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Tax Forms 1040 Ez

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Tax Forms 1040 Ez

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

Identity theft perpetrators are hitting credit card companies, banks and other financial institutions. Unfortunately, the tax system isn't immune. This is not something the IRS takes lightly, and we've dramatically stepped up efforts to stop refund fraud as well as identity theft prevention and detection across the entire tax system.

Our goal is to detect these attempts at refund fraud before they occur and prevent them from happening in the first place, including detecting new schemes.

The IRS is utilizing the full capabilities and resources of our Criminal Investigation division to investigate those who steal from American taxpayers through identity theft.

Page Last Reviewed or Updated: 06-Dec-2013

The Tax Forms 1040 Ez

Tax forms 1040 ez Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Tax forms 1040 ez Tax-free exchange of rental property occasionally used for personal purposes. Tax forms 1040 ez Ordering forms and publications. Tax forms 1040 ez Tax questions. Tax forms 1040 ez Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. Tax forms 1040 ez irs. Tax forms 1040 ez gov/pub527. Tax forms 1040 ez What's New Net Investment Income Tax (NIIT). Tax forms 1040 ez  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Tax forms 1040 ez NIIT is a 3. Tax forms 1040 ez 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Tax forms 1040 ez Net investment income may include rental income and other income from passive activities. Tax forms 1040 ez Use Form 8960, Net Investment Income Tax, to figure this tax. Tax forms 1040 ez For more information on NIIT, go to IRS. Tax forms 1040 ez gov and enter “Net Investment Income Tax” in the search box. Tax forms 1040 ez Reminders Photographs of missing children. Tax forms 1040 ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax forms 1040 ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax forms 1040 ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax forms 1040 ez Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. Tax forms 1040 ez In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. Tax forms 1040 ez First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Tax forms 1040 ez We will look at types of income and when each is reported, and at types of expenses and which are deductible. Tax forms 1040 ez Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Tax forms 1040 ez Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. Tax forms 1040 ez Special rental situations are grouped together in chapter 4. Tax forms 1040 ez These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Tax forms 1040 ez Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. Tax forms 1040 ez Sale or exchange of rental property. Tax forms 1040 ez   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Tax forms 1040 ez Sale of main home used as rental property. Tax forms 1040 ez   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. Tax forms 1040 ez Tax-free exchange of rental property occasionally used for personal purposes. Tax forms 1040 ez   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. Tax forms 1040 ez   For information on the qualifying use standards, see Rev. Tax forms 1040 ez Proc. Tax forms 1040 ez 2008–16, 2008 IRB 547, at http://www. Tax forms 1040 ez irs. Tax forms 1040 ez gov/irb/2008-10_IRB/ar12. Tax forms 1040 ez html . Tax forms 1040 ez For more information on like-kind exchanges, see chapter 1 of Publication 544. Tax forms 1040 ez Comments and suggestions. Tax forms 1040 ez   We welcome your comments about this publication and your suggestions for future editions. Tax forms 1040 ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax forms 1040 ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax forms 1040 ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax forms 1040 ez   You can send your comments from www. Tax forms 1040 ez irs. Tax forms 1040 ez gov/formspubs/. Tax forms 1040 ez Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax forms 1040 ez   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax forms 1040 ez Ordering forms and publications. Tax forms 1040 ez   Visit www. Tax forms 1040 ez irs. Tax forms 1040 ez gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax forms 1040 ez Internal Revenue Service 1201 N. Tax forms 1040 ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax forms 1040 ez   If you have a tax question, check the information available on IRS. Tax forms 1040 ez gov or call 1-800-829-1040. Tax forms 1040 ez We cannot answer tax questions sent to either of the above addresses. Tax forms 1040 ez Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. Tax forms 1040 ez Prev  Up  Next   Home   More Online Publications