File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Irs 1040ez Form 2014

Hr Block Tax ReturnsHow To Fill Out 1040x FormE File 1040x FreeE File Taxes FreeIrs Forms 1040x InstructionsCompleted 1040x ExampleMilitary Income Tax CalculatorWww Aarp Org Taxaide1040x Turbotax Online1040x Amended Tax FormWhere To Get 2011 Tax FormsTax 1040ez1040x Form 2011 TurbotaxHow Can I Do My 2012 Federal Tax Return With H&r BlockTaxact 2011 Download FreeH And R Block EfileSenior Tax RebateMilitary Pay ChartTaxact2012Free Tax Filing 2012Instructions For Form 1040ezFile Back Taxes Online1040ez Free OnlineFree State Tax Only E FilingFree E File State Taxes OnlyH&r Block State Tax ReturnHow To Amend Your Income Tax ReturnTurbotax 2012H&r Block Tax Cut 2011Taxcut OnlineWww Irs Gov Form1040ezHr Block Free TaxesState Tax Return FilingH And R Block Tax ReturnSelf Employment Tax FormLate Tax FilingForm 1040x For 2012E-file State Tax For FreeFiling 2012 Tax Return1040ez Free Filing

Irs 1040ez Form 2014

Irs 1040ez form 2014 Index A Aircraft, Cars, Boats, and Aircraft Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Annuity contracts, Certain Life Insurance and Annuity Contracts Antiques, Paintings, Antiques, and Other Objects of Art Appraisals, Appraisals Cost of, Cost of appraisals. Irs 1040ez form 2014 IRS review of, Internal Revenue Service Review of Appraisals Qualified appraisal, Qualified Appraisal Appraiser, Qualified appraiser. Irs 1040ez form 2014 Art objects, Paintings, Antiques, and Other Objects of Art Valued at $20,000 or more, Art valued at $20,000 or more. Irs 1040ez form 2014 Valued at $50,000 or more, Art valued at $50,000 or more. Irs 1040ez form 2014 Assistance (see Tax help) B Boats, Cars, Boats, and Aircraft Bonds, Stocks and Bonds Books, Books. Irs 1040ez form 2014 Business, interest in, Interest in a Business C Cars, Cars, Boats, and Aircraft Clothing, used, Used Clothing, Deduction over $500 for certain clothing or household items. Irs 1040ez form 2014 Coins, Coin collections. Irs 1040ez form 2014 Collections, Collections Books, Books. Irs 1040ez form 2014 Coins, Coin collections. Irs 1040ez form 2014 Stamps, Stamp collections. Irs 1040ez form 2014 Comments on publication, Comments and suggestions. Irs 1040ez form 2014 Comparable properties, sales of, Sales of Comparable Properties, Selection of Comparable Sales Conservation contribution, Conservation purposes. Irs 1040ez form 2014 Cost, Cost or Selling Price of the Donated Property Rate of increase or decrease, Rate of increase or decrease in value. Irs 1040ez form 2014 Terms of purchase or sale, Terms of the purchase or sale. Irs 1040ez form 2014 D Date of contribution, Date of contribution. Irs 1040ez form 2014 Deductions of more than $5,000, Deductions of More Than $5,000 Deductions of more than $500,000, Deductions of More Than $500,000 F Fair market value, What Is Fair Market Value (FMV)? Comparable properties, sales of, Sales of Comparable Properties Cost, Cost or Selling Price of the Donated Property Date of contribution, Date of contribution. Irs 1040ez form 2014 