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Irs File 2011 Taxes

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Irs File 2011 Taxes

Irs file 2011 taxes 4. Irs file 2011 taxes   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. Irs file 2011 taxes 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. Irs file 2011 taxes 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. Irs file 2011 taxes This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Irs file 2011 taxes The student loan interest deduction is taken as an adjustment to income. Irs file 2011 taxes This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Irs file 2011 taxes 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. Irs file 2011 taxes Table 4-1. Irs file 2011 taxes Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Irs file 2011 taxes Do not rely on this table alone. Irs file 2011 taxes Refer to the text for complete details. Irs file 2011 taxes Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Irs file 2011 taxes 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. Irs file 2011 taxes Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Irs file 2011 taxes Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Irs file 2011 taxes 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). Irs file 2011 taxes Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Irs file 2011 taxes It includes both required and voluntary interest payments. Irs file 2011 taxes 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. Irs file 2011 taxes Loans from the following sources are not qualified student loans. Irs file 2011 taxes A related person. Irs file 2011 taxes A qualified employer plan. Irs file 2011 taxes Your dependent. Irs file 2011 taxes   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Irs file 2011 taxes You can find more information about dependents in Publication 501. Irs file 2011 taxes Exceptions. Irs file 2011 taxes   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Irs file 2011 taxes An individual can be your dependent even if you are the dependent of another taxpayer. Irs file 2011 taxes An individual can be your dependent even if the individual files a joint return with a spouse. Irs file 2011 taxes 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). Irs file 2011 taxes Reasonable period of time. Irs file 2011 taxes   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. Irs file 2011 taxes   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. Irs file 2011 taxes 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. Irs file 2011 taxes   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Irs file 2011 taxes Academic period. Irs file 2011 taxes   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. Irs file 2011 taxes 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. Irs file 2011 taxes Eligible student. Irs file 2011 taxes   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Irs file 2011 taxes Enrolled at least half-time. Irs file 2011 taxes   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. Irs file 2011 taxes   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Irs file 2011 taxes However, the standard may not be lower than any of those established by the U. Irs file 2011 taxes S. Irs file 2011 taxes Department of Education under the Higher Education Act of 1965. Irs file 2011 taxes Related person. Irs file 2011 taxes   You cannot deduct interest on a loan you get from a related person. Irs file 2011 taxes Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Irs file 2011 taxes ), Your lineal descendants (children, grandchildren, etc. Irs file 2011 taxes ), and Certain corporations, partnerships, trusts, and exempt organizations. Irs file 2011 taxes Qualified employer plan. Irs file 2011 taxes   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Irs file 2011 taxes 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. Irs file 2011 taxes They include amounts paid for the following items. Irs file 2011 taxes Tuition and fees. Irs file 2011 taxes Room and board. Irs file 2011 taxes Books, supplies, and equipment. Irs file 2011 taxes Other necessary expenses (such as transportation). Irs file 2011 taxes 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. Irs file 2011 taxes Eligible educational institution. Irs file 2011 taxes   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. Irs file 2011 taxes S. Irs file 2011 taxes Department of Education. Irs file 2011 taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs file 2011 taxes   Certain educational institutions located outside the United States also participate in the U. Irs file 2011 taxes S. Irs file 2011 taxes Department of Education's Federal Student Aid (FSA) programs. Irs file 2011 taxes   