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Irs efile 3. Irs efile   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 efile They are the American opportunity credit and the lifetime learning credit. Irs efile This chapter discusses the lifetime learning credit. Irs efile The American opportunity credit is discussed in chapter 2, The American Opportunity Credit . Irs efile 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 efile What is the tax benefit of the lifetime learning credit. Irs efile   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 efile There is no limit on the number of years the lifetime learning credit can be claimed for each student. Irs efile   A tax credit reduces the amount of income tax you may have to pay. Irs efile Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Irs efile The lifetime learning credit is a nonrefundable credit. Irs efile 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 efile   Your allowable lifetime learning credit may be limited by the amount of your income and the amount of your tax. Irs efile Can you claim more than one education credit this year. Irs efile   For each student, you can elect for any year only one of the credits. Irs efile 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 efile   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 efile   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 efile 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 efile Differences between the American opportunity and lifetime learning credits. Irs efile   There are several differences between these two credits. Irs efile 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 efile 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 efile 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 efile Overview of the lifetime learning credit. Irs efile   See Table 3-1, Overview of the Lifetime Learning Credit for the basics of the lifetime learning credit. Irs efile The details are discussed in this chapter. Irs efile 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 efile Who Can Claim the Credit Generally, you can claim the lifetime learning credit if all three of the following requirements are met. Irs efile You pay qualified education expenses of higher education. Irs efile You pay the education expenses for an eligible student. Irs efile The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Irs efile Table 3-1. Irs efile 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 efile 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 efile “Qualified education expenses” are defined later under Qualified Education Expenses . Irs efile “Eligible students” are defined later under Who Is an Eligible Student . Irs efile A dependent for whom you claim an exemption is defined later under Who Can Claim a Dependent's Expenses . Irs efile 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 efile Who Cannot Claim the Credit You cannot claim the lifetime learning credit for 2013 if any of the following apply. Irs efile Your filing status is married filing separately. Irs efile You are listed as a dependent on another person's tax return (such as your parents'). Irs efile See Who Can Claim a Dependent's Expenses , later. Irs efile Your modified adjusted gross income (MAGI) is $63,000 or more ($127,000 or more in the case of a joint return). Irs efile MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit . Irs efile 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 efile More information on nonresident aliens can be found in Publication 519. Irs efile 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 efile 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 efile 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 efile 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 efile Academic period. Irs efile   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 efile 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 efile Paid with borrowed funds. Irs efile   You can claim a lifetime learning credit for qualified education expenses paid with the proceeds of a loan. Irs efile 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 efile Treat loan disbursements sent directly to the educational institution as paid on the date the institution credits the student's account. Irs efile Student withdraws from class(es). Irs efile   You can claim a lifetime learning credit for qualified education expenses not refunded when a student withdraws. Irs efile 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 efile The course must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills. Irs efile Eligible educational institution. Irs efile   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 efile S. Irs efile Department of Education. Irs efile It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs efile The educational institution should be able to tell you if it is an eligible educational institution. Irs efile   Certain educational institutions located outside the United States also participate in the U. Irs efile S. Irs efile Department of Education's Federal Student Aid (FSA) programs. Irs efile Related expenses. Irs efile   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 efile Prepaid expenses. Irs efile   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 efile See Academic period , earlier. Irs efile 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 efile 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 efile In the following examples, assume that each student is an eligible student at an eligible educational institution. Irs efile Example 1. Irs efile   Jackson is a sophomore in University V's degree program in dentistry. Irs efile 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 efile 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 efile Example 2. Irs efile   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 efile 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 efile Charles bought his books from a friend, so what he paid for them is not a qualified education expense. Irs efile Donna bought hers at College W's bookstore. Irs efile 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 efile Example 3. Irs efile   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 efile 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 