Determining FMV, Determining Fair Market Value Opinions of experts, Opinions of Experts Problems in determining FMV, Problems in Determining Fair Market Value Replacement cost, Replacement Cost Form 8283, Form 8283 Formulas, use in valuing property, Determining Fair Market Value Free tax services, How To Get Tax Help Future events, effect on value, Future Events H Help (see Tax help) Historic building, Building in registered historic district. Irs 1040ez form 2014 Household goods, Household Goods, Deduction over $500 for certain clothing or household items. Irs 1040ez form 2014 I Interest in a business, Interest in a Business Inventory, Inventory IRS review of appraisals, Internal Revenue Service Review of Appraisals Exception, Exception. Irs 1040ez form 2014 J Jewelry and gems, Jewelry and Gems L Life insurance, Certain Life Insurance and Annuity Contracts M Market conditions, effect on value, Unusual Market Conditions More information (see Tax help) O Opinions of experts, Opinions of Experts P Paintings, Paintings, Antiques, and Other Objects of Art Partial interest, Partial Interest in Property Not in Trust Past events, effect on value, Using Past Events to Predict the Future Patents, Patents Penalties: Imposed on appraiser, Appraiser penalties. Irs 1040ez form 2014 Imposed on taxpayer, Penalty Publications (see Tax help) Publicly traded securities, Publicly traded securities. Irs 1040ez form 2014 Q Qualified appraisal, Qualified Appraisal Qualified appraiser, Qualified appraiser. Irs 1040ez form 2014 Qualified conservation contribution, Qualified Conservation Contribution R Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Replacement cost, Replacement Cost Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions S Stamps, Stamp collections. Irs 1040ez form 2014 Statement of Value, Exception. Irs 1040ez form 2014 Stocks, Stocks and Bonds Suggestions for publication, Comments and suggestions. Irs 1040ez form 2014 T Tax help, How To Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Irs 1040ez form 2014 TTY/TDD information, How To Get Tax Help U Used clothing, Used Clothing, Deduction over $500 for certain clothing or household items. Irs 1040ez form 2014 V Valuation of property, Valuation of Various Kinds of Property Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Cars, boats, and aircraft, Cars, Boats, and Aircraft Collections, Collections Household goods, Household Goods Interest in a business, Interest in a Business Inventory, Inventory Jewelry and gems, Jewelry and Gems Life insurance and annuity contracts, Certain Life Insurance and Annuity Contracts Paintings, antiques, art objects, Paintings, Antiques, and Other Objects of Art Partial interest in property, Partial Interest in Property Not in Trust Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Stocks and bonds, Stocks and Bonds Terms of years, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Used clothing, Used Clothing Valuation of property: Patents, Patents Prev  Up     Home   More Online Publications
Print - Click this link to Print this page

