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Irs Form 1040x

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Irs Form 1040x

Irs form 1040x 19. Irs form 1040x   Education- Related Adjustments Table of Contents Introduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Introduction This chapter discusses the education-related adjustment you can deduct in figuring your adjusted gross income. Irs form 1040x This chapter covers the student loan interest deduction, tuition and fees deduction, and the deduction for educator expenses. Irs form 1040x Useful Items - You may want to see: Publication 970 Tax Benefits for Education Student Loan Interest Deduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. Irs form 1040x 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. Irs form 1040x 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. Irs form 1040x This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Irs form 1040x Table 19-1 summarizes the features of the student loan interest deduction. Irs form 1040x Table 19-1. Irs form 1040x Student Loan Interest Deduction at a Glance Do not rely on this table alone. Irs form 1040x Refer to the text for more details. Irs form 1040x Feature Description Maximum benefit You can reduce your income subject to tax by up to $2,500. Irs form 1040x 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. Irs form 1040x Student qualifications The student must be: • you, your spouse, or your dependent, and   • enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. Irs form 1040x Time limit on deduction You can deduct interest paid during the remaining period of your student loan. Irs form 1040x Phaseout The amount of your deduction depends on your income level. Irs form 1040x Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Irs form 1040x It includes both required and voluntary interest payments. Irs form 1040x 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 (defined in chapter 3) 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 when the student is an eligible student. Irs form 1040x Loans from the following sources are not qualified student loans. Irs form 1040x A related person. Irs form 1040x A qualified employer plan. Irs form 1040x Exceptions. Irs form 1040x   For purposes of the student loan interest deduction, the following are exceptions to the general rules for dependents. Irs form 1040x An individual can be your dependent even if you are the dependent of another taxpayer. Irs form 1040x An individual can be your dependent even if the individual files a joint return with a spouse. Irs form 1040x 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). Irs form 1040x    Reasonable period of time. Irs form 1040x   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. Irs form 1040x   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. Irs form 1040x The expenses relate to a specific academic period. Irs form 1040x 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. Irs form 1040x   If neither of the above situations applies, the reasonable period of time is determined based on all the relevant facts and circumstances. Irs form 1040x Academic period. Irs form 1040x   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 form 1040x 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 form 1040x Eligible student. Irs form 1040x   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Irs form 1040x Enrolled at least half-time. Irs form 1040x   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. Irs form 1040x   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Irs form 1040x However, the standard may not be lower than any of those established by the U. Irs form 1040x S. Irs form 1040x Department of Education under the Higher Education Act of 1965. Irs form 1040x Related person. Irs form 1040x   You cannot deduct interest on a loan you get from a related person. Irs form 1040x Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Irs form 1040x ), Your lineal descendants (children, grandchildren, etc. Irs form 1040x ), and Certain corporations, partnerships, trusts, and exempt organizations. Irs form 1040x Qualified employer plan. Irs form 1040x   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Irs form 1040x 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. Irs form 1040x They include amounts paid for the following items. Irs form 1040x Tuition and fees. Irs form 1040x Room and board. Irs form 1040x Books, supplies, and equipment. Irs form 1040x Other necessary expenses (such as transportation). Irs form 1040x The cost of room and board qualifies only to the extent that it is not more than: 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 If greater, the actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Irs form 1040x Eligible educational institution. Irs form 1040x   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 form 1040x S. Irs form 1040x Department of Education. Irs form 1040x It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs form 1040x   Certain educational institutions located outside the United States also participate in the U. Irs form 1040x S. Irs form 1040x Department of Education's Federal Student Aid (FSA) programs. Irs form 1040x   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. Irs form 1040x   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Irs form 1040x The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Irs form 1040x    The