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. Irs file 2011 taxes   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Irs file 2011 taxes The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Irs file 2011 taxes    The educational institution should be able to tell you if it is an eligible educational institution. Irs file 2011 taxes 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. Irs file 2011 taxes Employer-provided educational assistance. Irs file 2011 taxes See chapter 11, Employer-Provided Educational Assistance . Irs file 2011 taxes Tax-free distribution of earnings from a Coverdell education savings account (ESA). Irs file 2011 taxes See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Irs file 2011 taxes Tax-free distribution of earnings from a qualified tuition program (QTP). Irs file 2011 taxes See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Irs file 2011 taxes U. Irs file 2011 taxes S. Irs file 2011 taxes savings bond interest that you exclude from income because it is used to pay qualified education expenses. Irs file 2011 taxes See chapter 10, Education Savings Bond Program . Irs file 2011 taxes The tax-free part of scholarships and fellowships. Irs file 2011 taxes See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs file 2011 taxes Veterans' educational assistance. Irs file 2011 taxes See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs file 2011 taxes Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs file 2011 taxes 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. Irs file 2011 taxes Loan origination fee. Irs file 2011 taxes   In general, this is a one-time fee charged by the lender when a loan is made. Irs file 2011 taxes 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. Irs file 2011 taxes A loan origination fee treated as interest accrues over the term of the loan. Irs file 2011 taxes   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Irs file 2011 taxes 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. Irs file 2011 taxes 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. Irs file 2011 taxes A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Irs file 2011 taxes Example. Irs file 2011 taxes In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Irs file 2011 taxes The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Irs file 2011 taxes Bill began making payments on his student loan in 2013. Irs file 2011 taxes 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. Irs file 2011 taxes Bill's loan is payable in 120 equal monthly payments. Irs file 2011 taxes He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Irs file 2011 taxes Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Irs file 2011 taxes 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. Irs file 2011 taxes Capitalized interest. Irs file 2011 taxes   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Irs file 2011 taxes Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Irs file 2011 taxes No deduction for capitalized interest is allowed in a year in which no loan payments were made. Irs file 2011 taxes Interest on revolving lines of credit. Irs file 2011 taxes   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. Irs file 2011 taxes See Qualified Education Expenses , earlier. Irs file 2011 taxes Interest on refinanced student loans. Irs file 2011 taxes   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. Irs file 2011 taxes    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. Irs file 2011 taxes Voluntary interest payments. Irs file 2011 taxes   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. Irs file 2011 taxes Example. Irs file 2011 taxes The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Irs file 2011 taxes He began making payments as required. Irs file 2011 taxes In September 2013, Roger enrolled in graduate school on a full-time basis. Irs file 2011 taxes He applied for and was granted deferment of his loan payments while in graduate school. Irs file 2011 taxes Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Irs file 2011 taxes Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Irs file 2011 taxes 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. Irs file 2011 taxes 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. Irs file 2011 taxes Example. Irs file 2011 taxes In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Irs file 2011 taxes The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Irs file 2011 taxes The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Irs file 2011 taxes 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. Irs file 2011 taxes The loan is payable over 60 months, with a payment of $200. Irs file 2011 taxes 51 due on the first of each month, beginning November 2013. Irs file 