efile No portion of the fee covers personal expenses. Irs efile Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. Irs efile Therefore, it is a qualified expense. Irs efile 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 efile Claim a lifetime learning credit in the same year that you are claiming a tuition and fees deduction for the same student. Irs efile Claim a lifetime learning credit and an American opportunity credit based on the same qualified education expenses. Irs efile 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 efile 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 efile 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 efile See Adjustments to Qualified Education Expenses, next. Irs efile This image is too large to be displayed in the current screen. Irs efile Please click the link to view the image. Irs efile 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 efile The result is the amount of adjusted qualified education expenses for each student. Irs efile Tax-free educational assistance. Irs efile   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 efile See Academic period , earlier. Irs efile   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Irs efile 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 efile   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 efile 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 efile   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 efile Generally, any scholarship or fellowship is treated as tax free. Irs efile 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 efile 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 efile 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 efile 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 efile For examples, see Coordination with Pell grants and other scholarships, later. Irs efile Refunds. Irs efile   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 efile Some tax-free educational assistance received after 2013 may be treated as a refund. Irs efile See Tax-free educational assistance , earlier. Irs efile Refunds received in 2013. Irs efile   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 efile Refunds received after 2013 but before your income tax return is filed. Irs efile   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 efile Refunds received after 2013 and after your income tax return is filed. Irs efile   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 efile See Credit recapture, next. Irs efile Credit recapture. Irs efile    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 efile 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 efile 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 efile Include that amount as an additional tax for the year the refund or tax-free assistance was received. Irs efile Example. Irs efile   You pay $9,300 in tuition and fees in December 2013, and your child began college in January 2014. Irs efile You filed your 2013 tax return on February 14, 2014, and claimed a lifetime learning credit of $1,860. Irs efile You claimed no other tax credits. Irs efile After you filed your return, your child withdrew from two courses and you received a refund of $2,900. Irs efile You must refigure your 2013 lifetime learning credit using $6,400 of qualified education expenses instead of $9,300. Irs efile The refigured credit is $1,280 and your tax liability increased by $580. Irs efile See instructions for your 2014 income tax return to determine where to include this tax. Irs efile 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 efile Amounts that do not reduce qualified education expenses. Irs efile   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 efile   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 efile 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 efile The use of the money is not restricted. Irs efile For examples, see Adjustments to Qualified Education Expenses in chapter 2, American Opportunity Credit. Irs efile Coordination with Pell grants and other scholarships. Irs efile   In some cases, you may be able to reduce your tax liability by including scholarships in income. Irs efile 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 efile 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 efile Example 1—No scholarship. Irs efile Judy Green, who is unmarried, is taking courses at a public community college to be recertified to teach in public schools. Irs efile Her AGI and her MAGI, for purposes of the credit, are $27,000. Irs efile 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 efile She claims no credits other than the lifetime learning credit. Irs efile 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 efile Judy and the college meet all requirements for the lifetime learning tax credit. Irs efile She can use all of the $4,500 tuition she paid in 2013 when figuring her 2013 lifetime learning credit. Irs efile She claims a $900 lifetime learning credit and her tax after credits is $1,256. Irs efile Example 2—Scholarship excluded from income. Irs efile The facts are the same as in Example 1—No scholarship, except that Judy was awarded a $1,500 scholarship. Irs efile Under the terms of her scholarship, it may be used to pay any educational expenses, including room and board. Irs efile 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 efile Only $3,000 of the $4,500 tuition she paid in 2013 could be used when figuring her 2013 lifetime learning credit. Irs efile Her lifetime learning credit would be reduced to $600 and her tax after credits would be $1,556. Irs efile Example 3—Scholarship included in income. Irs efile The facts are the same as in Example 2—Scholarship excluded from income. Irs efile 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 efile 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 efile She would be able to use the $4,500 of adjusted qualified education expenses to figure her credit. Irs efile Judy could claim a $900 lifetime learning credit and her tax after credits would be $1,481. Irs efile 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 efile This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Irs efile Sports, games, hobbies, and noncredit courses. Irs efile   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 efile 