educational institution should be able to tell you if it is an eligible educational institution. Irs form 1040x Adjustments to qualified education expenses. Irs form 1040x   You must reduce your qualified education expenses by certain tax-free items (such as the tax-free part of scholarships and fellowships). Irs form 1040x See chapter 4 of Publication 970 for details. Irs form 1040x Include as Interest In addition to simple interest on the loan, certain loan origination fees, capitalized interest, interest on revolving lines of credit, and interest on refinanced student loans can be student loan interest if all other requirements are met. Irs form 1040x Loan origination fee. Irs form 1040x   In general, this is a one-time fee charged by the lender when a loan is made. Irs form 1040x To be deductible as interest, the 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. Irs form 1040x A loan origination fee treated as interest accrues over the life of the loan. Irs form 1040x Capitalized interest. Irs form 1040x    This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Irs form 1040x Interest on revolving lines of credit. Irs form 1040x   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. Irs form 1040x See Qualified Education Expenses , earlier. Irs form 1040x Interest on refinanced student loans. Irs form 1040x   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. Irs form 1040x 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. Irs form 1040x Voluntary interest payments. Irs form 1040x   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. Irs form 1040x Do Not Include as Interest You cannot claim a student loan interest deduction for any of the following items. Irs form 1040x Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Irs form 1040x Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Irs form 1040x 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. Irs form 1040x For more information, see Student Loan Repayment Assistance in chapter 5 of Publication 970. Irs form 1040x Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Irs form 1040x Your filing status is any filing status except married filing separately. Irs form 1040x No one else is claiming an exemption for you on his or her tax return. Irs form 1040x You are legally obligated to pay interest on a qualified student loan. Irs form 1040x You paid interest on a qualified student loan. Irs form 1040x Interest paid by others. Irs form 1040x   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. Irs form 1040x See chapter 4 of Publication 970 for more information. Irs form 1040x 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, home mortgage interest). Irs form 1040x How Much Can You Deduct Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Irs form 1040x However, the amount determined above 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). Irs form 1040x 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). Irs form 1040x For details on figuring your MAGI, see chapter 4 of Publication 970. Irs form 1040x How Do You Figure the Deduction Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the Form 1040 or Form 1040A instructions. Irs form 1040x However, if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1 in chapter 4 of Publication 970. Irs form 1040x To help you figure your student loan interest deduction, you should receive Form 1098-E, Student Loan Interest Statement. Irs form 1040x 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. Irs form 1040x 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. Irs form 1040x Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Irs form 1040x However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Irs form 1040x For information on allocating payments between interest and principal, see chapter 4 of Publication 970. Irs form 1040x To claim the deduction, enter the allowable amount on Form 1040, line 33, or Form 1040A, line 18. Irs form 1040x Tuition and Fees Deduction You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). Irs form 1040x You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. Irs form 1040x The qualified expenses must be for higher education, as explained later under What Expenses Qualify . Irs form 1040x The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. Irs form 1040x Table 19-2 summarizes the features of the tuition and fees deduction. Irs form 1040x You may be able to take a credit for your education expenses instead of a deduction. Irs form 1040x You can choose the one that will give you the lower tax. Irs form 1040x See chapter 35, Education Credits, for details about the credits. Irs form 1040x Can You Claim the Deduction The following rules will help you determine if you can claim the tuition and fees deduction. Irs form 1040x Who Can Claim the Deduction Generally, you can claim the tuition and fees deduction if all three of the following requirements are met. Irs form 1040x You paid qualified education expenses of higher education in 2013 for academic periods beginning in 2013 and those beginning in the first three months of 2014. Irs form 1040x You paid the education expenses for an eligible student. Irs form 1040x The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption (defined in chapter 3) on your tax return. Irs form 1040x Qualified education expenses are defined under What Expenses Qualify . Irs form 1040x Eligible students are defined later under Who Is an Eligible Student . Irs form 1040x Who Cannot Claim the Deduction You cannot claim the tuition and fees deduction if any of the following apply. Irs form 1040x Your filing status is married filing separately. Irs form 1040x Another person can claim an exemption for you as a dependent on his or her tax return. Irs form 1040x You cannot take the deduction even if the other person does not actually claim that exemption. Irs form 1040x Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return). Irs form 1040x 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 form 1040x More information on nonresident aliens can be found in Publication 519, U. Irs form 1040x S. Irs form 1040x Tax Guide for Aliens. Irs form 1040x You or anyone else claims an American opportunity or lifetime learning credit in 2013 with respect to expenses of the student for whom the qualified education expenses were paid. Irs form 1040x However, a state tax credit will not disqualify you from claiming a tuition and fees deduction. Irs form 1040x Table 19-2. Irs form 1040x Tuition and Fees Deduction at a Glance Do not rely on this table alone. Irs form 1040x Refer to the text for more details. Irs form 1040x Question   Answer What is the maximum benefit?   You can reduce your income subject to tax by up to $4,000. Irs form 1040x Where is the deduction taken?   As an adjustment to income on Form 1040, line 34, or Form 1040A, line 19. Irs form 1040x For whom must the expenses be paid?   A student enrolled in an eligible educational institution who is either: you, your spouse, or your dependent for whom you claim an exemption. Irs form 1040x What tuition and fees are deductible?   Tuition and fees required for enrollment or attendance at an eligible postsecondary educational institution, but not including personal, living, or family expenses, such as room and board. Irs form 1040x What Expenses Qualify The tuition and fees deduction 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 form 1040x Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013 or for an academic period (defined earlier under Student Loan Interest Deduction ) beginning in 2013 or in the first 3 months of 2014. Irs form 1040x Payments with borrowed funds. Irs form 1040x   You can claim a tuition and fees deduction for qualified education expenses paid with the proceeds of a loan. Irs form 1040x Use the expenses to figure the deduction for the year in which the expenses are paid, not the year in which the loan is repaid. Irs form 1040x Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. Irs form 1040x Student withdraws from class(es). Irs form 1040x   You can claim a tuition and fees deduction for qualified education expenses not refunded when a student withdraws. Irs form 1040x Qualified Education Expenses For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Irs form 1040x Eligible educational institution. Irs form 1040x   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 form 1040x S. Irs form 1040x Department of Education. Irs form 1040x It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs form 1040x The educational institution should be able to tell you if it is an eligible educational institution. Irs form 1040x   Certain educational institutions located outside the United States also participate in the U. Irs form 1040x S. Irs form 1040x Department of Education's Federal Student Aid (FSA) programs. Irs form 1040x Academic period. Irs form 1040x    An academic period is any quarter, semester, trimester, or any other period of study as reasonably determined by an eligible educational institution. Irs form 1040x If an eligible educational institution uses credit hours and does not have academic terms, each payment period may be treated as an academic period. Irs form 1040x Related expenses. Irs form 1040x   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses for the tuition and fees deduction only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Irs form 1040x Prepaid expenses. Irs form 1040x   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring the tuition and fees deduction. Irs form 1040x See Academic period, earlier. Irs form 1040x For example, if 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 the tuition and fees deduction for 2013 only if you meet all the other requirements. Irs form 1040x    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 tuition and fees deduction. Irs form 1040x No Double Benefit Allowed You cannot do any of the following. Irs form 1040x Deduct qualified education expenses you deduct under any other provision of the law, for example, as a business expense. Irs form 1040x Deduct qualified education expenses for a student on your income tax return if you or anyone else claims an American opportunity or lifetime learning credit for that same student in the same year. Irs form 1040x Deduct qualified education expenses that have been used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or a qualified tuition program (QTP). Irs form 1040x For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Irs form 1040x See Figuring the Taxable Portion of a Distribution in chapter 7 (Coverdell ESA) and chapter 8 (QTP) of Publication 970. Irs form 1040x Deduct qualified education expenses that have been paid with tax-free interest on U. Irs form 1040x S. Irs form 1040x savings bonds (Form 8815). Irs form 1040x See Figuring the Tax-Free Amount in chapter 10 of Publication 970. Irs form 1040x Deduct