2011 taxes 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. Irs file 2011 taxes 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). Irs file 2011 taxes Payment Date   Payment   Stated Interest   Principal November 2013   $200. Irs file 2011 taxes 51   $44. Irs file 2011 taxes 27   $156. Irs file 2011 taxes 24 December 2013   $200. Irs file 2011 taxes 51   $43. Irs file 2011 taxes 62   $156. Irs file 2011 taxes 89 Totals   $401. Irs file 2011 taxes 02   $87. Irs file 2011 taxes 89   $313. Irs file 2011 taxes 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. Irs file 2011 taxes 89. Irs file 2011 taxes Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Irs file 2011 taxes A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Irs file 2011 taxes 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. Irs file 2011 taxes Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Irs file 2011 taxes 02 ($87. Irs file 2011 taxes 89 + $10 + $303. Irs file 2011 taxes 13). Irs file 2011 taxes 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. Irs file 2011 taxes She also will apply the remaining amount of capitalized interest ($625 − $303. Irs file 2011 taxes 13 = $321. Irs file 2011 taxes 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. Irs file 2011 taxes Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Irs file 2011 taxes Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Irs file 2011 taxes Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Irs file 2011 taxes 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. Irs file 2011 taxes For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Irs file 2011 taxes 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. Irs file 2011 taxes Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Irs file 2011 taxes Your filing status is any filing status except married filing separately. Irs file 2011 taxes No one else is claiming an exemption for you on his or her tax return. Irs file 2011 taxes You are legally obligated to pay interest on a qualified student loan. Irs file 2011 taxes You paid interest on a qualified student loan. Irs file 2011 taxes Claiming an exemption for you. Irs file 2011 taxes   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. Irs file 2011 taxes Example 1. Irs file 2011 taxes During 2013, Josh paid $600 interest on his qualified student loan. Irs file 2011 taxes Only he is legally obligated to make the payments. Irs file 2011 taxes No one claimed an exemption for Josh for 2013. Irs file 2011 taxes Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Irs file 2011 taxes Example 2. Irs file 2011 taxes During 2013, Jo paid $1,100 interest on her qualified student loan. Irs file 2011 taxes Only she is legally obligated to make the payments. Irs file 2011 taxes Jo's parents claimed an exemption for her on their 2013 tax return. Irs file 2011 taxes In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Irs file 2011 taxes Interest paid by others. Irs file 2011 taxes   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. Irs file 2011 taxes Example 1. Irs file 2011 taxes Darla obtained a qualified student loan to attend college. Irs file 2011 taxes After Darla's graduation from college, she worked as an intern for a nonprofit organization. Irs file 2011 taxes As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Irs file 2011 taxes This payment was treated as additional compensation and reported in box 1 of her Form W-2. Irs file 2011 taxes Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Irs file 2011 taxes Example 2. Irs file 2011 taxes Ethan obtained a qualified student loan to attend college. Irs file 2011 taxes After graduating from college, the first monthly payment on his loan was due in December. Irs file 2011 taxes As a gift, Ethan's mother made this payment for him. Irs file 2011 taxes No one is claiming a dependency exemption for Ethan on his or her tax return. Irs file 2011 taxes Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Irs file 2011 taxes 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). Irs file 2011 taxes Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Irs file 2011 taxes However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Irs file 2011 taxes You can use Worksheet 4-1. Irs file 2011 taxes Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Irs file 2011 taxes Form 1098-E. Irs file 2011 taxes   To help you figure your student loan interest deduction, you should receive Form 1098-E. Irs file 2011 taxes 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. Irs file 2011 taxes   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. Irs file 2011 taxes Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Irs file 2011 taxes However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Irs