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Student Tax Return Calculator

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Student Tax Return Calculator

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

Student tax return calculator Index A Acknowledgment, Acknowledgment. Student tax return calculator Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. Student tax return calculator B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. Student tax return calculator C Canadian charity, Canadian charities. Student tax return calculator Capital gain property, Capital Gain Property Car expenses, Car expenses. Student tax return calculator , Car expenses. Student tax return calculator Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. Student tax return calculator Church deacon, Church deacon. Student tax return calculator Clothing Fair market value of, Used clothing. Student tax return calculator Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. Student tax return calculator D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). Student tax return calculator Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. Student tax return calculator F Farmer, Qualified farmer or rancher. Student tax return calculator Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. Student tax return calculator Israeli, Israeli charities. Student tax return calculator Mexican, Mexican charities. Student tax return calculator Form 8282, Form 8282. Student tax return calculator 8283, Total deduction over $500. Student tax return calculator Foster parents, Foster parents. Student tax return calculator Free tax services, Free help with your tax return. Student tax return calculator Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. Student tax return calculator Household items Fair market value of, Household items. Student tax return calculator How to report, How To Report Noncash contributions, Reporting expenses for student living with you. Student tax return calculator I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. Student tax return calculator L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. Student tax return calculator Mexican charity, Mexican charities. Student tax return calculator Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. Student tax return calculator N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. Student tax return calculator Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. Student tax return calculator Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. Student tax return calculator , Payroll deductions. Student tax return calculator Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. Student tax return calculator , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. Student tax return calculator Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. Student tax return calculator Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. Student tax return calculator Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. Student tax return calculator Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. Student tax return calculator Exchange program, Mutual exchange program. Student tax return calculator Living with you, Student living with you. Student tax return calculator Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. Student tax return calculator T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. Student tax return calculator Travel expenses, Travel. Student tax return calculator Travel expenses for charitable services, Deductible travel expenses. Student tax return calculator Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. Student tax return calculator Uniforms, Uniforms. Student tax return calculator Unrelated use, Unrelated use. Student tax return calculator V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev  Up     Home   More Online Publications