Justification for Other Than Full and Open Competition (JOFOC)

 

Point of Contact (C.O.)

Phone #

 E-mail Address

 Solicitation

 Contract #

Attachment (JOFOC)

Camille Pettway 404-338-9212 camille.pettwayfreeman@irs.gov D4D924DEL02 TIRSE-14-P-00003 pdf
 Robin Johnson  240-613-8196  robin.johnson@irs.gov  TIRNO-13-Q-00092  TIRNO-13-C-00055 pdf
           
           

Federal Business Opportunity (FedBizOpps)     

Page Last Reviewed or Updated: 26-Sep-2013

The Irs 1040ez Form 2014

Irs 1040ez form 2014 3. Irs 1040ez form 2014   Lifetime Learning Credit Table of Contents Introduction Can You Claim the CreditWho Can Claim the Credit Who Cannot Claim the Credit What Expenses QualifyQualified Education Expenses No Double Benefit Allowed Expenses That Do Not Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses Figuring the CreditEffect of the Amount of Your Income on the Amount of Your Credit Claiming the Credit Introduction For 2013, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. Irs 1040ez form 2014 They are the American opportunity credit and the lifetime learning credit. Irs 1040ez form 2014 This chapter discusses the lifetime learning credit. Irs 1040ez form 2014 The American opportunity credit is discussed in chapter 2, The American Opportunity Credit . Irs 1040ez form 2014 This chapter explains: Who can claim the lifetime learning credit, What expenses qualify for the credit, Who is an eligible student, Who can claim a dependent's expenses, How to figure the credit, How to claim the credit, and When the credit must be repaid. Irs 1040ez form 2014 What is the tax benefit of the lifetime learning credit. Irs 1040ez form 2014   For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all eligible students. Irs 1040ez form 2014 There is no limit on the number of years the lifetime learning credit can be claimed for each student. Irs 1040ez form 2014   A tax credit reduces the amount of income tax you may have to pay. Irs 1040ez form 2014 Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Irs 1040ez form 2014 The lifetime learning credit is a nonrefundable credit. Irs 1040ez form 2014 This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you. Irs 1040ez form 2014   Your allowable lifetime learning credit may be limited by the amount of your income and the amount of your tax. Irs 1040ez form 2014 Can you claim more than one education credit this year. Irs 1040ez form 2014   For each student, you can elect for any year only one of the credits. Irs 1040ez form 2014 For example, if you elect to take the lifetime learning credit for a child on your 2013 tax return, you cannot, for that same child, also claim the American opportunity credit for 2013. Irs 1040ez form 2014   If you are eligible to claim the lifetime learning credit and you are also eligible to claim the American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both. Irs 1040ez form 2014   If you pay qualified education expenses for more than one student in the same year, you can choose to take certain credits on a per-student, per-year basis. Irs 1040ez form 2014 This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. Irs 1040ez form 2014 Differences between the American opportunity and lifetime learning credits. Irs 1040ez form 2014   There are several differences between these two credits. Irs 1040ez form 2014 For example, you can claim the American opportunity credit for the same student for no more than 4 tax years, but any year in which the Hope Scholarship Credit was claimed counts toward the 4 years. Irs 1040ez form 2014 However, there is no limit on the number of years for which you can claim a lifetime learning credit based on the same student's expenses. Irs 1040ez form 2014 The differences between these credits are shown in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 near the end of this publication. Irs 1040ez form 2014 Overview of the lifetime learning credit. Irs 1040ez form 2014   See Table 3-1, Overview of the Lifetime Learning Credit for the basics of the lifetime learning credit. Irs 1040ez form 2014 The details are discussed in this chapter. Irs 1040ez form 2014 Can You Claim the Credit The following rules will help you determine if you are eligible to claim the lifetime learning credit on your tax return. Irs 1040ez form 2014 Who Can Claim the Credit Generally, you can claim the lifetime learning credit if all three of the following requirements are met. Irs 1040ez form 2014 You pay qualified education expenses of higher education. Irs 1040ez form 2014 You pay the education expenses for an eligible student. Irs 1040ez form 2014 The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Irs 1040ez form 2014 Table 3-1. Irs 1040ez form 2014 Overview of the Lifetime Learning Credit Maximum credit Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $127,000 if married filling jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable Nonrefundable—credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available for an unlimited number of years Type of program required Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Available for one or more courses Felony drug conviction Felony drug