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Students Filing Taxes

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Students Filing Taxes

Students filing taxes Index A Adjusted basis, Adjusted Basis Assessments For local benefits, Assessments for local benefits. Students filing taxes Homeowners association, Homeowners association assessments. Students filing taxes Assistance (see Tax help) B Basis, Basis C Certificate, mortgage credit, Who qualifies. Students filing taxes Construction, Construction. Students filing taxes Cooperatives, Special Rules for Cooperatives, Cooperative apartment. Students filing taxes Cost basis, Cost as Basis Credit Mortgage interest, Mortgage Interest Credit D Deduction Home mortgage interest, Deductible Mortgage Interest Real estate taxes, Deductible Real Estate Taxes E Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Programs Escrow accounts, Escrow accounts. Students filing taxes F Fire insurance premiums, Items not added to basis and not deductible. Students filing taxes Form 1098, Mortgage Interest Statement 8396, How to claim the credit. Students filing taxes , Figuring the Credit Free tax services, Free help with your tax return. Students filing taxes G Gift of home, Gift Ground rent, Ground rent. Students filing taxes H Help (see Tax help) HFA Hardest Hit Fund, Hardest Hit Fund and Emergency Homeowners' Loan Programs Home Acquisition debt, Home Acquisition Debt Inherited, Inheritance Mortgage interest, Home Mortgage Interest Purchase of, Purchase. Students filing taxes Received as gift, Gift Homeowners association assessments, Homeowners association assessments. Students filing taxes House payment, Your house payment. Students filing taxes Housing allowance, minister or military, Minister's or military housing allowance. Students filing taxes I Improvements, Improvements. Students filing taxes Inheritance, Inheritance Insurance, Nondeductible payments. Students filing taxes , Items not added to basis and not deductible. Students filing taxes Interest Home mortgage, Home Mortgage Interest Prepaid, Prepaid interest. Students filing taxes K Keeping records, Keeping Records L Late payment charge, Late payment charge on mortgage payment. Students filing taxes Local benefits, assessments for, Assessments for local benefits. Students filing taxes M MCC (Mortgage credit certificate), Who qualifies. Students filing taxes Minister's or military housing allowance, Minister's or military housing allowance. Students filing taxes Mortgage credit certificate (MCC), Who qualifies. Students filing taxes Mortgage debt forgiveness, Discharges of qualified principal residence indebtedness. Students filing taxes Mortgage insurance premiums, Mortgage Insurance Premiums Mortgage interest Credit, Mortgage Interest Credit Deduction, Deductible Mortgage Interest Late payment charge, Late payment charge on mortgage payment. Students filing taxes Paid at settlement, Mortgage Interest Paid at Settlement Refund, Refund of home mortgage interest. Students filing taxes , Refund of overpaid interest. Students filing taxes Statement, Mortgage Interest Statement Mortgage prepayment penalty, Mortgage prepayment penalty. Students filing taxes N Nondeductible payments, Nondeductible payments. Students filing taxes , Items not added to basis and not deductible. Students filing taxes P Points, Points Prepaid interest, Prepaid interest. Students filing taxes Publications (see Tax help) R Real estate taxes, Real Estate Taxes Deductible, Deductible Real Estate Taxes Paid at settlement or closing, Real estate taxes paid at settlement or closing. Students filing taxes , Real estate taxes. Students filing taxes Refund or rebate, Refund or rebate of real estate taxes. Students filing taxes Recordkeeping, Keeping Records Refund of Mortgage interest, Refund of home mortgage interest. Students filing taxes , Refund of overpaid interest. Students filing taxes Real estate taxes, Refund or rebate of real estate taxes. Students filing taxes Repairs, Repairs versus improvements. Students filing taxes S Sales taxes, Sales Taxes Settlement or closing costs Basis of home, Settlement or closing costs. Students filing taxes Mortgage interest, Mortgage Interest Paid at Settlement Real estate taxes, Real estate taxes paid at settlement or closing. Students filing taxes , Real estate taxes. Students filing taxes Stamp taxes, Transfer taxes (or stamp taxes). Students filing taxes Statement, mortgage interest, Mortgage Interest Statement T Tax help, How To Get Tax Help Taxes Real estate, Real Estate Taxes, Refund of real estate taxes. Students filing taxes Transfer taxes, Transfer taxes (or stamp taxes). Students filing taxes W What you can and cannot deduct, What You Can and Cannot Deduct Prev  Up     Home   More Online Publications
