military 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. H and r block for military You can also ask the IRS to mail a return or an account transcript to you. H and r block for military Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. H and r block for military gov or by calling 1-800-908-9946. H and r block for military Tax return and tax account transcripts are generally available for the current year and the past three years. H and r block for military Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. H and r block for military Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. H and r block for military 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. H and r block for military Check the status of your amended return using Where's My Amended Return? Go to IRS. H and r block for military gov and enter Where's My Amended Return? in the search box. H and r block for military You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H and r block for military It can take up to 3 weeks from the date you mailed it to show up in our system. H and r block for military Make a payment using one of several safe and convenient electronic payment options available on IRS. H and r block for military gov. H and r block for military Select the Payment tab on the front page of IRS. H and r block for military gov for more information. H and r block for military Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. H and r block for military Figure your income tax withholding with the IRS Withholding Calculator on IRS. H and r block for military gov. H and r block for military 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. H and r block for military Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. H and r block for military gov. H and r block for military Request an Electronic Filing PIN by going to IRS. H and r block for military gov and entering Electronic Filing PIN in the search box. H and r block for military Download forms, instructions and publications, including accessible versions for people with disabilities. H and r block for military Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. H and r block for military gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. H and r block for military An employee can answer questions about your tax account or help you set up a payment plan. H and r block for military Before you visit, check the Office Locator on IRS. H and r block for military gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. H and r block for military If you have a special need, such as a disability, you can request an appointment. H and r block for military Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. H and r block for military Apply for an Employer Identification Number (EIN). H and r block for military Go to IRS. H and r block for military gov and enter Apply for an EIN in the search box. H and r block for military Read the Internal Revenue Code, regulations, or other official guidance. H and r block for military Read Internal Revenue Bulletins. H and r block for military Sign up to receive local and national tax news and more by email. H and r block for military Just click on “subscriptions” above the search box on IRS. H and r block for military gov and choose from a variety of options. H and r block for military Phone. H and r block for military    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. H and r block for military Download the free IRS2Go app from the iTunes app store or from Google Play. H and r block for military Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. H and r block for military gov, or download the IRS2Go app. H and r block for military 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. H and r block for military The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H and r block for military Most VITA and TCE sites offer free electronic filing. H and r block for military Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. H and r block for military Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. H and r block for military 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. H and r block for military 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. H and r block for military The IRS issues more than 9 out of 10 refunds in less than 21 days. H and r block for military Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. H and r block for military 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. H and r block for military The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H and r block for military Note, the above information is for our automated hotline. H and r block for military 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. H and r block for military Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. H and r block for military You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H and r block for military It can take up to 3 weeks from the date you mailed it to show up in our system. H and r block for military 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). H and r block for military You should receive your order within 10 business days. H and r block for military Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. H and r block for military 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. H and r block for military Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. H and r block for military The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. H and r block for military These individuals can also contact the IRS through relay services such as the Federal Relay Service. H and r block for military Walk-in. H and r block for military   You can find a selection of forms, publications and services — in-person. H and r block for military Products. H and r block for military You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. H and r block for military Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. H and r block for military Services. H and r block for military You can walk in to your local TAC for face-to-face tax help. H and r block for military An employee can answer questions about your tax account or help you set up a payment plan. H and r block for military Before visiting, use the Office Locator tool on IRS. H and r block for military gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. H and r block for military Mail. H and r block for military   You can send your order for forms, instructions, and publications to the address below. H and r block for military You should receive a response within 10 business days after your request is received. H and r block for military Internal Revenue Service 1201 N. H and r block for military Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. H and r block for military The Taxpayer Advocate Service (TAS) is your voice at the IRS. H and r block for military Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. H and r block for military   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. H and r block for military 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. H and r block for military You face (or your business is facing) an immediate threat of adverse action. H and r block for military You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. H and r block for military   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. H and r block for military Here's why we can help: TAS is an independent organization within the IRS. H and r block for military Our advocates know how to work with the IRS. H and r block for military Our services are free and tailored to meet your needs. H and r block for military We have offices in every state, the District of Columbia, and Puerto Rico. H and r block for military   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. H and r block for military irs. H and r block for military gov/Advocate, or call us toll-free at 1-877-777-4778. H and r block for military   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. H and r block for military If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. H and r block for military Low Income Taxpayer Clinics. H and r block for military   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. H and r block for military Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. H and r block for military Visit www. H and r block for military irs. H and r block for military gov/Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. H and r block for military Prev  Up  Next   Home   More Online Publications