file 2011 taxes See Allocating Payments Between Interest and Principal , earlier. Irs file 2011 taxes    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Irs file 2011 taxes The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Irs file 2011 taxes 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). Irs file 2011 taxes 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). Irs file 2011 taxes Modified adjusted gross income (MAGI). Irs file 2011 taxes   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. Irs file 2011 taxes However, as discussed below, there may be other modifications. Irs file 2011 taxes Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Irs file 2011 taxes Table 4-2. Irs file 2011 taxes Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Irs file 2011 taxes . Irs file 2011 taxes . Irs file 2011 taxes AND your MAGI is. Irs file 2011 taxes . Irs file 2011 taxes . Irs file 2011 taxes THEN your student loan interest deduction is. Irs file 2011 taxes . Irs file 2011 taxes . Irs file 2011 taxes single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Irs file 2011 taxes more than $60,000  but less than $75,000 reduced because of the phaseout. Irs file 2011 taxes $75,000 or more eliminated by the phaseout. Irs file 2011 taxes married filing joint return not more than $125,000 not affected by the phaseout. Irs file 2011 taxes more than $125,000 but less than $155,000 reduced because of the phaseout. Irs file 2011 taxes $155,000 or more eliminated by the phaseout. Irs file 2011 taxes MAGI when using Form 1040A. Irs file 2011 taxes   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). Irs file 2011 taxes MAGI when using Form 1040. Irs file 2011 taxes   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. Irs file 2011 taxes MAGI when using Form 1040NR. Irs file 2011 taxes   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). Irs file 2011 taxes MAGI when using Form 1040NR-EZ. Irs file 2011 taxes   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). Irs file 2011 taxes Phaseout. Irs file 2011 taxes   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Irs file 2011 taxes To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Irs file 2011 taxes The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Irs file 2011 taxes The denominator is $15,000 ($30,000 in the case of a joint return). Irs file 2011 taxes Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Irs file 2011 taxes Example 1. Irs file 2011 taxes During 2013 you paid $800 interest on a qualified student loan. Irs file 2011 taxes Your 2013 MAGI is $145,000 and you are filing a joint return. Irs file 2011 taxes You must reduce your deduction by $533, figured as follows. Irs file 2011 taxes   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Irs file 2011 taxes Example 2. Irs file 2011 taxes The facts are the same as in Example 1 except that you paid $2,750 interest. Irs file 2011 taxes Your maximum deduction for 2013 is $2,500. Irs file 2011 taxes You must reduce your maximum deduction by $1,667, figured as follows. Irs file 2011 taxes   $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). Irs file 2011 taxes 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. Irs file 2011 taxes 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. Irs file 2011 taxes Student Loan Interest Deduction Worksheet at the end of this chapter. Irs file 2011 taxes Claiming the Deduction The student loan interest deduction is an adjustment to income. Irs file 2011 taxes 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). Irs file 2011 taxes Worksheet 4-1. Irs file 2011 taxes 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. Irs file 2011 taxes 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. Irs file 2011 taxes 1. Irs file 2011 taxes Enter the total interest you paid in 2013 on qualified student loans. Irs file 2011 taxes Do not enter  more than $2,500 1. Irs file 2011 taxes   2. Irs file 2011 taxes Enter the amount from Form 1040, line 22 2. Irs file 2011 taxes       3. Irs file 2011 taxes Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Irs file 2011 taxes           4. Irs file 2011 taxes Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Irs file 2011 taxes           5. Irs file 2011 taxes Add lines 3 and 4 5. Irs file 2011 taxes       6. Irs file 2011 taxes Subtract line 5 from line 2 6. Irs file 2011 taxes       7. Irs file 2011 taxes Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Irs file 2011 taxes       8. Irs file 2011 taxes Enter any foreign housing deduction (Form 2555, line 50) 8. Irs file 2011 taxes       9. Irs file 2011 taxes Enter the amount of income from Puerto Rico you are excluding 9. Irs file 2011 taxes       10. Irs file 2011 taxes Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Irs file 2011 taxes       11. Irs file 2011 taxes Add lines 6 through 10. Irs file 2011 taxes This is your modified adjusted gross income 11. Irs file 2011 taxes   12. Irs file 2011 taxes Enter the amount shown below for your filing status 12. Irs file 2011 taxes     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Irs file 2011 taxes Is the amount on line 11 more than the amount on line 12?       □ No. Irs file 2011 taxes Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Irs file 2011 taxes       □ Yes. Irs file 2011 taxes Subtract line 12 from line 11 13. Irs file 2011 taxes   14. Irs file 2011 taxes Divide line 13 by $15,000 ($30,000 if married filing jointly). Irs file 2011 taxes Enter the result as a decimal  (rounded to at least three places). Irs file 2011 taxes If the result is 1. Irs file 2011 taxes 000 or more, enter 1. Irs file 2011 taxes 000 14. Irs file 2011 taxes . Irs file 2011 taxes 15. Irs file 2011 taxes Multiply line 1 by line 14 15. Irs file 2011 taxes   16. Irs file 2011 taxes Student loan interest deduction. Irs file 2011 taxes Subtract line 15 from line 1. Irs file 2011 taxes Enter the result here  and on Form 1040, line 33. Irs file 2011 taxes Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Irs file 2011 taxes ) 16. Irs file 2011 taxes   Prev  Up  Next   Home   More Online Publications
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The Irs File 2011 Taxes

Irs file 2011 taxes Index A Abortion, Abortion Acupuncture, Acupuncture Adopted child's medical expenses, Adopted child. Irs file 2011 taxes AGI limitation, Introduction, Community property states. Irs file 2011 taxes Alcoholism, Alcoholism Ambulances, Ambulance Archer MSAs Health coverage tax credit, How To Take the Credit Medical expenses paid for decedent from, Decedent Artificial limbs, Artificial Limb Artificial teeth, Artificial Teeth Aspirin, Nonprescription Drugs and Medicines Assistance (see Tax help) Assisted living homes, Nursing Home Athletic club dues, Health Club Dues Automobiles (see Cars) B Baby sitting, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Bandages, Bandages Basis Medical equipment or property (Worksheet D), Worksheet D. Irs file 2011 taxes Adjusted Basis of Medical Equipment or Property Sold Birth control pills, Birth Control Pills Body scan, Body Scan Braille books and magazines, Braille Books and Magazines Breast pumps and supplies, Breast Pumps and Supplies Breast reconstruction surgery, Breast Reconstruction Surgery C Calculation of deduction, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Capital expenses, Capital Expenses Improvements to rented property, Improvements to property rented by a person with a disability. Irs file 2011 taxes Operation and upkeep, Operation and upkeep. Irs file 2011 taxes Worksheet A, Capital expense worksheet. Irs file 2011 taxes Cars, Car Out-of-pocket expenses, Car expenses. Irs file 2011 taxes Standard medical mileage rates, Car expenses. Irs file 2011 taxes Child care, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Children's medical expenses Adopted child, Adopted child. Irs file 2011 taxes Dependents, Dependent Chiropractor, Chiropractor Christian Scientist practitioner, Christian Science Practitioner Chronically ill persons, Chronically ill individual. Irs file 2011 taxes COBRA assistance Recapture of COBRA premium assistance, Worksheet F. Irs file 2011 taxes Recapture of COBRA Premium Assistance for Higher Income Taxpayers COBRA premium assistance, COBRA Premium Assistance Community property states, Community property states. Irs file 2011 taxes Computer banks to track medical information, Medical Information Plan Contact lenses, Contact Lenses Controlled substances, Controlled Substances Cosmetic surgery, Cosmetic Surgery Credit (see Health coverage tax credit) Crutches, Crutches D Dancing lessons, Dancing Lessons Decedent's medical expenses, Decedent, What if you pay medical expenses of a deceased spouse or dependent? Deductible amount, How Much of the Expenses Can You Deduct? Deductible expenses, Whose Medical Expenses Can You Include?, X-ray Definition of medical expenses Doctor, What Are Medical Expenses? Physician, What Are Medical Expenses? Dental treatment, Dental Treatment Artificial teeth, Artificial Teeth Teeth whitening, Teeth Whitening Dentures, Artificial Teeth Dependent's medical expenses Adopted child, Adopted child. Irs file 2011 taxes Multiple support agreement, Support claimed under a multiple support agreement. Irs file 2011 taxes Qualifying child, Dependent Qualifying relative, Dependent Dependents Disabled dependent care, Disabled Dependent Care Expenses, Dependents with disabilities. Irs file 2011 taxes Diagnostic devices, Diagnostic Devices Diaper services, Diaper Service Disabilities, persons