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 efile Comprehensive or bundled fees. Irs efile   Some eligible educational institutions combine all of their fees for an academic period into one amount. Irs efile 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 efile 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 efile See Figuring the Credit , later, for more information about Form 1098-T. Irs efile 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 efile 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 efile For you to claim a lifetime learning credit for your dependent's expenses, you must also claim an exemption for your dependent. Irs efile You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. Irs efile IF you. Irs efile . Irs efile . Irs efile THEN only. Irs efile . Irs efile . Irs efile 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 efile The dependent cannot claim the credit. Irs efile 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 efile You cannot claim the credit based on this dependent's expenses. Irs efile Expenses paid by dependent. Irs efile   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 efile Include these expenses when figuring the amount of your lifetime learning credit. Irs efile    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 efile Expenses paid by you. Irs efile   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 efile 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 efile Expenses paid by others. Irs efile   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 efile In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. Irs efile If you claim an exemption on your tax return for the student, you are considered to have paid the expenses. Irs efile Example. Irs efile In 2013, Ms. Irs efile Allen makes a payment directly to an eligible educational institution for her grandson Todd's qualified education expenses. Irs efile 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 efile 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 efile 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 efile If anyone else claims an exemption for Todd, Todd cannot claim a lifetime learning credit. Irs efile Tuition reduction. Irs efile   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 efile 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 efile For more information on tuition reductions, see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Irs efile 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 efile The maximum amount of lifetime learning credit you can claim for 2013 is $2,000 (20% × $10,000). Irs efile However, that amount may be reduced based on your MAGI. Irs efile See Effect of the Amount of Your Income on the Amount of Your Credit , later. Irs efile Example. Irs efile Bruce and Toni Harper are married and file a joint tax return. Irs efile For 2013, their MAGI is $75,000. Irs efile Toni is attending a local college (an eligible educational institution) to earn credits toward a degree in nursing. Irs efile She already has a bachelor's degree in history and wants to become a nurse. Irs efile In August 2013, Toni paid $5,000 of qualified education expenses for her fall 2013 semester. Irs efile Bruce and Toni can claim a $1,000 (20% × $5,000) lifetime learning credit on their 2013 joint tax return. Irs efile Form 1098-T. Irs efile   To help you figure your lifetime learning credit, the student should receive Form 1098-T. Irs efile 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 efile An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Irs efile However, the amounts in boxes 1 and 2 of Form 1098-T might be different from what you paid. Irs efile When figuring the credit, use only the amounts you paid or are deemed to have paid in 2013 for qualified education expenses. Irs efile   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 efile    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 efile 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 efile 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 efile Modified adjusted gross income (MAGI). Irs efile   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Irs efile MAGI when using Form 1040A. Irs efile   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Irs efile MAGI when using Form 1040. Irs efile   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 efile You can use Worksheet 3-1 to figure your MAGI. Irs efile Worksheet 3-1. Irs efile MAGI for the Lifetime Learning Credit 1. Irs efile Enter your adjusted gross income  (Form 1040, line 38)   1. Irs efile   2. Irs efile Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Irs efile       3. Irs efile Enter your foreign housing deduction (Form 2555, line 50)   3. Irs efile       4. Irs efile Enter the amount of income from Puerto Rico you are excluding   4. Irs efile       5. Irs efile Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Irs efile       6. Irs efile Add the amounts on lines 2, 3, 4, and 5   6. Irs efile   7. Irs efile Add the amounts on lines 1 and 6. Irs efile  This is your modified adjusted  gross income. Irs efile Enter this amount  on Form 8863, line 14   7. Irs efile   Phaseout. Irs efile   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 efile The same method is shown in the following example. Irs efile Example. Irs efile You are filing a joint return with a MAGI of $112,000. Irs efile In 2013, you paid $6,600 of qualified education expenses. Irs efile You figure the tentative lifetime learning credit (20% of the first $10,000 of qualified education expenses you paid for all eligible students). Irs efile The result is a $1,320 (20% x $6,600) tentative credit. Irs efile 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 efile The numerator of the fraction is $127,000 (the upper limit for those filing a joint return) minus your MAGI. Irs efile The denominator is $20,000, the range of incomes for the phaseout ($107,000 to $127,000). Irs efile The result is the amount of your phased out (reduced) lifetime learning credit ($990). Irs efile   $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 efile Enter the credit on Form 1040, line 49, or Form 1040A, line 31. Irs efile Note. Irs efile 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 efile 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

