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Oregon Tax Return Form 1040ez

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Oregon Tax Return Form 1040ez

Oregon tax return form 1040ez 3. Oregon tax return form 1040ez   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Oregon tax return form 1040ez Deductible contribution. Oregon tax return form 1040ez Nondeductible contribution. Oregon tax return form 1040ez You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Oregon tax return form 1040ez Some adjustments to income follow. Oregon tax return form 1040ez Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Oregon tax return form 1040ez Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Oregon tax return form 1040ez See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Oregon tax return form 1040ez Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Oregon tax return form 1040ez For more details, see Publication 535, Business Expenses. Oregon tax return form 1040ez Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Oregon tax return form 1040ez For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Oregon tax return form 1040ez Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Oregon tax return form 1040ez Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Oregon tax return form 1040ez Alimony payments (Form 1040, line 31a). Oregon tax return form 1040ez For more information, see Publication 504, Divorced or Separated Individuals. Oregon tax return form 1040ez There are other items you can claim as adjustments to income. Oregon tax return form 1040ez These adjustments are discussed in your tax return instructions. Oregon tax return form 1040ez Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Oregon tax return form 1040ez A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Oregon tax return form 1040ez Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Oregon tax return form 1040ez For more detailed information, see Publication 590. Oregon tax return form 1040ez Contributions. Oregon tax return form 1040ez   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Oregon tax return form 1040ez Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Oregon tax return form 1040ez    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Oregon tax return form 1040ez Do not report this interest on your tax return as tax-exempt interest. Oregon tax return form 1040ez General limit. Oregon tax return form 1040ez   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Oregon tax return form 1040ez Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Oregon tax return form 1040ez Contributions to Kay Bailey Hutchison Spousal IRAs. Oregon tax return form 1040ez   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Oregon tax return form 1040ez For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Oregon tax return form 1040ez Deductible contribution. Oregon tax return form 1040ez   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Oregon tax return form 1040ez However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Oregon tax return form 1040ez Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Oregon tax return form 1040ez For more information, see Limit if Covered by Employer Plan in Publication 590. Oregon tax return form 1040ez Nondeductible contribution. Oregon tax return form 1040ez   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Oregon tax return form 1040ez You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Oregon tax return form 1040ez    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Oregon tax return form 1040ez Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Archive

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SOI Publications Archive

Here you'll find PDFs of SOI's historical publications. Beginning in 1916, Congress mandated the annual publication of statistics related to “the operation of the internal revenue laws.”

In 2009, SOI began digitizing nearly 500 print publications (and more than 50,000 pages) from its library. As a result of this effort, a wealth of historical tax data is now easily accessible in electronic format. The archive includes publications from 1916 through 1999. Publications for 2000 to present are available from the Tax Stats landing page here.

The oldest report available here was published in 1863. The Report of the Commissioner of Internal Revenue for 1863 contains information on the collection of revenue by source and district of collection. From 1863 to today, the Annual Report of the Commissioner of Internal Revenue, later called the IRS Data Book, presents an annual overview of IRS operations.

Early SOI publications, from 1916 to 1933, compiled all available tax information into one publication, the annual Statistics of Income Report. Beginning in 1934, SOI reported tax information for individuals and businesses separately, published as Parts 1 and 2 of the Statistics of Income Report, respectively. Beginning in the 1950s, these reports were replaced with annual and special reports, usually focused on single taxpayer groups.

In 1981, SOI introduced the SOI Bulletin, replacing many of its earlier reports with a quarterly publication that contains summary articles and tables on a wide range of tax topics.

All of the archive files are Adobe Acrobat PDFs. A free Adobe Acrobat reader is available for download, if needed. Please note: any reports or years of publications that are listed but not links are in the process of being digitized and will be uploaded as soon as they become available. Don't hesitate to contact us for any requests.

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1916–1933 Statistics of Income Reports

From 1916 to 1933, the Statistics of Income Report provided information on income taxes paid by individuals, corporations, partnerships, estates and trusts, as well as information on gift and estate taxes.

 

1934–1999 Tax Information from Individuals

This section contains archived reports on:

  • Individual income tax returns
  • Sales of capital assets
  • Estate and gift taxes
  • Personal wealth
  • Income tax returns of trusts or estates
  • Data by small area 
1929–1999 Tax Information from Businesses

Here you'll find archived reports on:

  • Corporations
  • Partnerships
  • Sole proprietorships
  • Farmers' cooperatives 
  • Foreign corporations
1863–1999 IRS Data Books

The IRS Data Book provides annual data on collecting revenue, issuing refunds, enforcing tax law, assisting taxpayers, and the IRS budget and workforce.

 

1946–1999 Tax-Exempt Organization Reports

Here you'll find archived reports on the activities and finances of charities and private foundations.

 

Special Papers

Some archived publications were originally created in response to special requests, may have been produced for only 1 or 2 years, or present historical summaries of SOI's operations—you'll find these articles here.


 

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Page Last Reviewed or Updated: 22-Jan-2013

The Oregon Tax Return Form 1040ez

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