convictions do not make the student ineligible Qualified expenses Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Note. Irs 1040ez form 2014 Qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you. Irs 1040ez form 2014 “Qualified education expenses” are defined later under Qualified Education Expenses . Irs 1040ez form 2014 “Eligible students” are defined later under Who Is an Eligible Student . Irs 1040ez form 2014 A dependent for whom you claim an exemption is defined later under Who Can Claim a Dependent's Expenses . Irs 1040ez form 2014 You may find Figure 3-1, Can You Claim the Lifetime Learning Credit for 2013 , later, helpful in determining if you can claim a lifetime learning credit on your tax return. Irs 1040ez form 2014 Who Cannot Claim the Credit You cannot claim the lifetime learning credit for 2013 if any of the following apply. Irs 1040ez form 2014 Your filing status is married filing separately. Irs 1040ez form 2014 You are listed as a dependent on another person's tax return (such as your parents'). Irs 1040ez form 2014 See Who Can Claim a Dependent's Expenses , later. Irs 1040ez form 2014 Your modified adjusted gross income (MAGI) is $63,000 or more ($127,000 or more in the case of a joint return). Irs 1040ez form 2014 MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit . Irs 1040ez form 2014 You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. Irs 1040ez form 2014 More information on nonresident aliens can be found in Publication 519. Irs 1040ez form 2014 You claim the American Opportunity Credit (see chapter 2) or a Tuition and Fees Deduction (see chapter 6) for the same student in 2013. Irs 1040ez form 2014 What Expenses Qualify The lifetime learning credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Irs 1040ez form 2014 Generally, the credit is allowed for qualified education expenses paid in 2013 for an academic period beginning in 2013 or in the first 3 months of 2014. Irs 1040ez form 2014 For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 credit. Irs 1040ez form 2014 Academic period. Irs 1040ez form 2014   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Irs 1040ez form 2014 In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Irs 1040ez form 2014 Paid with borrowed funds. Irs 1040ez form 2014   You can claim a lifetime learning credit for qualified education expenses paid with the proceeds of a loan. Irs 1040ez form 2014 You use the expenses to figure the lifetime learning credit for the year in which the expenses are paid, not the year in which the loan is repaid. Irs 1040ez form 2014 Treat loan disbursements sent directly to the educational institution as paid on the date the institution credits the student's account. Irs 1040ez form 2014 Student withdraws from class(es). Irs 1040ez form 2014   You can claim a lifetime learning credit for qualified education expenses not refunded when a student withdraws. Irs 1040ez form 2014 Qualified Education Expenses For purposes of the lifetime learning credit, qualified education expenses are tuition and certain related expenses required for enrollment in a course at an eligible educational institution. Irs 1040ez form 2014 The course must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills. Irs 1040ez form 2014 Eligible educational institution. Irs 1040ez form 2014   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Irs 1040ez form 2014 S. Irs 1040ez form 2014 Department of Education. Irs 1040ez form 2014 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs 1040ez form 2014 The educational institution should be able to tell you if it is an eligible educational institution. Irs 1040ez form 2014   Certain educational institutions located outside the United States also participate in the U. Irs 1040ez form 2014 S. Irs 1040ez form 2014 Department of Education's Federal Student Aid (FSA) programs. Irs 1040ez form 2014 Related expenses. Irs 1040ez form 2014   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution for enrollment or attendance. Irs 1040ez form 2014 Prepaid expenses. Irs 1040ez form 2014   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring an education credit for 2013 only. Irs 1040ez form 2014 See Academic period , earlier. Irs 1040ez form 2014 For example, you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). Irs 1040ez form 2014 You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). Irs 1040ez form 2014 In the following examples, assume that each student is an eligible student at an eligible educational institution. Irs 1040ez form 2014 Example 1. Irs 1040ez form 2014   Jackson is a sophomore in University V's degree program in dentistry. Irs 1040ez form 2014 This year, in addition to tuition, he is required to pay a fee to the university for the rental of the dental equipment he will use in this program. Irs 1040ez form 2014 Because the equipment rental fee must be paid to University V for enrollment and attendance, Jackson's equipment rental fee is a qualified expense. Irs 1040ez form 2014 Example 2. Irs 1040ez form 2014   Donna and Charles, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. Irs 1040ez form 2014 The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Irs 