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1040ez Tax Form For 2013

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1040ez Tax Form For 2013

1040ez tax form for 2013 11. 1040ez tax form for 2013   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. 1040ez tax form for 2013 Generally, references to taxes on Form 720 include this fee. 1040ez tax form for 2013 Specified health insurance policies. 1040ez tax form for 2013   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. 1040ez tax form for 2013 00, multiplied by the average number of lives covered under the policy for that policy year. 1040ez tax form for 2013 Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. 1040ez tax form for 2013 The actual count method. 1040ez tax form for 2013 For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. 1040ez tax form for 2013 The snapshot method. 1040ez tax form for 2013 For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. 1040ez tax form for 2013 The member months method. 1040ez tax form for 2013 And, 4. 1040ez tax form for 2013 The state form method. 1040ez tax form for 2013 The member months data and the data reported on state forms are based on the calendar year. 1040ez tax form for 2013 To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. 1040ez tax form for 2013 For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. 1040ez tax form for 2013 Applicable self-insured health plans. 1040ez tax form for 2013   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. 1040ez tax form for 2013 00, multiplied by the average number of lives covered under the plan for that plan year. 1040ez tax form for 2013 Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. 1040ez tax form for 2013 Actual count method. 1040ez tax form for 2013 Snapshot method. 1040ez tax form for 2013 Form 5500 method. 1040ez tax form for 2013 However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. 1040ez tax form for 2013 Reporting and paying the fee. 1040ez tax form for 2013   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. 1040ez tax form for 2013 If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. 1040ez tax form for 2013 If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. 1040ez tax form for 2013 30)), do not make an entry on the line for IRS No. 1040ez tax form for 2013 133 on those filings. 1040ez tax form for 2013   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). 1040ez tax form for 2013   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. 1040ez tax form for 2013 See Electronic deposit requirement under How To Make Deposits in chapter 13, later. 1040ez tax form for 2013 More information. 1040ez tax form for 2013   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. 1040ez tax form for 2013 D. 1040ez tax form for 2013 9602, which is on page 746 of I. 1040ez tax form for 2013 R. 1040ez tax form for 2013 B. 1040ez tax form for 2013 2012-52 at www. 1040ez tax form for 2013 irs. 1040ez tax form for 2013 gov/pub/irs-irbs/irb12-52. 1040ez tax form for 2013 pdf. 1040ez tax form for 2013 Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Office of the Attorney General

Website: Office of the Attorney General

Address: Office of the Attorney General
Consumer Protection Division
Government Center South, 5th Floor
302 W. Washington St.

Indianapolis, IN 46204

Phone Number: 317-232-6330

Toll-free: 1-800-382-5516 (Consumer Hotline)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
30 S. Meridian St., Suite 300
Indianapolis, IN 46204

Phone Number: 317-232-3955

Toll-free: 1-800-382-4880 (IN)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Services Division
311 W. Washington St., Suite 300
Indianapolis, IN 46204-2787

Phone Number: 317-232-2395

Toll-free: 1-800-622-4461 (IN)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of the Secretary of State

Website: Office of the Secretary of State

Address: Office of the Secretary of State
Securities Division
302 W. Washington St., Room E111
Indianapolis, IN 46204

Phone Number: 317-232-6681

Toll-free: 1-800-223-8791 (IN)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Utility Regulatory Commission

Website: Utility Regulatory Commission

Address: Utility Regulatory Commission
Consumer Assistance Section
101 W. Washington St., Suite 1500E
Indianapolis, IN 46204

Phone Number: 317-232-2712

Toll-free: 1-800-851-4268 (IN)

TTY: 317-232-8556

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The 1040ez Tax Form For 2013

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