qualified education expenses that have been paid with tax-free educational assistance such as a scholarship, grant, or employer-provided educational assistance. Irs form 1040x See Adjustments to qualified education expenses, later. Irs form 1040x Adjustments to qualified education expenses. Irs form 1040x   For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Irs form 1040x The result is the amount of adjusted qualified education expenses for each student. Irs form 1040x Tax-free educational assistance. Irs form 1040x   For tax-free educational assistance you received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance to that academic period. Irs form 1040x See Academic period, earlier. Irs form 1040x   This includes: The tax-free part of scholarships and fellowships, including Pell grants (see chapter 1 of Publication 970), The tax-free part of any employer-provided educational assistance (see chapter 11 of Publication 970), Veterans' educational assistance (see chapter 1 of Publication 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs form 1040x Generally, any scholarship or fellowship you receive is treated as tax-free educational assistance. Irs form 1040x However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent you include it in gross income (if you are required to file a tax return) for the year the scholarship or fellowship is received and either: 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 Pub. Irs form 1040x 970, chapter 1. Irs form 1040x 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 Pub. Irs form 1040x 970, chapter 1. Irs form 1040x You may be able to increase the combined value of your tuition and fees deduction and certain educational assistance if you include some or all of the educational assistance in income in the year it is received. Irs form 1040x For details, see Adjustments to Qualified Education Expenses in chapter 6 of Pub. Irs form 1040x 970. Irs form 1040x Some tax-free educational assistance received in 2013 may be treated as a refund of qualified education expenses paid in 2013. Irs form 1040x 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 form 1040x 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 form 1040x 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 form 1040x Refunds. Irs form 1040x   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or may require you to include some or all of the refund in your gross income for the year the refund is received. Irs form 1040x See chapter 6 of Pub. Irs form 1040x 970 for more information. Irs form 1040x Some tax-free educational assistance received after 2013 may be treated as a refund. Irs form 1040x See Tax-free educational assistance, earlier. Irs form 1040x Refunds received in 2013. Irs form 1040x    For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Irs form 1040x Refunds received after 2013 but before your income tax return is filed. Irs form 1040x   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. Irs form 1040x Refunds received after 2013 and after your income tax return is filed. Irs form 1040x   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received after you file your 2013 income tax return, you may need to include some or all of the refund in your gross income for the year the refund is received. Irs form 1040x See chapter 6 of Pub. Irs form 1040x 970 for more information. Irs form 1040x Coordination with Coverdell education savings accounts and qualified tuition programs. Irs form 1040x    Reduce your qualified education expenses by any qualified education expenses used to figure the exclusion from gross income of (a) interest received under an education savings bond program, or (b) any distribution from a Coverdell education savings account or qualified tuition program (QTP). Irs form 1040x For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Irs form 1040x Amounts that do not reduce qualified education expenses. Irs form 1040x   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 form 1040x   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 form 1040x 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. Irs form 1040x The use of the money is not restricted. Irs form 1040x 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 form 1040x This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Irs form 1040x Sports, games, hobbies, and noncredit courses. Irs form 1040x   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 form 1040x However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. Irs form 1040x Comprehensive or bundled fees. Irs form 1040x   Some eligible educational institutions combine all of their fees for an academic period into one amount. Irs form 1040x 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 form 1040x 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, Tuition Statement. Irs form 1040x See How Do You Figure the Deduction , later, for more information about Form 1098-T. Irs form 1040x Who Is an Eligible Student For purposes of the tuition and fees deduction, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (defined earlier). Irs form 1040x Who Can Claim a Dependent's Expenses Generally, in order to claim the tuition and fees deduction for qualified education expenses for a dependent, you must: Have paid the expenses, and Claim an exemption for the student as a dependent. Irs form 1040x Table 19-3 summarizes who can claim the deduction. Irs form 1040x How Much