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Irs tax forms 2011 download Publication 542 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Photographs of missing children. Irs tax forms 2011 download  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs tax forms 2011 download Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs tax forms 2011 download You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Irs tax forms 2011 download Introduction This publication discusses the general tax laws that apply to ordinary domestic corporations. Irs tax forms 2011 download It explains the tax law in plain language so it will be easier to understand. Irs tax forms 2011 download However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Irs tax forms 2011 download Note. Irs tax forms 2011 download This publication is not revised on an annual basis. Irs tax forms 2011 download To find changes that may affect current year returns, see the instructions for your income tax return for the current year; and Changes to Current Forms and Publications at www. Irs tax forms 2011 download irs. Irs tax forms 2011 download gov/formspubs. Irs tax forms 2011 download Comments and suggestions. Irs tax forms 2011 download   We welcome your comments about this publication and your suggestions for future editions. Irs tax forms 2011 download   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Irs tax forms 2011 download NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs tax forms 2011 download Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs tax forms 2011 download   You can email us at *taxforms@irs. Irs tax forms 2011 download gov (The asterisk must be included in the address). Irs tax forms 2011 download Please put “Publications Comment” on the subject line. Irs tax forms 2011 download You can also send us comments at www. Irs tax forms 2011 download irs. Irs tax forms 2011 download gov/formspubs/. Irs tax forms 2011 download Select “Comment on Tax Forms and Publications” under “Information about. Irs tax forms 2011 download ” Although we cannot respond individually to each comment, we do appreciate your feedback and will consider your comments as we revise our tax products. Irs tax forms 2011 download Tax questions. Irs tax forms 2011 download   If you have a tax question, visit IRS. Irs tax forms 2011 download gov or call 1-800-829-1040. Irs tax forms 2011 download We cannot answer tax questions at either of the addresses listed above. Irs tax forms 2011 download Ordering forms and publications. Irs tax forms 2011 download   Visit www. Irs tax forms 2011 download irs. Irs tax forms 2011 download gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the National Distribution Center at the address shown under How to Get Tax Help, later in this publication. Irs tax forms 2011 download Additional forms. Irs tax forms 2011 download   A list of other forms and statements that a corporation may need to file is included at the end of this publication. Irs tax forms 2011 download Useful Items - You may want to see: Publication 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 535 Business Expenses 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 925 Passive Activity and At-Risk Rules 946 How to Depreciate Property Prev  Up  Next   Home   More Online Publications
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Irs tax forms 2011 download 4. Irs tax forms 2011 download   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 tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Irs tax forms 2011 download The student loan interest deduction is taken as an adjustment to income. Irs tax forms 2011 download This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Irs tax forms 2011 download 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 tax forms 2011 download Table 4-1. Irs tax forms 2011 download Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Irs tax forms 2011 download Do not rely on this table alone. Irs tax forms 2011 download Refer to the text for complete details. Irs tax forms 2011 download Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Irs tax forms 2011 download 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 tax forms 2011 download Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Irs tax forms 2011 download Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Irs tax forms 2011 download 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 tax forms 2011 download Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Irs tax forms 2011 download It includes both required and voluntary interest payments. Irs tax forms 2011 download 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 tax forms 2011 download Loans from the following sources are not qualified student loans. Irs tax forms 2011 download A related person. Irs tax forms 2011 download A qualified employer plan. Irs tax forms 2011 download Your dependent. Irs tax forms 2011 download   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Irs tax forms 2011 download You can find more information about dependents in Publication 501. Irs tax forms 2011 download Exceptions. Irs tax forms 2011 download   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Irs tax forms 2011 download An individual can be your dependent even if you are the dependent of another taxpayer. Irs tax forms 2011 download An individual can be your dependent even if the individual files a joint return with a spouse. Irs tax forms 2011 download 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 tax forms 2011 download Reasonable period of time. Irs tax forms 2011 download   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 tax forms 2011 download   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 tax forms 2011 download 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 tax forms 2011 download   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Irs tax forms 2011 download Academic period. Irs tax forms 2011 download   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 tax forms 2011 download 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 tax forms 2011 download Eligible student. Irs tax forms 2011 