with Dependent care expenses, Disabled Dependent Care Expenses, Dependents with disabilities. Irs file 2011 taxes Improvements to rented property, Improvements to property rented by a person with a disability. Irs file 2011 taxes Special education, Special Education Divorced taxpayers Medical expenses of child, Child of divorced or separated parents. Irs file 2011 taxes Drug addiction, Drug Addiction Drugs (see Medicines) Dues Health club, Health Club Dues E Education, special, Special Education Electrolysis, Cosmetic Surgery Employer-sponsored health insurance plans, Employer-Sponsored Health Insurance Plan Employment taxes, Employment taxes. Irs file 2011 taxes Excluded expenses Insurance premiums, Insurance Premiums You Cannot Include Eye surgery, Eye Surgery Eyeglasses, Eyeglasses F Fertility enhancement Eggs, temporary storage of, Fertility Enhancement Fertility, Fertility Enhancement In vitro fertilization, Fertility Enhancement Figuring the deduction, How Do You Figure and Report the Deduction on Your Tax Return? Final return for decedent Medical expenses paid, Decedent Flexible spending account, Flexible Spending Account Food (see Weight-loss programs) Form 1040 Health coverage tax credit, How To Take the Credit Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 1040, Schedule A Impairment-related work expenses, Where to report. Irs file 2011 taxes Medical and dental expenses, Introduction, What Tax Form Do You Use? Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 1040, Schedule C Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 1040, Schedule C-EZ Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 1040, Schedule E Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 1040, Schedule F Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 1040NR Health coverage tax credit, How To Take the Credit Form 1040X Amended return, What Expenses Can You Include This Year? Deceased taxpayer, What if the decedent's return had been filed and the medical expenses were not included? Form 1099-H Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 2106 Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 2106-EZ Impairment-related work expenses, Where to report. Irs file 2011 taxes Form 2555 Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 2555-EZ Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 8453 Health coverage tax credit, How To Take the Credit Form 8885 Health coverage tax credit, How To Take the Credit Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Founder's fee (see Lifetime care, advance payments) Free tax services, Free help with your tax return. Irs file 2011 taxes Funeral expenses, Funeral Expenses Future medical care, Payments for future medical care. Irs file 2011 taxes , Future Medical Care G Glasses, Eyeglasses Guide dog or other animal, Guide Dog or Other Service Animal H Hair Removal, Cosmetic Surgery Transplants, Cosmetic Surgery Wigs, Wig Health club dues, Health Club Dues Health coverage tax credit, Health Coverage Tax Credit Advanced payments, Monthly HCTC Alternative TAA recipient, Health Coverage Tax Credit Archer MSAs, How To Take the Credit Both spouses eligible, Qualifying Family Member Children of divorced parents, Health Coverage Tax Credit, Qualifying Family Member Eligible coverage month, Eligible Coverage Month Insurance that covers other individuals, Insurance that covers other individuals. Irs file 2011 taxes Legally separated, Legally separated. Irs file 2011 taxes Married persons filing separate returns, Qualifying Family Member Monthly HCTC, Monthly HCTC Nonqualified health insurance, Nonqualified Health Insurance Other specified coverage Benefits from the Veterans Administration, Other Specified Coverage Pension Benefit Guaranty Corporation (PBGC) recipient, Health Coverage Tax Credit Qualified health insurance, Qualified Health Insurance Qualifying family member, Qualifying Family Member Reimbursement credit, Monthly HCTC Reporting, How To Take the Credit State-qualified health insurance, State-qualified health insurance. Irs file 2011 taxes TAA recipient, Health Coverage Tax Credit Yearly HCTC, Yearly HCTC Health Coverage Tax Credit Alternative TAA recipient, Who Can Take This Credit? PBGC pension payee, Who Can Take This Credit? TAA recipient, Who Can Take This Credit? Health institutes, Health Institute Health insurance Credit (see Health coverage tax credit) Employer-sponsored plan, Employer-Sponsored Health Insurance Plan Premiums Deductible, Insurance Premiums Nondeductible, Insurance Premiums You Cannot Include Paid by employer, Premiums paid by your employer. Irs file 2011 taxes Paid by employer and you, Premiums paid by you and your employer. Irs file 2011 taxes Paid by you, Premiums paid by you. Irs file 2011 taxes Prepaid, Prepaid