1040ez form 2014 Charles bought his books from a friend, so what he paid for them is not a qualified education expense. Irs 1040ez form 2014 Donna bought hers at College W's bookstore. Irs 1040ez form 2014 Although Donna paid College W directly for her first-year books and materials, her payment is not a qualified expense because the books and materials are not required to be purchased from College W for enrollment or attendance at the institution. Irs 1040ez form 2014 Example 3. Irs 1040ez form 2014   When Marci enrolled at College X for her freshman year, she had to pay a separate student activity fee in addition to her tuition. Irs 1040ez form 2014 This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by students, such as the student newspaper and student government. Irs 1040ez form 2014 No portion of the fee covers personal expenses. Irs 1040ez form 2014 Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. Irs 1040ez form 2014 Therefore, it is a qualified expense. Irs 1040ez form 2014 No Double Benefit Allowed You cannot do any of the following: Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim a lifetime learning credit based on those same expenses. Irs 1040ez form 2014 Claim a lifetime learning credit in the same year that you are claiming a tuition and fees deduction for the same student. Irs 1040ez form 2014 Claim a lifetime learning credit and an American opportunity credit based on the same qualified education expenses. Irs 1040ez form 2014 Claim a lifetime learning credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). Irs 1040ez form 2014 See Coordination With American Opportunity and Lifetime Learning Credits in chapter 7, Coverdell Education Savings Account, and Coordination With American Opportunity and Lifetime Learning Credits in chapter 8, Qualified Tuition Program. Irs 1040ez form 2014 Claim a credit based on qualified education expenses paid with tax-free educational assistance, such as a scholarship, grant, or assistance provided by an employer. Irs 1040ez form 2014 See Adjustments to Qualified Education Expenses, next. Irs 1040ez form 2014 This image is too large to be displayed in the current screen. Irs 1040ez form 2014 Please click the link to view the image. Irs 1040ez form 2014 Figure 3-1 Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Irs 1040ez form 2014 The result is the amount of adjusted qualified education expenses for each student. Irs 1040ez form 2014 Tax-free educational assistance. Irs 1040ez form 2014   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. Irs 1040ez form 2014 See Academic period , earlier. Irs 1040ez form 2014   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Irs 1040ez form 2014 This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). Irs 1040ez form 2014   If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed , later. Irs 1040ez form 2014 If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed , later. Irs 1040ez form 2014   Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs 1040ez form 2014 Generally, any scholarship or fellowship is treated as tax free. Irs 1040ez form 2014 However, a scholarship or fellowship is not treated as tax free to the extent the student includes it in gross income (if the student is required to file a tax return for the year the scholarship or fellowship is received) and either of the following is true. Irs 1040ez form 2014 The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs 1040ez form 2014 The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs 1040ez form 2014 You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year it is received. Irs 1040ez form 2014 For examples, see Coordination with Pell grants and other scholarships, later. Irs 1040ez form 2014 Refunds. Irs 1040ez form 2014   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. Irs 1040ez form 2014 Some tax-free educational assistance received after 2013 may be treated as a refund. Irs 1040ez form 2014 See Tax-free educational assistance , earlier. Irs 1040ez form 2014 Refunds received in 2013. Irs 1040ez form 2014   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses for 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Irs 1040ez form 2014 Refunds received after 2013 but before your income tax return is filed. Irs 1040ez form 2014   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid before you file an income tax return for 2013, the amount of qualified education expenses for 2013 is reduced by the amount of the refund. Irs 1040ez form 2014 Refunds received after 2013 and after your income tax return is filed. Irs 1040ez form 2014   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid after you file an income tax return for 2013, you may need to repay some or all of the credit. Irs 1040ez form 2014 See Credit recapture, next. Irs 1040ez form 2014 Credit recapture. Irs 1040ez form 2014    If any tax-free educational assistance for the qualified education expenses paid in 2013 or any refund of your qualified education expenses paid in 2013 is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. Irs 1040ez form 2014 You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. Irs 