download   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 tax forms 2011 download Enrolled at least half-time. Irs tax forms 2011 download   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 tax forms 2011 download   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Irs tax forms 2011 download However, the standard may not be lower than any of those established by the U. Irs tax forms 2011 download S. Irs tax forms 2011 download Department of Education under the Higher Education Act of 1965. Irs tax forms 2011 download Related person. Irs tax forms 2011 download   You cannot deduct interest on a loan you get from a related person. Irs tax forms 2011 download Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Irs tax forms 2011 download ), Your lineal descendants (children, grandchildren, etc. Irs tax forms 2011 download ), and Certain corporations, partnerships, trusts, and exempt organizations. Irs tax forms 2011 download Qualified employer plan. Irs tax forms 2011 download   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Irs tax forms 2011 download 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 tax forms 2011 download They include amounts paid for the following items. Irs tax forms 2011 download Tuition and fees. Irs tax forms 2011 download Room and board. Irs tax forms 2011 download Books, supplies, and equipment. Irs tax forms 2011 download Other necessary expenses (such as transportation). Irs tax forms 2011 download 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 tax forms 2011 download Eligible educational institution. Irs tax forms 2011 download   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 tax forms 2011 download S. Irs tax forms 2011 download Department of Education. Irs tax forms 2011 download It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs tax forms 2011 download   Certain educational institutions located outside the United States also participate in the U. Irs tax forms 2011 download S. Irs tax forms 2011 download Department of Education's Federal Student Aid (FSA) programs. Irs tax forms 2011 download   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 tax forms 2011 download   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Irs tax forms 2011 download The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Irs tax forms 2011 download    The educational institution should be able to tell you if it is an eligible educational institution. Irs tax forms 2011 download 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 tax forms 2011 download Employer-provided educational assistance. Irs tax forms 2011 download See chapter 11, Employer-Provided Educational Assistance . Irs tax forms 2011 download Tax-free distribution of earnings from a Coverdell education savings account (ESA). Irs tax forms 2011 download See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Irs tax forms 2011 download Tax-free distribution of earnings from a qualified tuition program (QTP). Irs tax forms 2011 download See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Irs tax forms 2011 download U. Irs tax forms 2011 download S. Irs tax forms 2011 download savings bond interest that you exclude from income because it is used to pay qualified education expenses. Irs tax forms 2011 download See chapter 10, Education Savings Bond Program . Irs tax forms 2011 download The tax-free part of scholarships and fellowships. Irs tax forms 2011 download See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs tax forms 2011 download Veterans' educational assistance. Irs tax forms 2011 download See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs tax forms 2011 download Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs tax forms 2011 download 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 tax forms 2011 download Loan origination fee. Irs tax forms 2011 download   In general, this is a one-time fee charged by the lender when a loan is made. Irs tax forms 2011 download 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 tax forms 2011 download A loan origination fee treated as interest accrues over the term of the loan. Irs tax forms 2011 download   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 tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Irs tax forms 2011 download Example. Irs tax forms 2011 download In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Irs tax forms 2011 download The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Irs tax forms 2011 download Bill began making payments on his student loan in 2013. Irs tax forms 2011 download 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 tax forms 2011 download Bill's loan is payable in 120 equal monthly payments. Irs tax forms 2011 download He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Irs tax forms 2011 download Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Irs tax forms 2011 download 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 tax forms 2011 download Capitalized interest. Irs tax forms 2011 download   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Irs tax forms 2011 download Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Irs tax forms 2011 download No deduction for capitalized interest is allowed in a year in which no loan payments were made. Irs tax forms 2011 download Interest on revolving lines of credit. Irs tax forms 2011 download   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 tax forms 2011 download See Qualified Education Expenses , earlier. Irs tax forms 2011 download Interest on refinanced student loans. Irs tax forms 2011 download   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 tax forms 2011 download    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 tax forms 2011 download Voluntary interest payments. Irs tax forms 2011 download   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 tax forms 2011 download Example. Irs tax forms 2011 download The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Irs tax forms 2011 download He began making payments as required. Irs tax forms 2011 download In September 2013, Roger enrolled in graduate school on a full-time basis. Irs tax forms 2011 download