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Senior tax stimulus check 9. Senior tax stimulus check   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Senior tax stimulus check This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Senior tax stimulus check The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Senior tax stimulus check See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Senior tax stimulus check However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Senior tax stimulus check You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Senior tax stimulus check Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Senior tax stimulus check If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Senior tax stimulus check Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Senior tax stimulus check Qualified education expenses. Senior tax stimulus check   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Senior tax stimulus check They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Senior tax stimulus check   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Senior tax stimulus check   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Senior tax stimulus check 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. Senior tax stimulus check The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Senior tax stimulus check You will need to contact the eligible educational institution for qualified room and board costs. Senior tax stimulus check Eligible educational institution. Senior tax stimulus check   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. Senior tax stimulus check S. Senior tax stimulus check Department of Education. Senior tax stimulus check It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Senior tax stimulus check The educational institution should be able to tell you if it is an eligible educational institution. Senior tax stimulus check   Certain educational institutions located outside the United States also participate in the U. Senior tax stimulus check S. Senior tax stimulus check Department of Education's Federal Student Aid (FSA) programs. Senior tax stimulus check Half-time student. Senior tax stimulus check   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Senior tax stimulus check Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Senior tax stimulus check You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), 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), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Senior tax stimulus check Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Senior tax stimulus check If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Senior tax stimulus check Example 1. Senior tax stimulus check In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Senior tax stimulus check She paid $5,800 of qualified education expenses from the following sources. Senior tax stimulus check   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Senior tax stimulus check   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Senior tax stimulus check However, she must include the $500 taxable earnings in her gross income subject to income tax. Senior tax stimulus check Example 2. Senior tax stimulus check Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Senior tax stimulus check This must be included in her income subject to income tax. Senior tax stimulus check The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Senior tax stimulus check Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Senior tax stimulus check She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Senior tax stimulus check Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Senior tax stimulus check The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Senior tax stimulus check If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Senior tax stimulus check Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Senior tax stimulus check See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Senior tax stimulus check There are many other situations in which Form 5329 is required. Senior tax stimulus check If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Senior tax stimulus check Prev  Up  Next   Home   More Online Publications
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IRS Tax Tip 2014-42, March 27, 2014

The tax deadline’s almost here. If you haven’t yet filed, you may think you need to rush to find what you need to file your tax return. However, a quick and easy method to get help is to use IRS social media. It’s a convenient way to get the tax information and tools you need to help you file your federal tax return.

Consider using these IRS social media tools to help you navigate the tax deadline.

  • IRS2Go.  IRS's free mobile app gives you your refund status, tax news updates, IRS YouTube videos and lets you request your tax records. IRS2Go is available for the iPhone, iTouch or Android mobile devices.

  • YouTube.  IRS offers dozens of video tax tips on a variety of topics in English, Spanish and American Sign Language.

  • Twitter.  Tweets from @IRSnews provide tax-related announcements and daily tax tips. Tweets from @IRStaxpros offer news and guidance for tax professionals. Tweets from @IRSenEspanol have news and information in Spanish, The Taxpayer Advocate Service sends tweets from @YourVoiceAtIRS. @RecruitmentIRS provides updates for job seekers.

  • Podcasts.  IRS has short audio recordings that offer one tax-related topic per podcast. They are available through the Multimedia Center on the IRS website. Podcast transcripts are also available.

  • Tumblr.  Follow the IRS on Tumblr and never miss a post! IRS Tumblr is a microblogging platform where users can access IRS tax tips, videos and podcasts. The IRS uses Tumblr to share information about important programs. Access Tumblr from your browser, Smartphone, tablet or desktop.

  • Facebook.  IRS has four Facebook pages that provide news and information for taxpayers and tax return preparers. You can check the IRS pages to get updates on job openings or for tax assistance from the Taxpayer Advocate Service.

Protecting your privacy is a top priority at the IRS. The IRS uses social media tools to share public information, not to answer personal tax or account questions. You should never post your Social Security number or any other confidential information on social media sites.