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Students filing taxes 20. Students filing taxes   Standard Deduction Table of Contents What's New Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should ItemizeWhen to itemize. Students filing taxes Married persons who filed separate returns. Students filing taxes What's New Standard deduction increased. Students filing taxes  The standard deduction for some taxpayers who do not itemize their deductions on Schedule A (Form 1040) is higher for 2013 than it was for 2012. Students filing taxes The amount depends on your filing status. Students filing taxes You can use the 2013 Standard Deduction Tables in this chapter to figure your standard deduction. Students filing taxes Introduction This chapter discusses the following topics. Students filing taxes How to figure the amount of your standard deduction. Students filing taxes The standard deduction for dependents. Students filing taxes Who should itemize deductions. Students filing taxes Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. Students filing taxes If you have a choice, you can use the method that gives you the lower tax. Students filing taxes The standard deduction is a dollar amount that reduces your taxable income. Students filing taxes It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). Students filing taxes The standard deduction is higher for taxpayers who: Are 65 or older, or Are blind. Students filing taxes You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. Students filing taxes Persons not eligible for the standard deduction. Students filing taxes   Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or her return, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. Students filing taxes You are considered a dual-status alien if you were both a nonresident and resident alien during the year. Students filing taxes Note. Students filing taxes If you are a nonresident alien who is married to a U. Students filing taxes S. Students filing taxes citizen or resident alien at the end of the year, you can choose to be treated as a U. Students filing taxes S. Students filing taxes resident. Students filing taxes (See Publication 519, U. Students filing taxes S. Students filing taxes Tax Guide for Aliens. Students filing taxes ) If you make this choice, you can take the standard deduction. Students filing taxes If an exemption for you can be claimed on another person's return (such as your parents' return), your standard deduction may be limited. Students filing taxes See Standard Deduction for Dependents, later. Students filing taxes Standard Deduction Amount The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. Students filing taxes Generally, the standard deduction amounts are adjusted each year for inflation. Students filing taxes The standard deduction amounts for most people are shown in Table 20-1. Students filing taxes Decedent's final return. Students filing taxes   The standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. Students filing taxes However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. Students filing taxes Higher Standard Deduction for Age (65 or Older) If you are age 65 or older on the last day of the year and do not itemize deductions, you are entitled to a higher standard deduction. Students filing taxes You are considered 65 on the day before your 65th birthday. Students filing taxes Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. Students filing taxes Use Table 20-2 to figure the standard deduction amount. Students filing taxes Higher Standard Deduction for Blindness If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. Students filing taxes Not totally blind. Students filing taxes   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is 20 degrees or less. Students filing taxes   If your eye condition is not likely to improve beyond these limits, the statement should include this fact. Students filing taxes You must keep the statement in your records. Students filing taxes   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. Students filing taxes Spouse 65 or Older or Blind You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and cannot be claimed as a dependent by another taxpayer. Students filing taxes You cannot claim the higher standard deduction for an individual other than yourself and your spouse. Students filing taxes Examples The following examples illustrate how to determine your standard deduction using Tables 20-1 and 20-2. Students filing taxes Example 1. Students filing taxes Larry, 46, and Donna, 33, are filing a joint return for 2013. Students filing taxes Neither is blind, and neither can be claimed as a dependent. Students filing taxes They decide not to itemize their deductions. Students filing taxes They use Table 20-1. Students filing taxes Their standard deduction is $12,200. Students filing taxes Example 2. Students filing taxes The facts are the same as in Example 1 except that Larry is blind at the end of 2013. Students filing taxes Larry and Donna use Table 20-2. Students filing taxes Their standard deduction is $13,400. Students filing taxes Example 3. Students filing taxes Bill and Lisa are filing a joint return for 2013. Students filing taxes Both are over age 65. Students filing taxes Neither is blind, and neither can be claimed as a dependent. Students filing taxes If they do not itemize deductions, they use Table 20-2. Students filing taxes Their standard deduction is $14,600. Students filing taxes Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). Students filing taxes However, if the individual is 65 or older or blind, the standard deduction may be higher. Students filing taxes If you (or your spouse, if filing jointly) can be claimed as a dependent on someone else's return, use Table 20-3 to determine your standard deduction. Students filing taxes Earned income defined. Students filing taxes   Earned income is salaries, wages, tips, professional fees, and other amounts received as pay for work you actually perform. Students filing taxes    For purposes of the standard deduction, earned income also includes any part of a scholarship or fellowship grant that you must include in your gross income. Students