Insurance Premiums Unused sick leave used to pay, Unused Sick Leave Used To Pay Premiums Reimbursements (see Reimbursements) Self-employed persons, Health Insurance Costs for Self-Employed Persons Health maintenance organizations (HMOs), Health Maintenance Organization (HMO) Health reimbursement arrangements (HRAs), Health reimbursement arrangement (HRA). Irs file 2011 taxes Health savings accounts (HSAs) Payments from, Health Savings Accounts Hearing aids, Hearing Aids Hearing-impaired persons Guide dog or other animal for, Guide Dog or Other Service Animal Help (see Tax help) HMOs (Health maintenance organizations), Health Maintenance Organization (HMO) Home care (see Nursing services) Home improvements (see Capital expenses:) Hospital services, Hospital Services Hotels, Lodging Household help, Household Help HRAs (Health reimbursement arrangements), Health reimbursement arrangement (HRA). Irs file 2011 taxes I Illegal operations and treatments, Illegal Operations and Treatments Illegal substances, Controlled Substances Impairment-related work expenses, Workers' compensation. Irs file 2011 taxes , Impairment-related expenses defined. Irs file 2011 taxes Reporting of, Where to report. Irs file 2011 taxes Insulin, Nonprescription Drugs and Medicines Insurance (see Health insurance) Intellectually and developmentally disabled persons Mentally retarded, Intellectually and Developmentally Disabled, Special Home for Special homes for, Intellectually and Developmentally Disabled, Special Home for L Laboratory fees, Laboratory Fees Lactation expenses (see Breast pumps and supplies) Laser eye surgery, Eye Surgery Lead-based paint removal, Lead-Based Paint Removal Learning disabilities, Special Education Legal fees, Legal Fees Lessons, dancing and swimming, Dancing Lessons Lifetime care Advance payments for, Lifetime Care—Advance Payments Lodging, Lodging, Trips (see also Trips) Long-term care, Long-Term Care Chronically ill individuals, Chronically ill individual. Irs file 2011 taxes Maintenance and personal care services, Maintenance and personal care services. Irs file 2011 taxes Qualified insurance contracts, Qualified Long-Term Care Insurance Contracts Qualified services, Qualified Long-Term Care Services M Maintenance and personal care services, Maintenance and personal care services. Irs file 2011 taxes Maternity clothes, Maternity Clothes Meals, Meals, Weight-Loss Program (see also Weight-loss programs) Medical conferences, Medical Conferences Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Irs file 2011 taxes Adjusted Basis of Medical Equipment or Property Sold Medical expense records, What Tax Form Do You Use? Medical information plans, Medical Information Plan Medical savings accounts (MSAs), Medical Savings Account (MSA) Medicare Medicare A, deductible expense, Medicare A Medicare B, deductible expense, Medicare B Medicare D, deductible expense, Medicare D Medicines, Medicines Imported, Imported medicines and drugs. Irs file 2011 taxes , Medicines and Drugs From Other Countries Nonprescription drugs and medicines, Nonprescription Drugs and Medicines Missing children, photographs of in IRS publications, Reminders Multiple support agreement, Support claimed under a multiple support agreement. Irs file 2011 taxes N Nondeductible expenses, What Expenses Are Not Includible?, Weight-Loss Program Nonprescription drugs and medicines, Nonprescription Drugs and Medicines Nursing homes, Nursing Home Nursing services, Nursing Services, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Chronically ill individuals, Chronically ill individual. Irs file 2011 taxes Nutritional supplements Natural medicines, Nutritional Supplements O Operations, Operations Cosmetic surgery, Cosmetic Surgery Eye surgery, Eye Surgery Illegal operations and treatments, Illegal Operations and Treatments Optometrist, Optometrist Optometrist services, Eyeglasses Organ donors, Transplants Osteopath, Osteopath Oxygen, Oxygen P Paint removal, for lead-based, Lead-Based Paint Removal Parking fees and tolls, Car expenses. Irs file 2011 taxes Personal injury damages, Damages for Personal Injuries Personal use items, Personal Use Items Photographs of missing children in IRS publications, Reminders Physical examination, Physical Examination Physical therapy, Therapy Plastic surgery, Cosmetic Surgery Pregnancy test kit, Pregnancy Test Kit Premiums (see Health insurance) Prepaid insurance premiums, Prepaid Insurance Premiums Prosthesis, Artificial Limb Psychiatric care, Psychiatric Care Psychoanalysis, Psychoanalysis Psychologists, Psychologist Publications (see Tax help) R Radial keratotomy, Eye Surgery Recordkeeping, What Tax Form Do You Use? Rehabilitation facilities, Nursing Home Reimbursements, How Do You Treat