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Page Last Reviewed or Updated: 27-Mar-2014

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Senior tax stimulus check Publication 970 - Additional Material Table of Contents AppendicesAppendix A. Senior tax stimulus check Illustrated Example of Education Credits Glossary Appendices The following appendices are provided to help you claim the education benefits that will give you the lowest tax. Senior tax stimulus check Appendix A—An illustrated example of education credits, including a filled-in Form 8863 showing how to claim both the American opportunity credit and lifetime learning credit for 2013. Senior tax stimulus check Appendix B—A chart summarizing some of the major differences between the education tax benefits discussed in this publication. Senior tax stimulus check It is intended only as a guide. Senior tax stimulus check Look in this publication for more complete information. Senior tax stimulus check   Appendix A. Senior tax stimulus check Illustrated Example of Education Credits Dave and Valerie Jones are married and on their 2013 joint tax return they claim exemptions for their two dependent children, Sean (age 21, social security number: 000-00-0001) and Carey (age 18, social security number: 000–00–0002). Senior tax stimulus check Their modified adjusted gross income (MAGI) on Form 1040, line 38 is $110,000. Senior tax stimulus check Because Dave and Valerie have unusually high itemized deductions, their taxable income is $10,000 and their tax before credits is $1,000. Senior tax stimulus check Sean enrolled as a full-time graduate student in August 2013 at California State College. Senior tax stimulus check He graduated with his bachelor's degree in 2012 and did not attend school from January 2013 through July 2013. Senior tax stimulus check His parents claimed the Hope Scholarship Credit for Sean for 2008 and the American opportunity credit for Sean for 2010, 2011, and 2012. Senior tax stimulus check Carey enrolled full time as a freshman at the same college in January 2013 to begin working on her bachelor's degree. Senior tax stimulus check In 2013, Dave and Valerie paid $7,000 in tuition for Sean and $8,500 in tuition for Carey. Senior tax stimulus check California State College issued two Forms 1098-T, one for Sean and one for Carey, and sent them to the Joneses' residence. Senior tax stimulus check California State College reports amounts billed in 2013 instead of amounts paid during 2013. Senior tax stimulus check In completing Form 8863, the Joneses use the amounts they paid. Senior tax stimulus check Neither Sean nor Carey has been convicted of a felony for possession or distribution of a controlled substance before the end of 2013. Senior tax stimulus check Dave and Valerie figure their education credits by completing Form 8863. Senior tax stimulus check They begin Form 8863 on page 2 before completing Part I on page 1. Senior tax stimulus check Because the Joneses have two eligible students, they will complete page 2 twice, once for their son, Sean, and once for their daughter, Carey. Senior tax stimulus check The Joneses decide to complete Part III for Carey first, as shown later. Senior tax stimulus check They carry over the amount of $2,500 entered on Part III, line 30, to Part I, line 1. Senior tax stimulus check The Joneses complete a separate Part III for their son Sean. Senior tax stimulus check They check the “Yes” box on line 23, determine that Sean is not eligible for the American opportunity credit, and go to line 31 as instructed. Senior tax stimulus check They figure their line 31 adjusted qualified education expenses for Sean to be $7,000. Senior tax stimulus check Once they have completed Part III for each student, they figure their credits. Senior tax stimulus check The Joneses figure their refundable American opportunity credit of $1,000 by completing Form 8863, Part I, lines 1 through 8. Senior tax stimulus check They enter the amount from line 8, $1,000, on line 66 of their Form 1040. Senior tax stimulus check The Joneses enter $7,000 on Part II, line 10, of Form 8863 and figure their tentative lifetime learning credit for 2013 to be $1,400 (line 12). Senior tax stimulus check They cannot claim the full amount because their MAGI of $110,000 is greater than $107,000. Senior tax stimulus check They enter the reduced amount of $1,190 (figured on Part II, line 18) on the Credit Limit Worksheet, line 1. Senior tax stimulus check The $1,190 is added to their nonrefundable American opportunity credit ($1,500 on line 2 of the Credit Limit Worksheet) for a total nonrefundable credit of $2,690. Senior tax stimulus check The Joneses enter $1,000 on line 7 of the Credit Limit Worksheet, which is the smaller of their tax from line 46 of their Form 1040 (which is $1,000) or the $2,690 on line 3 of the Credit Limit Worksheet. Senior tax stimulus check They enter $1,000 on line 19, Part II of Form 8863 and on line 49 of Form 1040. Senior tax stimulus check This image is too large to be displayed in the current screen. Senior tax stimulus check Please click the link to view the image. Senior tax stimulus check Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. Senior tax stimulus check Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 8,500 2. Senior tax stimulus check Less adjustments:     a. Senior tax stimulus check Tax-free educational assistance received in 2013 allocable to the academic period   0     b. Senior tax stimulus check Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. Senior