filing taxes See Scholarships and fellowships in chapter 12 for more information on what qualifies as a scholarship or fellowship grant. Students filing taxes Example 1. Students filing taxes Michael is single. Students filing taxes His parents can claim an exemption for him on their 2013 tax return. Students filing taxes He has interest income of $780 and wages of $150. Students filing taxes He has no itemized deductions. Students filing taxes Michael uses Table 20-3 to find his standard deduction. Students filing taxes He enters $150 (his earned income) on line 1, $500 ($150 + $350) on line 3, $1,000 (the larger of $500 and $1,000) on line 5, and $6,100 on line 6. Students filing taxes His standard deduction, on line 7a, is $1,000 (the smaller of $1,000 and $6,100). Students filing taxes Example 2. Students filing taxes Joe, a 22-year-old full-time college student, can be claimed as a dependent on his parents' 2013 tax return. Students filing taxes Joe is married and files a separate return. Students filing taxes His wife does not itemize deductions on her separate return. Students filing taxes Joe has $1,500 in interest income and wages of $3,800. Students filing taxes He has no itemized deductions. Students filing taxes Joe finds his standard deduction by using Table 20-3. Students filing taxes He enters his earned income, $3,800 on line 1. Students filing taxes He adds lines 1 and 2 and enters $4,150 on line 3. Students filing taxes On line 5, he enters $4,150, the larger of lines 3 and 4. Students filing taxes Because Joe is married filing a separate return, he enters $6,100 on line 6. Students filing taxes On line 7a he enters $4,150 as his standard deduction because it is smaller than $6,100, the amount on line 6. Students filing taxes Example 3. Students filing taxes Amy, who is single, can be claimed as a dependent on her parents' 2013 tax return. Students filing taxes She is 18 years old and blind. Students filing taxes She has interest income of $1,300 and wages of $2,900. Students filing taxes She has no itemized deductions. Students filing taxes Amy uses Table 20-3 to find her standard deduction. Students filing taxes She enters her wages of $2,900 on line 1. Students filing taxes She adds lines 1 and 2 and enters $3,250 on line 3. Students filing taxes On line 5, she enters $3,250, the larger of lines 3 and 4. Students filing taxes Because she is single, Amy enters $6,100 on line 6. Students filing taxes She enters $3,250 on line 7a. Students filing taxes This is the smaller of the amounts on lines 5 and 6. Students filing taxes Because she checked one box in the top part of the worksheet, she enters $1,500 on line 7b. Students filing taxes She then adds the amounts on lines 7a and 7b and enters her standard deduction of $4,750 on line 7c. Students filing taxes Example 4. Students filing taxes Ed is single. Students filing taxes His parents can claim an exemption for him on their 2013 tax return. Students filing taxes He has wages of $7,000, interest income of $500, and a business loss of $3,000. Students filing taxes He has no itemized deductions. Students filing taxes Ed uses Table 20-3 to figure his standard deduction. Students filing taxes He enters $4,000 ($7,000 - $3,000) on line 1. Students filing taxes He adds lines 1 and 2 and enters $4,350 on line 3. Students filing taxes On line 5 he enters $4,350, the larger of lines 3 and 4. Students filing taxes Because he is single, Ed enters $6,100 on line 6. Students filing taxes On line 7a he enters $4,350 as his standard deduction because it is smaller than $6,100, the amount on line 6. Students filing taxes Who Should Itemize You should itemize deductions if your total deductions are more than the standard deduction amount. Students filing taxes Also, you should itemize if you do not qualify for the standard deduction, as discussed earlier under Persons not eligible for the standard deduction . Students filing taxes You should first figure your itemized deductions and compare that amount to your standard deduction to make sure you are using the method that gives you the greater benefit. Students filing taxes You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than: $250,000 if single ($275,000 if head of household, $300,000 if married filing jointly or qualifying widow(er); or $150,000 if married filing separately). Students filing taxes See chapter 29 or the instructions for Schedule A (Form 1040) for more information on figuring the correct amount of your itemized deductions. Students filing taxes When to itemize. Students filing taxes   You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Do not qualify for the standard deduction, or the amount you can claim is limited, Had large uninsured medical and dental expenses during the year, Paid interest and taxes on your home, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities, or Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled. Students filing taxes These deductions are explained in chapters 21–28. Students filing taxes    If you decide to itemize your deductions, complete Schedule A and attach it to your Form 1040. Students filing taxes Enter the amount from Schedule A, line 29, on Form 1040, line 40. Students filing taxes Electing to itemize for state tax or other purposes. Students filing taxes   Even if your itemized deductions are less than your standard deduction, you can elect to itemize deductions on your federal return rather than take the standard deduction. Students filing