He applied for and was granted deferment of his loan payments while in graduate school. Irs tax forms 2011 download Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Irs tax forms 2011 download Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Irs tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download Example. Irs tax forms 2011 download In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Irs tax forms 2011 download The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Irs tax forms 2011 download The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Irs tax forms 2011 download 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 tax forms 2011 download The loan is payable over 60 months, with a payment of $200. Irs tax forms 2011 download 51 due on the first of each month, beginning November 2013. Irs tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download Payment Date   Payment   Stated Interest   Principal November 2013   $200. Irs tax forms 2011 download 51   $44. Irs tax forms 2011 download 27   $156. Irs tax forms 2011 download 24 December 2013   $200. Irs tax forms 2011 download 51   $43. Irs tax forms 2011 download 62   $156. Irs tax forms 2011 download 89 Totals   $401. Irs tax forms 2011 download 02   $87. Irs tax forms 2011 download 89   $313. Irs tax forms 2011 download 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 tax forms 2011 download 89. Irs tax forms 2011 download Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Irs tax forms 2011 download A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Irs tax forms 2011 download 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 tax forms 2011 download Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Irs tax forms 2011 download 02 ($87. Irs tax forms 2011 download 89 + $10 + $303. Irs tax forms 2011 download 13). Irs tax forms 2011 download 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 tax forms 2011 download She also will apply the remaining amount of capitalized interest ($625 − $303. Irs tax forms 2011 download 13 = $321. Irs tax forms 2011 download 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 tax forms 2011 download Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Irs tax forms 2011 download Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Irs tax forms 2011 download Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Irs tax forms 2011 download 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 tax forms 2011 download For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Irs tax forms 2011 download 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 tax forms 2011 download Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Irs tax forms 2011 download Your filing status is any filing status except married filing separately. Irs tax forms 2011 download No one else is claiming an exemption for you on his or her tax return. Irs tax forms 2011 download You are legally obligated to pay interest on a qualified student loan. Irs tax forms 2011 download You paid interest on a qualified student loan. Irs tax forms 2011 download Claiming an exemption for you. Irs tax forms 2011 download   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 tax forms 2011 download Example 1. Irs tax forms 2011 download During 2013, Josh paid $600 interest on his qualified student loan. Irs tax forms 2011 download Only he is legally obligated to make the payments. Irs tax forms 2011 download No one claimed an exemption for Josh for 2013. Irs tax forms 2011 download Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Irs tax forms 2011 download Example 2. Irs tax forms 2011 download During 2013, Jo paid $1,100 interest on her qualified student loan. Irs tax forms 2011 download Only she is legally obligated to make the payments. Irs tax forms 2011 download Jo's parents claimed an exemption for her on their 2013 tax return. Irs tax forms 2011 download In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Irs tax forms 2011 download Interest paid by others. Irs tax forms 2011 download   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 tax forms 2011 download Example 1. Irs tax forms 2011 download Darla obtained a qualified student loan to attend college. Irs tax forms 2011 download After Darla's graduation from college, she worked as an intern for a nonprofit organization. Irs tax forms 2011 download As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Irs tax forms 2011 download This payment was treated as additional compensation and reported in box 1 of her Form W-2. Irs tax forms 2011 download Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Irs tax forms 2011 download Example 2. Irs tax forms 2011 download Ethan obtained a qualified student loan to attend college. Irs tax forms 2011 download After graduating from college, the first monthly payment on his loan was due in December. Irs tax forms 2011 download As a gift, Ethan's mother made this payment for him. Irs tax forms 2011 download No one is claiming a dependency exemption for Ethan on his or her tax return. Irs tax forms 2011 download Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Irs tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Irs tax forms 2011 download You can use Worksheet 4-1. Irs tax forms 2011 download Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Irs tax forms 2011 download Form 1098-E. Irs tax forms 2011 download   To help you figure your student loan interest deduction, you should receive Form 1098-E. Irs tax forms 2011 download 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 tax forms 2011 download   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 tax forms 2011 download Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Irs tax forms 2011 download However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Irs tax forms 2011 download See Allocating Payments Between Interest and Principal , earlier. Irs tax forms 2011 download    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 tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download Modified adjusted gross income (MAGI). Irs tax forms 2011 download   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 tax forms 