1040ez form 2014 You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). Irs 1040ez form 2014 Include that amount as an additional tax for the year the refund or tax-free assistance was received. Irs 1040ez form 2014 Example. Irs 1040ez form 2014   You pay $9,300 in tuition and fees in December 2013, and your child began college in January 2014. Irs 1040ez form 2014 You filed your 2013 tax return on February 14, 2014, and claimed a lifetime learning credit of $1,860. Irs 1040ez form 2014 You claimed no other tax credits. Irs 1040ez form 2014 After you filed your return, your child withdrew from two courses and you received a refund of $2,900. Irs 1040ez form 2014 You must refigure your 2013 lifetime learning credit using $6,400 of qualified education expenses instead of $9,300. Irs 1040ez form 2014 The refigured credit is $1,280 and your tax liability increased by $580. Irs 1040ez form 2014 See instructions for your 2014 income tax return to determine where to include this tax. Irs 1040ez form 2014 If you pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. Irs 1040ez form 2014 Amounts that do not reduce qualified education expenses. Irs 1040ez form 2014   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Irs 1040ez form 2014   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. Irs 1040ez form 2014 The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs 1040ez form 2014 The use of the money is not restricted. Irs 1040ez form 2014 For examples, see Adjustments to Qualified Education Expenses in chapter 2, American Opportunity Credit. Irs 1040ez form 2014 Coordination with Pell grants and other scholarships. Irs 1040ez form 2014   In some cases, you may be able to reduce your tax liability by including scholarships in income. Irs 1040ez form 2014 If you are claiming an education credit for a claimed dependent who received a scholarship, you may be able to reduce your tax liability if the student includes the scholarship in income. Irs 1040ez form 2014 The scholarship must be one that may (by its terms) be applied to expenses (such as room and board) other than qualified education expenses. Irs 1040ez form 2014 Example 1—No scholarship. Irs 1040ez form 2014 Judy Green, who is unmarried, is taking courses at a public community college to be recertified to teach in public schools. Irs 1040ez form 2014 Her AGI and her MAGI, for purposes of the credit, are $27,000. Irs 1040ez form 2014 Judy takes the standard deduction of $5,950 and personal exemption of $3,800, reducing her AGI to taxable income of $17,250 and her tax before credits is $2,156. Irs 1040ez form 2014 She claims no credits other than the lifetime learning credit. Irs 1040ez form 2014 In July 2013 she paid $700 for the summer 2013 semester; in August 2013 she paid $1,900 for the fall 2013 semester; and in December 2013 she paid another $1,900 for the spring semester beginning in January 2014. Irs 1040ez form 2014 Judy and the college meet all requirements for the lifetime learning tax credit. Irs 1040ez form 2014 She can use all of the $4,500 tuition she paid in 2013 when figuring her 2013 lifetime learning credit. Irs 1040ez form 2014 She claims a $900 lifetime learning credit and her tax after credits is $1,256. Irs 1040ez form 2014 Example 2—Scholarship excluded from income. Irs 1040ez form 2014 The facts are the same as in Example 1—No scholarship, except that Judy was awarded a $1,500 scholarship. Irs 1040ez form 2014 Under the terms of her scholarship, it may be used to pay any educational expenses, including room and board. Irs 1040ez form 2014 If Judy excludes the scholarship from income, she will be deemed (for purposes of computing her education credit) as having used the scholarship to pay for tuition, required fees, and course materials. Irs 1040ez form 2014 Only $3,000 of the $4,500 tuition she paid in 2013 could be used when figuring her 2013 lifetime learning credit. Irs 1040ez form 2014 Her lifetime learning credit would be reduced to $600 and her tax after credits would be $1,556. Irs 1040ez form 2014 Example 3—Scholarship included in income. Irs 1040ez form 2014 The facts are the same as in Example 2—Scholarship excluded from income. Irs 1040ez form 2014 If, unlike Example 2, Judy includes the $1,500 scholarship in income, she will be deemed to have used the entire scholarship to pay for room and board. Irs 1040ez form 2014 Judy's AGI will increase to $28,500, her taxable income would be $18,750, and her tax before credits would be $2,381. Irs 1040ez form 2014 She would be able to use the $4,500 of adjusted qualified education expenses to figure her credit. Irs 1040ez form 2014 Judy could claim a $900 lifetime learning credit and her tax after credits would be $1,481. Irs 1040ez form 2014 Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. Irs 1040ez form 2014 This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Irs 1040ez form 2014 Sports, games, hobbies, and noncredit courses. Irs 1040ez form 2014   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. Irs 1040ez form 2014 However, if the course of instruction or other education is part of the student's degree program or is