taxes You may want to do this if, for example, the tax benefit of itemizing your deductions on your state tax return is greater than the tax benefit you lose on your federal return by not taking the standard deduction. Students filing taxes To make this election, you must check the box on line 30 of Schedule A. Students filing taxes Changing your mind. Students filing taxes   If you do not itemize your deductions and later find that you should have itemized — or if you itemize your deductions and later find you should not have — you can change your return by filing Form 1040X, Amended U. Students filing taxes S. Students filing taxes Individual Income Tax Return. Students filing taxes See Amended Returns and Claims for Refund in chapter 1 for more information on amended returns. Students filing taxes Married persons who filed separate returns. Students filing taxes   You can change methods of taking deductions only if you and your spouse both make the same changes. Students filing taxes Both of you must file a consent to assessment for any additional tax either one may owe as a result of the change. Students filing taxes    You and your spouse can use the method that gives you the lower total tax, even though one of you may pay more tax than you would have paid by using the other method. Students filing taxes You both must use the same method of claiming deductions. Students filing taxes If one itemizes deductions, the other should itemize because he or she will not qualify for the standard deduction. Students filing taxes See Persons not eligible for the standard deduction , earlier. Students filing taxes 2013 Standard Deduction Tables If you are married filing a separate return and your spouse itemizes deductions, or if you are a dual-status alien, you cannot take the standard deduction even if you were born before January 2, 1949, or are blind. Students filing taxes Table 20-1. Students filing taxes Standard Deduction Chart for Most People* If your filing status is. Students filing taxes . Students filing taxes . Students filing taxes Your standard deduction is: Single or Married filing separately $6,100 Married filing jointly or Qualifying widow(er) with dependent child 12,200 Head of household 8,950 *Do not use this chart if you were born before January 2, 1949, are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. Students filing taxes Use Table 20-2 or 20-3 instead. Students filing taxes Table 20-2. Students filing taxes Standard Deduction Chart for People Born Before January 2, 1949, or Who are Blind Check the correct number of boxes below. Students filing taxes Then go to the chart. Students filing taxes You: Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked   IF  your filing status is. Students filing taxes . Students filing taxes . Students filing taxes AND the number in the box above is. Students filing taxes . Students filing taxes . Students filing taxes THEN your standard deduction is. Students filing taxes . Students filing taxes . Students filing taxes Single 1 $7,600   2 9,100 Married filing jointly 1 $13,400 or Qualifying 2 14,600 widow(er) with 3 15,800 dependent child 4 17,000 Married filing 1 $7,300 separately 2 8,500   3 9,700   4 10,900 Head of household 1 $10,450   2 11,950 *If someone else can claim you (or your spouse if filing jointly) as a dependent, use Table 20-3 instead. Students filing taxes Table 20-3. Students filing taxes Standard Deduction Worksheet for Dependents Use this worksheet only if someone else can claim you (or your spouse if filing jointly) as a dependent. Students filing taxes Check the correct number of boxes below. Students filing taxes Then go to the worksheet. Students filing taxes You:   Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked 1. Students filing taxes Enter your earned income (defined below). Students filing taxes If none, enter -0-. Students filing taxes 1. Students filing taxes   2. Students filing taxes Additional amount. Students filing taxes 2. Students filing taxes $350 3. Students filing taxes Add lines 1 and 2. Students filing taxes 3. Students filing taxes   4. Students filing taxes Minimum standard deduction. Students filing taxes 4. Students filing taxes $1,000 5. Students filing taxes Enter the larger of line 3 or line 4. Students filing taxes 5. Students filing taxes   6. Students filing taxes Enter the amount shown below for your filing status. Students filing taxes Single or Married filing separately—$6,100 Married filing jointly—$12,200 Head of household—$8,950 6. Students filing taxes   7. Students filing taxes Standard deduction. Students filing taxes         a. Students filing taxes Enter the smaller of line 5 or line 6. Students filing taxes If born after January 1, 1949, and not blind, stop here. Students filing taxes This is your standard deduction. Students filing taxes Otherwise, go on to line 7b. Students filing taxes 7a. Students filing taxes     b. Students filing taxes If born before January 2, 1949, or blind, multiply $1,500 ($1,200 if married) by the number in the box above. Students filing taxes 7b. Students filing taxes     c. Students filing taxes Add lines 7a and 7b. Students filing taxes This is your standard deduction for 2013. Students filing taxes 7c. Students filing taxes   Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. Students filing taxes It also includes any amount received as a scholarship that you must include in your income. Students filing taxes Prev  Up  Next   Home   More Online Publications