Virgin Islands Department of Licensing and Consumer Affairs

Website: Virgin Islands Department of Licensing and Consumer Affairs

Address: Virgin Islands Department of Licensing and Consumer Affairs
3000 Golden Rock Shopping Center, Suite 9
St. Croix, VI 00820

Phone Number: 340-773-2226

Virgin Islands Department of Licensing and Consumer Affairs

Website: Virgin Islands Department of Licensing and Consumer Affairs

Address: Virgin Islands Department of Licensing and Consumer Affairs
Property and Procurement Bldg.
8201 Sub Base, Suite 1
St. Thomas, VI 00802

Phone Number: 340-774-3130

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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.

Office of the Lieutenant Governor

Website: Office of the Lieutenant Governor

Address: Office of the Lieutenant Governor
Division of Banking and Insurance
5049 Kongens Gade
St. Thomas, VI 00802

Phone Number: 340-774-7166

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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.

Division of Banking and Insurance

Website: Division of Banking and Insurance

Address: Division of Banking and Insurance
5049 Kongens Gade
St. Thomas, VI 00802

Phone Number: 340-774-7166

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The Irs Efile

Irs efile Publication 547 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Irs efile Tax questions. Irs efile Useful Items - You may want to see: What's New Section C of Form 4684 for Ponzi-type investment schemes. Irs efile  Section C of Form 4684 is new for 2013. Irs efile You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. Irs efile Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Irs efile You do not need to complete Appendix A. Irs efile For details, see Losses from Ponzi-type investment schemes , later. Irs efile Reminders Future developments. Irs efile   For the latest information about developments related to Publication 547, such as legislation enacted after it was published, go to www. Irs efile irs. Irs efile gov/pub547. Irs efile Photographs of missing children. Irs efile  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs efile Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs efile You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Irs efile Introduction This publication explains the tax treatment of casualties, thefts, and losses on deposits. Irs efile A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. Irs efile A theft occurs when someone steals your property. Irs efile A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. Irs efile This publication discusses the following topics. Irs efile Definitions of a casualty, theft, and loss on deposits. Irs efile How to figure the amount of your gain or loss. Irs efile How to treat insurance and other reimbursements you receive. Irs efile The deduction limits. Irs efile When and how to report a casualty or theft. Irs efile The special rules for disaster area losses. Irs efile Forms to file. Irs efile   Generally, when you have a casualty or theft, you have to file Form 4684. Irs efile You may also have to file one or more of the following forms. Irs efile Schedule A (Form 1040). Irs efile Form 1040NR, Schedule A (for nonresident aliens). Irs efile Schedule D. Irs efile Form 4797. Irs efile For details on which form to use, see How To Report Gains and Losses , later. Irs efile Condemnations. Irs efile   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Dispositions of Assets. Irs efile Workbooks for casualties and thefts. Irs efile   Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property), is available to help you make a list of your stolen or damaged personal-use property and figure your loss. Irs efile It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles. Irs efile   Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook, is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss. Irs efile Comments and suggestions. Irs efile   We welcome your comments about this publication and your suggestions for future editions. Irs efile   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs efile NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs efile Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs efile   You can send your comments from www. Irs efile irs. Irs efile gov/formspubs/. Irs efile Click on “More Information” and then on “Comment on Tax Forms and Publications”. Irs efile   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Irs efile Ordering forms and publications. Irs efile   Visit www. Irs efile irs. Irs efile gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Irs efile Internal Revenue Service 1201 N. Irs efile Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs efile   If you have a tax question, check the information available on IRS. Irs efile gov or call 1-800-829-1040. Irs efile We cannot answer tax questions sent to either of the above addresses. Irs efile Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 551 Basis of Assets 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and   Theft Loss Workbook Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Form 1040NR, Schedule A Itemized Deductions (for nonresident aliens) Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts 4797 Sales of Business Property See How To Get Tax Help near the end of this publication for information about getting publications and forms. Irs efile Prev  Up  Next   Home   More Online Publications