Can You Deduct The maximum tuition and fees deduction in 2013 is $4,000, $2,000, or $0, depending on the amount of your MAGI. Irs form 1040x For details on figuring your MAGI, see chapter 6 of Publication 970. Irs form 1040x How Do You Figure the Deduction Figure the deduction using Form 8917. Irs form 1040x To help you figure your tuition and fees deduction, you should receive Form 1098-T, Tuition Statement. Irs form 1040x 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 form 1040x To claim the deduction, enter the allowable amount on Form 1040, line 34, or Form 1040A, line 19, and attach your completed Form 8917. Irs form 1040x Table 19-3. Irs form 1040x Who Can Claim a Dependent's Expenses Do not rely on this table alone. Irs form 1040x See Who Can Claim a Dependent's Expenses in chapter 6 of Publication 970. Irs form 1040x IF your dependent is an eligible student and you. Irs form 1040x . Irs form 1040x . Irs form 1040x AND. Irs form 1040x . Irs form 1040x . Irs form 1040x THEN. Irs form 1040x . Irs form 1040x . Irs form 1040x claim an exemption for your dependent you paid all qualified education expenses for your dependent only you can deduct the qualified education expenses that you paid. Irs form 1040x Your dependent cannot take a deduction. Irs form 1040x claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Irs form 1040x do not claim an exemption for your dependent you paid all qualified education expenses no one is allowed to take a deduction. Irs form 1040x do not claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Irs form 1040x Educator Expenses If you were an eligible educator in 2013, you can deduct on Form 1040, line 23, or Form 1040A, line 16, up to $250 of qualified expenses you paid in 2013. Irs form 1040x If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. Irs form 1040x However, neither spouse can deduct more than $250 of his or her qualified expenses on Form 1040, line 23, or Form 1040A, line 16. Irs form 1040x You may be able to deduct expenses that are more than the $250 (or $500) limit on Schedule A (Form 1040), line 21. Irs form 1040x Eligible educator. Irs form 1040x   An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who worked in a school for at least 900 hours during a school year. Irs form 1040x Qualified expenses. Irs form 1040x   Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. Irs form 1040x An ordinary expense is one that is common and accepted in your educational field. Irs form 1040x A necessary expense is one that is helpful and appropriate for your profession as an educator. Irs form 1040x An expense does not have to be required to be considered necessary. Irs form 1040x   Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. Irs form 1040x   You must reduce your qualified expenses by the following amounts. Irs form 1040x Excludable U. Irs form 1040x S. Irs form 1040x series EE and I savings bond interest from Form 8815. Irs form 1040x See Figuring the Tax-Free Amount in chapter 10 of Publication 970. Irs form 1040x Nontaxable qualified tuition program earnings or distributions. Irs form 1040x See Figuring the Taxable Portion of a Distribution in chapter 8 of Publication 970. Irs form 1040x Nontaxable distribution of earnings from a Coverdell education savings account. Irs form 1040x See Figuring the Taxable Portion of a Distribution in chapter 7 of Publication 970. Irs form 1040x Any reimbursements you received for these expenses that were not reported to you in box 1 of your Form W-2. Irs form 1040x Prev  Up  Next   Home   More Online Publications
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The Irs Form 1040x

Irs form 1040x Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. Irs form 1040x Proc. Irs form 1040x 2009-24 Table of Contents SECTION 1. Irs form 1040x PURPOSE SECTION 2. Irs form 1040x BACKGROUND SECTION 3. Irs form 1040x SCOPE SECTION 4. Irs form 1040x APPLICATION. Irs form 1040x 01 In General. Irs form 1040x . Irs form 1040x 02 Limitations on Depreciation Deductions for Certain Automobiles. Irs form 1040x . Irs form 1040x 03 Inclusions in Income of Lessees of Passenger Automobiles. Irs form 1040x SECTION 5. Irs form 1040x EFFECTIVE DATE SECTION 6. Irs form 1040x DRAFTING INFORMATION SECTION 1. Irs form 1040x PURPOSE . Irs form 1040x 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. Irs form 1040x . Irs form 1040x 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Irs form 1040x SECTION 2. Irs form 1040x BACKGROUND . Irs form 1040x 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. Irs form 1040x Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. Irs form 1040x The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Irs form 1040x This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. Irs form 1040x . Irs form 1040x 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. Irs form 1040x Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. Irs form 1040x . Irs form 1040x 03 Section 168(k)(2)(D)(i) provides that the 50 percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Irs form 1040x Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. Irs form 1040x Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). Irs form 1040x Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. Irs form 1040x . Irs form 1040x 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. Irs form 1040x The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Irs form 1040x Under § 1. Irs form 