taken by the student to acquire or improve job skills, these expenses can qualify. Irs 1040ez form 2014 Comprehensive or bundled fees. Irs 1040ez form 2014   Some eligible educational institutions combine all of their fees for an academic period into one amount. Irs 1040ez form 2014 If you do not receive or do not have access to an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. Irs 1040ez form 2014 The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T. Irs 1040ez form 2014 See Figuring the Credit , later, for more information about Form 1098-T. Irs 1040ez form 2014 Who Is an Eligible Student For purposes of the lifetime learning credit, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (as defined under Qualified Education Expenses , earlier). Irs 1040ez form 2014 Who Can Claim a Dependent's Expenses If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim a lifetime learning credit for your dependent's expenses for that year. Irs 1040ez form 2014 For you to claim a lifetime learning credit for your dependent's expenses, you must also claim an exemption for your dependent. Irs 1040ez form 2014 You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. Irs 1040ez form 2014 IF you. Irs 1040ez form 2014 . Irs 1040ez form 2014 . Irs 1040ez form 2014 THEN only. Irs 1040ez form 2014 . Irs 1040ez form 2014 . Irs 1040ez form 2014 claim an exemption on your tax return for a dependent who is an eligible student you can claim the lifetime learning credit based on that dependent's expenses. Irs 1040ez form 2014 The dependent cannot claim the credit. Irs 1040ez form 2014 do not claim an exemption on your tax return for a dependent who is an eligible student (even if entitled to the exemption) the dependent can claim the lifetime learning credit. Irs 1040ez form 2014 You cannot claim the credit based on this dependent's expenses. Irs 1040ez form 2014 Expenses paid by dependent. Irs 1040ez form 2014   If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. Irs 1040ez form 2014 Include these expenses when figuring the amount of your lifetime learning credit. Irs 1040ez form 2014    Qualified education expenses paid directly to an eligible educational institution for your dependent under a court-approved divorce decree are treated as paid by your dependent. Irs 1040ez form 2014 Expenses paid by you. Irs 1040ez form 2014   If you claim an exemption for a dependent who is an eligible student, only you can include any expenses you paid when figuring the amount of the lifetime learning credit. Irs 1040ez form 2014 If neither you nor anyone else claims an exemption for the dependent, only the dependent can include any expenses you paid when figuring the lifetime learning credit. Irs 1040ez form 2014 Expenses paid by others. Irs 1040ez form 2014   Someone other than you, your spouse, or your dependent (such as a relative or former spouse) may make a payment directly to an eligible educational institution to pay for an eligible student's qualified education expenses. Irs 1040ez form 2014 In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. Irs 1040ez form 2014 If you claim an exemption on your tax return for the student, you are considered to have paid the expenses. Irs 1040ez form 2014 Example. Irs 1040ez form 2014 In 2013, Ms. Irs 1040ez form 2014 Allen makes a payment directly to an eligible educational institution for her grandson Todd's qualified education expenses. Irs 1040ez form 2014 For purposes of claiming a lifetime learning credit, Todd is treated as receiving the money from his grandmother and, in turn, paying his qualified education expenses himself. Irs 1040ez form 2014 Unless an exemption for Todd is claimed on someone else's 2013 tax return, only Todd can use the payment to claim a lifetime learning credit. Irs 1040ez form 2014 If anyone, such as Todd's parents, claims an exemption for Todd on his or her 2013 tax return, whoever claims the exemption may be able to use the expenses to claim a lifetime learning credit. Irs 1040ez form 2014 If anyone else claims an exemption for Todd, Todd cannot claim a lifetime learning credit. Irs 1040ez form 2014 Tuition reduction. Irs 1040ez form 2014   When an eligible educational institution provides a reduction in tuition to an employee of the institution (or spouse or dependent child of an employee), the amount of the reduction may or may not be taxable. Irs 1040ez form 2014 If it is taxable, the employee is treated as receiving a payment of that amount and, in turn, paying it to the educational institution on behalf of the student. Irs 1040ez form 2014 For more information on tuition reductions, see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs 1040ez form 2014 Figuring the Credit The amount of the lifetime learning credit is 20% of the first $10,000 of qualified education expenses you paid for all eligible students. Irs 1040ez form 2014 The maximum amount of lifetime learning credit you can claim for 2013 is $2,000 (20% × $10,000). Irs 1040ez form 2014 However, that amount may be reduced based on your MAGI. Irs 1040ez form 2014 See Effect of the Amount of Your Income on the Amount of Your Credit , later. Irs 1040ez form 2014 Example. Irs 