tax stimulus check Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. Senior tax stimulus check Total adjustments (add lines 2a, 2b, and 2c) 0 4. Senior tax stimulus check Adjusted qualified education expenses. Senior tax stimulus check Subtract line 3 from line 1. Senior tax stimulus check If zero or less, enter -0- 8,500 This image is too large to be displayed in the current screen. Senior tax stimulus check Please click the link to view the image. Senior tax stimulus check Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. Senior tax stimulus check Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 7,000 2. Senior tax stimulus check Less adjustments:     a. Senior tax stimulus check Tax-free educational assistance received in 2013 allocable to the academic period   0     b. Senior tax stimulus check Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. Senior tax stimulus check Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. Senior tax stimulus check Total adjustments (add lines 2a, 2b, and 2c) 0 4. Senior tax stimulus check Adjusted qualified education expenses. Senior tax stimulus check Subtract line 3 from line 1. Senior tax stimulus check If zero or less, enter -0- 7,000 Credit Limit Worksheet (Form 8863 instructions) Nonrefundable Credit Worksheet 1. Senior tax stimulus check Enter the amount from Form 8863, line 18 1. Senior tax stimulus check 1,190 2. Senior tax stimulus check Enter the amount from Form 8863, line 9 2. Senior tax stimulus check 1,500 3. Senior tax stimulus check Add lines 1 and 2 3. Senior tax stimulus check 2,690 4. Senior tax stimulus check Enter the amount from: Form 1040, line 46; or Form 1040A, line 28 4. Senior tax stimulus check 1,000 5. Senior tax stimulus check Enter the amount from either: Form 1040, lines 47 and 48, and the amount from Schedule R included on Form 1040, line 53; or Form 1040A, lines 29 and 30 5. Senior tax stimulus check 0 6. Senior tax stimulus check Subtract line 5 from line 4 6. Senior tax stimulus check 1,000 7. Senior tax stimulus check   Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 7. Senior tax stimulus check 1,000 This image is too large to be displayed in the current screen. Senior tax stimulus check Please click the link to view the image. Senior tax stimulus check Form 8863 for Dave and Valerie Jones This image is too large to be displayed in the current screen. Senior tax stimulus check Please click the link to view the image. Senior tax stimulus check Carey Jones page 2 This image is too large to be displayed in the current screen. Senior tax stimulus check Please click the link to view the image. Senior tax stimulus check Filled-in Form 8863 Jones page 2 Appendix B. Senior tax stimulus check Highlights of Education Tax Benefits for Tax Year 2013 This chart highlights some differences among the benefits discussed in this publication. Senior tax stimulus check See the text for definitions and details. Senior tax stimulus check Do not rely on this chart alone. Senior tax stimulus check    Caution:You generally cannot claim more than one benefit for the same education expense. Senior tax stimulus check   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What is your  benefit? Amounts received may not be taxable   Credits can reduce the amount of tax you have to pay. Senior tax stimulus check    40% of the credit may be refundable (limited to $1,000 per student). Senior tax stimulus check Credits can reduce amount of tax you must pay Can deduct interest paid Can deduct expenses Earnings not  taxed Earnings not taxed No 10%  additional tax on early distribution Interest not taxed Employer benefits not taxed Can deduct expenses What is the annual limit? None $2,500 credit per student $2,000 credit per tax return     $2,500 deduction $4,000 deduction $2,000 contribution per beneficiary None Amount of qualified  education expenses Amount of qualified  education expenses $5,250 exclusion Amount of qualifying work-related education expenses What expenses  qualify besides  tuition and required enrollment fees? Course-related expenses such as fees, books, supplies, and equipment Course-related books, supplies, and equipment Amounts paid for required books, etc. Senior tax stimulus check , that must be paid to the educational institution, etc. Senior tax stimulus check , are required fees Books Supplies Equipment  Room & board  Transportation  Other necessary expenses  None Books Supplies Equipment  Expenses for special needs services  Payments to QTP  Higher education: Room & board if  at least half-time  student  Elem/sec (K–12) education: Tutoring Room & board Uniforms Transportation Computer  access Supplementary expenses Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Payments to Coverdell ESA  Payments to QTP Books Supplies Equipment Transportation  Travel  Other necessary expenses   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What education qualifies? Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate  Courses to acquire or improve job skills    Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Required by employer or law to keep present job, salary, status  Maintain or improve job skills What are some of the other  conditions that  apply? Must be in degree or vocational program  Payment of tuition and required fees must be allowed under the grant Can be claimed for only 4 tax years (which includes years Hope Scholarship Credit claimed)  Must be enrolled at least half-time in degree program  No felony drug conviction(s)  Must not have completed first 4 years of postsecondary education before end of preceding tax year. Senior tax stimulus check   No other conditions Must have been at least half-time  student in degree program Cannot claim both deduction & education credit for same student in same year Assets must be distributed at age 30 unless special  needs beneficiary No other conditions No other conditions Applies only to qualified series  EE bonds issued after 1989 or series I bonds No other conditions Cannot be to  meet minimum educational requirements of present trade/business  Cannot qualify  you for new trade/business   In what income  range do benefits  phase out? No phaseout $80,000 – $90,000  $160,000 – $180,000 for joint returns $53,000 – $63,000  $107,000 – $127,000 for joint returns $60,000 – $75,000  $125,000 –  $155,000 for  joint returns  $60,000 – $80,000  $130,000 –  $160,000 for  joint returns  $95,000 – $110,000  $190,000 – $220,000 for  joint returns No phaseout No phaseout   No phaseout No phaseout † Any nontaxable distribution is limited to the amount that does not exceed qualified education expenses. Senior tax stimulus check Glossary The education benefits included in this publication were enacted over many years, leading to a number of common terms being defined differently from one benefit to the next. Senior tax stimulus check For example, an eligible educational institution means one thing when determining if earnings from a Coverdell education savings account are not taxable and something else when determining if a scholarship or fellowship is not taxable. Senior tax stimulus check For each term listed below that has more than one definition, the definition for each education benefit is listed. Senior tax stimulus check Academic period:   A semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Senior tax stimulus check If an educational institution uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Senior tax stimulus check Adjusted qualified education expenses (AQEE):    Qualified education expenses (defined later) reduced by any tax-free educational assistance, such as a tax-free scholarship or employer-provided educational assistance. Senior tax stimulus check They must also be reduced by any qualified education expenses deducted elsewhere on your return, used to determine an education credit or other benefit, or used to determine a tax-free distribution. Senior tax stimulus check For information on a specific benefit, see the appropriate chapter in this publication. Senior tax stimulus check Candidate for a degree:   A student who meets either of the following requirements. Senior tax stimulus check Attends a primary or secondary school or pursues a degree at a college or university, or Attends an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Senior tax stimulus check Designated beneficiary:   The individual named in the document creating the account/plan who is to receive the benefit of the funds in the account/plan. Senior tax stimulus check Eligible educational institution:    American opportunity credit. Senior tax stimulus check Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Senior tax stimulus check It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Senior tax stimulus check Coverdell education savings account (ESA). Senior tax stimulus check Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Senior tax stimulus check It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Senior tax stimulus check Also included is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. Senior tax stimulus check Education savings bond program. Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check IRA, early distributions from. Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Lifetime learning credit. Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Qualified tuition program (QTP). Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Scholarships and fellowships. Senior tax stimulus check An institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Senior tax stimulus check Student loan, cancellation of. Senior tax stimulus check Same as Scholarships and fellowships in this category. Senior tax stimulus check Student loan interest deduction. Senior tax stimulus check Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Senior tax stimulus check It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Senior tax stimulus check Also included is an institution that conducts 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. Senior tax stimulus check Tuition and fees deduction. Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Eligible student:    American opportunity credit. Senior tax stimulus check A student who meets all of the following requirements for the tax year for which the credit is being determined. Senior tax stimulus check Did not have expenses that were used to figure an American opportunity or Hope Scholarship Credit in any 4 earlier tax years. Senior tax stimulus check Had not completed the first 4 years of postsecondary education (generally the freshman through senior years). Senior tax stimulus check For at least one academic period beginning in the tax year, was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. Senior tax stimulus check Was free of any federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year. Senior tax stimulus check Lifetime learning credit. Senior tax stimulus check A student who is enrolled in one or more courses at an eligible educational institution. Senior tax stimulus check Student loan interest deduction. Senior tax stimulus check A student who was enrolled at least half-time in a program leading to a postsecondary degree, certificate, or other recognized educational credential at an eligible educational institution. Senior tax stimulus check Tuition and fees deduction. Senior tax stimulus check A student who is enrolled in one or more courses at an eligible educational institution. Senior tax stimulus check Half-time student:   A student who is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Senior tax stimulus check Modified adjusted gross income (MAGI):    American opportunity credit. Senior tax stimulus check Adjusted gross income (AGI) as figured on the federal income tax return, 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. Senior tax stimulus check Coverdell education savings account (ESA). Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Education savings bond program. Senior tax stimulus check Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Senior tax stimulus check Lifetime learning credit. Senior tax stimulus check Same as American opportunity credit in this category. Senior tax stimulus check Student loan interest deduction. Senior tax stimulus check Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any student loan interest deduction, tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Senior tax stimulus check Tuition and fees deduction. Senior tax stimulus check Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Senior tax stimulus check Phaseout:   The amount of credit or deduction allowed is reduced when modified adjusted gross income (MAGI) is greater than a specified amount of income. Senior tax stimulus check Qualified education expenses:   See pertinent chapter for specific items. Senior tax stimulus check    American opportunity credit. Senior tax stimulus check Tuition and certain related expenses (including student activity fees) required for enrollment or attendance at an eligible educational institution. Senior tax stimulus check Books, supplies, and equipment needed for a course of study are included even if not purchased from the educational institution. Senior tax stimulus check Does not include expenses for room and board. Senior tax stimulus check Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program. Senior tax stimulus check Coverdell education savings account (ESA). Senior tax stimulus check Expenses related to or required for enrollment or attendance of the designated beneficiary at an eligible elementary, secondary, or postsecondary school. Senior tax stimulus check Many specialized expenses included for K–12. Senior tax stimulus check Also includes expenses for special needs services and contribution to qualified tuition program (QTP). Senior tax stimulus check Education savings bond program. Senior tax stimulus check Tuition and fees required to enroll at or attend an eligible educational institution. Senior tax stimulus check Also includes contributions to a qualified tuition program (QTP) or Coverdell education savings account (ESA). Senior tax stimulus check Does not include expenses for room and board. Senior tax stimulus check Does not include expenses for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Senior tax stimulus check IRA, early distributions from. Senior tax stimulus check Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. Senior tax stimulus check Also includes expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Senior tax stimulus check Lifetime learning credit. Senior tax stimulus check Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Senior tax stimulus check Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Senior tax stimulus check Does not include expenses for room and board. Senior tax stimulus check Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program, unless taken by the student to acquire or improve job skills. Senior tax stimulus check Qualified tuition program (QTP). Senior tax stimulus check Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. Senior tax stimulus check Includes expenses for special needs services and computer access. Senior tax stimulus check Scholarships and fellowships. Senior tax stimulus check Expenses for tuition and fees required to enroll at or attend an eligible educational institution, and course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Senior tax stimulus check Course-related items must be required of all students in the course of instruction. Senior tax stimulus check Student loan interest deduction. Senior tax stimulus check Total costs of attending an eligible educational institution, including graduate school (however, limitations may apply to the cost of room and board allowed). Senior tax stimulus check Tuition and fees deduction. Senior tax stimulus check Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Senior tax stimulus check Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Senior tax stimulus check Recapture:   To include as income on your current year's return an amount allowed as a deduction in a prior year. Senior tax stimulus check To include as tax on your current year's return an amount allowed as a credit in a prior year. Senior tax stimulus check Rollover:   A tax-free distribution to you of cash or other assets from a tax-favored plan that you contribute to another tax-favored plan. Senior tax stimulus check Transfer:   A movement of funds in a tax-favored plan from one trustee directly to another, either at your request or at the trustee's request. Senior tax stimulus check Prev  Up  Next   Home   More Online Publications