1040x 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. Irs form 1040x One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Irs form 1040x Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Irs form 1040x SECTION 3. Irs form 1040x SCOPE . Irs form 1040x 01 The limitations on depreciation deductions in section 4. Irs form 1040x 02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2009, and continue to apply for each taxable year that the passenger automobile remains in service. Irs form 1040x . Irs form 1040x 02 The tables in section 4. Irs form 1040x 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. Irs form 1040x Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Irs form 1040x See Rev. Irs form 1040x Proc. Irs form 1040x 2002-14, 2002-1 C. Irs form 1040x B. Irs form 1040x 450, for passenger automobiles first leased before January 1, 2003, Rev. Irs form 1040x Proc. Irs form 1040x 2003-75, 2003-2 C. Irs form 1040x B. Irs form 1040x 1018, for passenger automobiles first leased during calendar year 2003, Rev. Irs form 1040x Proc. Irs form 1040x 2004-20, 2004-1 C. Irs form 1040x B. Irs form 1040x 642, for passenger automobiles first leased during calendar year 2004, Rev. Irs form 1040x Proc. Irs form 1040x 2005-13, 2005-1 C. Irs form 1040x B. Irs form 1040x 759, for passenger automobiles first leased during calendar year 2005, Rev. Irs form 1040x Proc. Irs form 1040x 2006-18, 2006-1 C. Irs form 1040x B. Irs form 1040x 645, for passenger automobiles first leased during calendar year 2006, Rev. Irs form 1040x Proc. Irs form 1040x 2007-30, 2007-1 C. Irs form 1040x B. Irs form 1040x 1104, for passenger automobiles first leased during calendar year 2007, and Rev. Irs form 1040x Proc. Irs form 1040x 2008-22, 2008-12 I. Irs form 1040x R. Irs form 1040x B. Irs form 1040x 658, for passenger automobiles first leased during calendar year 2008. Irs form 1040x SECTION 4. Irs form 1040x APPLICATION . Irs form 1040x 01 In General. Irs form 1040x (1) Limitations on depreciation deductions for certain automobiles. Irs form 1040x The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. Irs form 1040x 02(2) of this revenue procedure. Irs form 1040x (2) Inclusions in income of lessees of passenger automobiles. Irs form 1040x A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. Irs form 1040x 03 of this revenue procedure. Irs form 1040x In addition, the taxpayer must follow the procedures of § 1. Irs form 1040x 280F-7(a). Irs form 1040x . Irs form 1040x 02 Limitations on Depreciation Deductions for Certain Automobiles. Irs form 1040x (1) Amount of the inflation adjustment. Irs form 1040x (a) Passenger automobiles (other than trucks or vans). Irs form 1040x Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Irs form 1040x The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Irs form 1040x The new car component of the CPI was 115. Irs form 1040x 2 for October 1987 and 134. Irs form 1040x 837 for October 2008. Irs form 1040x The October 2008 index exceeded the October 1987 index by 19. Irs form 1040x 637. Irs form 1040x The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. Irs form 1040x 05 percent (19. Irs form 1040x 637/115. Irs form 1040x 2 x 100%). Irs form 1040x This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. Irs form 1040x The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Irs form 1040x 1705, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2009. Irs form 1040x (b) Trucks and vans. Irs form 1040x To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. Irs form 1040x The new truck component of the CPI was 112. Irs form 1040x 4 for October 1987 and 133. Irs form 1040x 640 for October 2008. Irs form 1040x The October 2008 index exceeded the October 1987 index by 21. Irs form 1040x 24. Irs form 1040x The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. Irs form 1040x 90 percent (21. Irs form 1040x 24/112. Irs form 1040x 4 x 100%). Irs form 1040x This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. Irs form 1040x The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Irs form 1040x 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. Irs form 1040x (2) Amount of the limitation. Irs form 1040x For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. Irs form 1040x Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. Irs form 1040x Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Irs form 1040x Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. Irs form 1040x Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Irs form 1040x REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 . Irs form 1040x 03 Inclusions in Income of Lessees of Passenger Automobiles. Irs form 1040x The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. Irs form 1040x 280F-7(a). Irs form 1040x Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. Irs form 1040x REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. Irs form 1040x PROC. Irs form 1040x 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. Irs form 1040x EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. Irs form 1040x SECTION 6. Irs form 1040x DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Irs form 1040x Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Irs form 1040x For further information regarding this revenue procedure, contact Mr. Irs form 1040x Harvey at (202) 622-4930 (not a toll-free call). Irs form 1040x Prev  Up  Next   Home   More Internal Revenue Bulletins