2011 download However, as discussed below, there may be other modifications. Irs tax forms 2011 download Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Irs tax forms 2011 download Table 4-2. Irs tax forms 2011 download Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Irs tax forms 2011 download . Irs tax forms 2011 download . Irs tax forms 2011 download AND your MAGI is. Irs tax forms 2011 download . Irs tax forms 2011 download . Irs tax forms 2011 download THEN your student loan interest deduction is. Irs tax forms 2011 download . Irs tax forms 2011 download . Irs tax forms 2011 download single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Irs tax forms 2011 download more than $60,000  but less than $75,000 reduced because of the phaseout. Irs tax forms 2011 download $75,000 or more eliminated by the phaseout. Irs tax forms 2011 download married filing joint return not more than $125,000 not affected by the phaseout. Irs tax forms 2011 download more than $125,000 but less than $155,000 reduced because of the phaseout. Irs tax forms 2011 download $155,000 or more eliminated by the phaseout. Irs tax forms 2011 download MAGI when using Form 1040A. Irs tax forms 2011 download   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 tax forms 2011 download MAGI when using Form 1040. Irs tax forms 2011 download   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 tax forms 2011 download MAGI when using Form 1040NR. Irs tax forms 2011 download   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 tax forms 2011 download MAGI when using Form 1040NR-EZ. Irs tax forms 2011 download   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 tax forms 2011 download Phaseout. Irs tax forms 2011 download   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Irs tax forms 2011 download To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Irs tax forms 2011 download The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Irs tax forms 2011 download The denominator is $15,000 ($30,000 in the case of a joint return). Irs tax forms 2011 download Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Irs tax forms 2011 download Example 1. Irs tax forms 2011 download During 2013 you paid $800 interest on a qualified student loan. Irs tax forms 2011 download Your 2013 MAGI is $145,000 and you are filing a joint return. Irs tax forms 2011 download You must reduce your deduction by $533, figured as follows. Irs tax forms 2011 download   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Irs tax forms 2011 download Example 2. Irs tax forms 2011 download The facts are the same as in Example 1 except that you paid $2,750 interest. Irs tax forms 2011 download Your maximum deduction for 2013 is $2,500. Irs tax forms 2011 download You must reduce your maximum deduction by $1,667, figured as follows. Irs tax forms 2011 download   $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 tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download Student Loan Interest Deduction Worksheet at the end of this chapter. Irs tax forms 2011 download Claiming the Deduction The student loan interest deduction is an adjustment to income. Irs tax forms 2011 download 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 tax forms 2011 download Worksheet 4-1. Irs tax forms 2011 download 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 tax forms 2011 download 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 tax forms 2011 download 1. Irs tax forms 2011 download Enter the total interest you paid in 2013 on qualified student loans. Irs tax forms 2011 download Do not enter  more than $2,500 1. Irs tax forms 2011 download   2. Irs tax forms 2011 download Enter the amount from Form 1040, line 22 2. Irs tax forms 2011 download       3. Irs tax forms 2011 download Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Irs tax forms 2011 download           4. Irs tax forms 2011 download Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Irs tax forms 2011 download           5. Irs tax forms 2011 download Add lines 3 and 4 5. Irs tax forms 2011 download       6. Irs tax forms 2011 download Subtract line 5 from line 2 6. Irs tax forms 2011 download       7. Irs tax forms 2011 download Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Irs tax forms 2011 download       8. Irs tax forms 2011 download Enter any foreign housing deduction (Form 2555, line 50) 8. Irs tax forms 2011 download       9. Irs tax forms 2011 download Enter the amount of income from Puerto Rico you are excluding 9. Irs tax forms 2011 download       10. Irs tax forms 2011 download Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Irs tax forms 2011 download       11. Irs tax forms 2011 download Add lines 6 through 10. Irs tax forms 2011 download This is your modified adjusted gross income 11. Irs tax forms 2011 download   12. Irs tax forms 2011 download Enter the amount shown below for your filing status 12. Irs tax forms 2011 download     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Irs tax forms 2011 download Is the amount on line 11 more than the amount on line 12?       □ No. Irs tax forms 2011 download Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Irs tax forms 2011 download       □ Yes. Irs tax forms 2011 download Subtract line 12 from line 11 13. Irs tax forms 2011 download   14. Irs tax forms 2011 download Divide line 13 by $15,000 ($30,000 if married filing jointly). Irs tax forms 2011 download Enter the result as a decimal  (rounded to at least three places). Irs tax forms 2011 download If the result is 1. Irs tax forms 2011 download 000 or more, enter 1. Irs tax forms 2011 download 000 14. Irs tax forms 2011 download . Irs tax forms 2011 download 15. Irs tax forms 2011 download Multiply line 1 by line 14 15. Irs tax forms 2011 download   16. Irs tax forms 2011 download Student loan interest deduction. Irs tax forms 2011 download Subtract line 15 from line 1. Irs tax forms 2011 download Enter the result here  and on Form 1040, line 33. Irs tax forms 2011 download Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Irs tax forms 2011 download ) 16. Irs tax forms 2011 download   Prev  Up  Next   Home   More Online Publications