Reimbursements?, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Excess includible in income More than one policy (Worksheet C), More than one policy. Irs file 2011 taxes One policy (Worksheet B), Worksheet B. Irs file 2011 taxes Excess Reimbursement Includible in Income When You Have Only One Policy Excess may be taxable (Figure 1), What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Health Reimbursement Arrangement (HRA), Health reimbursement arrangement (HRA). Irs file 2011 taxes Insurance, Insurance Reimbursement, What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Medical expenses not deducted, What If You Receive Insurance Reimbursement in a Later Year? More than one policy, More than one policy. Irs file 2011 taxes Received in later year, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Rental property Improvements to, Improvements to property rented by a person with a disability. Irs file 2011 taxes Reporting Health coverage tax credit, How To Take the Credit Impairment-related work expenses, Where to report. Irs file 2011 taxes Medical and dental expenses, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Medical deduction (see Form 1040, Schedule A) Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons S Sale of medical equipment or property, Sale of Medical Equipment or Property Adjusted basis (Worksheet D), Worksheet D. Irs file 2011 taxes Adjusted Basis of Medical Equipment or Property Sold Schedules (see Form 1040) Seeing-eye dogs, Guide Dog or Other Service Animal Self-employed persons Health coverage tax credit, How To Take the Credit Health insurance costs, Health Insurance Costs for Self-Employed Persons Senior housing, Nursing Home Separate returns Community property states, Community property states. Irs file 2011 taxes Medical and dental expenses, Separate returns. Irs file 2011 taxes Separated taxpayers Health coverage tax credit, Legally separated. Irs file 2011 taxes Medical expenses of child, Child of divorced or separated parents. Irs file 2011 taxes Service animals, Guide Dog or Other Service Animal Sick leave Used to pay health insurance premiums, Unused Sick Leave Used To Pay Premiums Special education, Special Education Spouse's medical expenses, Spouse Deceased spouse, What if you pay medical expenses of a deceased spouse or dependent? Sterilization, Sterilization Stop-smoking programs, Stop-Smoking Programs Surgery (see Operations) Swimming lessons, Dancing Lessons T Tables and figures Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Irs file 2011 taxes Adjusted Basis of Medical Equipment or Property Sold Reimbursements, excess includible in income More than one policy (Worksheet C), More than one policy. Irs file 2011 taxes One policy (Worksheet B), Worksheet B. Irs file 2011 taxes Excess Reimbursement Includible in Income When You Have Only One Policy Reimbursements, excess may be taxable (Figure 1), What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Tax help, How To Get Tax Help Teeth Artificial, Artificial Teeth Dental treatment, Dental Treatment Whitening, Teeth Whitening Telephone, Telephone Television, Television Therapy, Therapy Transplants, Transplants Travel and transportation expenses, Transportation Car expenses, Car expenses. Irs file 2011 taxes Includible expenses, You can include:, Transportation expenses you cannot include. Irs file 2011 taxes Parking fees and tolls, Car expenses. Irs file 2011 taxes Trips, Trips TTY/TDD information, How To Get Tax Help Tuition, Tuition V Vasectomy, Vasectomy Veterinary fees, Veterinary Fees Vision correction surgery, Eye Surgery Visually impaired persons Guide dog or other animal for, Guide Dog or Other Service Animal Vitamins or minerals, Nutritional Supplements Voluntary Employee's Beneficiary Association (VEBA) Qualified health insurance, Voluntary Employee's Beneficiary Association (VEBA) W Weight-loss programs, Weight-Loss Program, Weight-Loss Program What's new COBRA continuous coverage, What's New Health coverage tax credit, What's New Standard medical mileage rate, What's New Wheelchairs, Wheelchair Wigs, Wig Work expenses Disabled dependent care, Disabled Dependent Care Expenses Impairment-related, Impairment-Related Work Expenses Workers' compensation, Workers' compensation. Irs file 2011 taxes Worksheets Capital expenses (Worksheet A), Capital expense worksheet. Irs file 2011 taxes Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Irs file 2011 taxes Adjusted Basis of Medical Equipment or Property Sold Reimbursements, excess includible in income More than one policy (Worksheet C), More than one policy. Irs file 2011 taxes One policy (Worksheet B), Worksheet B. Irs file 2011 taxes Excess Reimbursement Includible in Income When You Have Only One Policy X X-rays, X-ray Prev  Up     Home   More Online Publications