1040ez form 2014 Bruce and Toni Harper are married and file a joint tax return. Irs 1040ez form 2014 For 2013, their MAGI is $75,000. Irs 1040ez form 2014 Toni is attending a local college (an eligible educational institution) to earn credits toward a degree in nursing. Irs 1040ez form 2014 She already has a bachelor's degree in history and wants to become a nurse. Irs 1040ez form 2014 In August 2013, Toni paid $5,000 of qualified education expenses for her fall 2013 semester. Irs 1040ez form 2014 Bruce and Toni can claim a $1,000 (20% × $5,000) lifetime learning credit on their 2013 joint tax return. Irs 1040ez form 2014 Form 1098-T. Irs 1040ez form 2014   To help you figure your lifetime learning credit, the student should receive Form 1098-T. Irs 1040ez form 2014 Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. Irs 1040ez form 2014 An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Irs 1040ez form 2014 However, the amounts in boxes 1 and 2 of Form 1098-T might be different from what you paid. Irs 1040ez form 2014 When figuring the credit, use only the amounts you paid or are deemed to have paid in 2013 for qualified education expenses. Irs 1040ez form 2014   In addition, Form 1098-T should give other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements or refunds, and whether the student was enrolled at least half-time or was a graduate student. Irs 1040ez form 2014    The eligible educational institution may ask for a completed Form W-9S, or similar statement to obtain the student's name, address, and taxpayer identification number. Irs 1040ez form 2014 Effect of the Amount of Your Income on the Amount of Your Credit The amount of your lifetime learning credit is phased out (gradually reduced) if your MAGI is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). Irs 1040ez form 2014 You cannot claim a lifetime learning credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). Irs 1040ez form 2014 Modified adjusted gross income (MAGI). Irs 1040ez form 2014   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Irs 1040ez form 2014 MAGI when using Form 1040A. Irs 1040ez form 2014   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Irs 1040ez form 2014 MAGI when using Form 1040. Irs 1040ez form 2014   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Irs 1040ez form 2014 You can use Worksheet 3-1 to figure your MAGI. Irs 1040ez form 2014 Worksheet 3-1. Irs 1040ez form 2014 MAGI for the Lifetime Learning Credit 1. Irs 1040ez form 2014 Enter your adjusted gross income  (Form 1040, line 38)   1. Irs 1040ez form 2014   2. Irs 1040ez form 2014 Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Irs 1040ez form 2014       3. Irs 1040ez form 2014 Enter your foreign housing deduction (Form 2555, line 50)   3. Irs 1040ez form 2014       4. Irs 1040ez form 2014 Enter the amount of income from Puerto Rico you are excluding   4. Irs 1040ez form 2014       5. Irs 1040ez form 2014 Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Irs 1040ez form 2014       6. Irs 1040ez form 2014 Add the amounts on lines 2, 3, 4, and 5   6. Irs 1040ez form 2014   7. Irs 1040ez form 2014 Add the amounts on lines 1 and 6. Irs 1040ez form 2014  This is your modified adjusted  gross income. Irs 1040ez form 2014 Enter this amount  on Form 8863, line 14   7. Irs 1040ez form 2014   Phaseout. Irs 1040ez form 2014   If your MAGI is within the range of incomes where the credit must be reduced, you will figure your reduced credit using lines 10-18 of Form 8863. Irs 1040ez form 2014 The same method is shown in the following example. Irs 1040ez form 2014 Example. Irs 1040ez form 2014 You are filing a joint return with a MAGI of $112,000. Irs 1040ez form 2014 In 2013, you paid $6,600 of qualified education expenses. Irs 1040ez form 2014 You figure the tentative lifetime learning credit (20% of the first $10,000 of qualified education expenses you paid for all eligible students). Irs 1040ez form 2014 The result is a $1,320 (20% x $6,600) tentative credit. Irs 1040ez form 2014 Because your MAGI is within the range of incomes where the credit must be reduced, you must multiply your tentative credit ($1,320) by a fraction. Irs 1040ez form 2014 The numerator of the fraction is $127,000 (the upper limit for those filing a joint return) minus your MAGI. Irs 1040ez form 2014 The denominator is $20,000, the range of incomes for the phaseout ($107,000 to $127,000). Irs 1040ez form 2014 The result is the amount of your phased out (reduced) lifetime learning credit ($990). Irs 1040ez form 2014   $1,320 × $127,000 − $112,000  $20,000 = $990   Claiming the Credit You claim the lifetime learning credit by completing Form 8863 and submitting it with your Form 1040 or 1040A. Irs 1040ez form 2014 Enter the credit on Form 1040, line 49, or Form 1040A, line 31. Irs 1040ez form 2014 Note. Irs 1040ez form 2014 In Appendix A, Illustrated Example of Education Credits at the end of this publication, there is an example illustrating the use of Form 8863 when both the American opportunity credit and the lifetime learning credit are claimed on the same tax return. Irs 1040ez form 2014 Prev  Up  Next   Home   More Online Publications