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

TurboTax Federal Free Edition - File Taxes Online

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

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


© 2012 - 2018 All rights reserved.

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

Taxact 2006 Free Download

How Can I File My 2010 TaxesFederal Income Tax Amendment Form2011 Taxes Free OnlineForm 1040ez 20141040ez Tax Form And BookletFree Tax Preparation For MilitaryHrblock Freefile1040 NrFree Tax FilingI Need To Amend My 2012 TaxesTax Form 1040a 20122012 State Tax FormsHow To File State TaxesFiling 1040ez FormFile 1040x2012 1040ez FormTax ReturnHr Block Free TaxesFree Online Tax Software 2010Turbotax Amended Return 2012Military Pay TaxesHow To Do Amended Tax ReturnFederal Income Tax 1040ezFederal Income Tax Forms 20102008 Tax Filing SoftwareCan I Efile My 2011 Taxes In 2013Irs Forms 2012Free Tax FileFreetaxusaFiling Taxes For StudentsCan I File 1040nr OnlineHow To File A Revised Tax ReturnHow Can I Amend My Tax Return1040ez 2012 InstructionsHow To File An Amended Tax Return For 2012 TurbotaxFree Tax PrepIrs Gov 1040ez FormIrs Forms 2011AmendedHr Block 1040nr

Taxact 2006 Free Download

Taxact 2006 free download 4. Taxact 2006 free download   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. Taxact 2006 free download 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. Taxact 2006 free download 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. Taxact 2006 free download This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Taxact 2006 free download The student loan interest deduction is taken as an adjustment to income. Taxact 2006 free download This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Taxact 2006 free download This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. Taxact 2006 free download Table 4-1. Taxact 2006 free download Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Taxact 2006 free download Do not rely on this table alone. Taxact 2006 free download Refer to the text for complete details. Taxact 2006 free download Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Taxact 2006 free download 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. Taxact 2006 free download Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Taxact 2006 free download Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Taxact 2006 free download Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). Taxact 2006 free download Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Taxact 2006 free download It includes both required and voluntary interest payments. Taxact 2006 free download 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 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 for an eligible student. Taxact 2006 free download Loans from the following sources are not qualified student loans. Taxact 2006 free download A related person. Taxact 2006 free download A qualified employer plan. Taxact 2006 free download Your dependent. Taxact 2006 free download   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Taxact 2006 free download You can find more information about dependents in Publication 501. Taxact 2006 free download Exceptions. Taxact 2006 free download   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Taxact 2006 free download An individual can be your dependent even if you are the dependent of another taxpayer. Taxact 2006 free download An individual can be your dependent even if the individual files a joint return with a spouse. Taxact 2006 free download 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). Taxact 2006 free download Reasonable period of time. Taxact 2006 free download   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. Taxact 2006 free download   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. Taxact 2006 free download The expenses relate to a specific academic period, and 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. Taxact 2006 free download   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Taxact 2006 free download Academic period. Taxact 2006 free download   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. Taxact 2006 free download 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. Taxact 2006 free download Eligible student. Taxact 2006 free download   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Taxact 2006 free download Enrolled at least half-time. Taxact 2006 free download   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. Taxact 2006 free download   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Taxact 2006 free download However, the standard may not be lower than any of those established by the U. Taxact 2006 free download S. Taxact 2006 free download Department of Education under the Higher Education Act of 1965. Taxact 2006 free download Related person. Taxact 2006 free download   You cannot deduct interest on a loan you get from a related person. Taxact 2006 free download Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Taxact 2006 free download ), Your lineal descendants (children, grandchildren, etc. Taxact 2006 free download ), and Certain corporations, partnerships, trusts, and exempt organizations. Taxact 2006 free download Qualified employer plan. Taxact 2006 free download   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Taxact 2006 free download 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. Taxact 2006 free download They include amounts paid for the following items. Taxact 2006 free download Tuition and fees. Taxact 2006 free download Room and board. Taxact 2006 free download Books, supplies, and equipment. Taxact 2006 free download Other necessary expenses (such as transportation). Taxact 2006 free download The cost of room and board qualifies only to the extent that it is not more than the greater of: 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 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Taxact 2006 free download Eligible educational institution. Taxact 2006 free download   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. Taxact 2006 free download S. Taxact 2006 free download Department of Education. Taxact 2006 free download It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Taxact 2006 free download   Certain educational institutions located outside the United States also participate in the U. Taxact 2006 free download S. Taxact 2006 free download Department of Education's Federal Student Aid (FSA) programs. Taxact 2006 free download   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. Taxact 2006 free download   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Taxact 2006 free download The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Taxact 2006 free download    The educational institution should be able to tell you if it is an eligible educational institution. Taxact 2006 free download Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. Taxact 2006 free download Employer-provided educational assistance. Taxact 2006 free download See chapter 11, Employer-Provided Educational Assistance . Taxact 2006 free download Tax-free distribution of earnings from a Coverdell education savings account (ESA). Taxact 2006 free download See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Taxact 2006 free download Tax-free distribution of earnings from a qualified tuition program (QTP). Taxact 2006 free download See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Taxact 2006 free download U. Taxact 2006 free download S. Taxact 2006 free download savings bond interest that you exclude from income because it is used to pay qualified education expenses. Taxact 2006 free download See chapter 10, Education Savings Bond Program . Taxact 2006 free download The tax-free part of scholarships and fellowships. Taxact 2006 free download See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Taxact 2006 free download Veterans' educational assistance. Taxact 2006 free download See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Taxact 2006 free download Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Taxact 2006 free download Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. Taxact 2006 free download Loan origination fee. Taxact 2006 free download   In general, this is a one-time fee charged by the lender when a loan is made. Taxact 2006 free download To be deductible as interest, a loan origination 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. Taxact 2006 free download A loan origination fee treated as interest accrues over the term of the loan. Taxact 2006 free download   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Taxact 2006 free download If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. Taxact 2006 free download The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. Taxact 2006 free download A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Taxact 2006 free download Example. Taxact 2006 free download In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Taxact 2006 free download The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Taxact 2006 free download Bill began making payments on his student loan in 2013. Taxact 2006 free download Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. Taxact 2006 free download Bill's loan is payable in 120 equal monthly payments. Taxact 2006 free download He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Taxact 2006 free download Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Taxact 2006 free download To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. Taxact 2006 free download Capitalized interest. Taxact 2006 free download   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Taxact 2006 free download Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Taxact 2006 free download No deduction for capitalized interest is allowed in a year in which no loan payments were made. Taxact 2006 free download Interest on revolving lines of credit. Taxact 2006 free download   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. Taxact 2006 free download See Qualified Education Expenses , earlier. Taxact 2006 free download Interest on refinanced student loans. Taxact 2006 free download   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. Taxact 2006 free download    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. Taxact 2006 free download Voluntary interest payments. Taxact 2006 free download   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. Taxact 2006 free download Example. Taxact 2006 free download The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Taxact 2006 free download He began making payments as required. Taxact 2006 free download In September 2013, Roger enrolled in graduate school on a full-time basis. Taxact 2006 free download He applied for and was granted deferment of his loan payments while in graduate school. Taxact 2006 free download Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Taxact 2006 free download Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Taxact 2006 free download Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. Taxact 2006 free download To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. Taxact 2006 free download Example. Taxact 2006 free download In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Taxact 2006 free download The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Taxact 2006 free download The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Taxact 2006 free download At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. Taxact 2006 free download The loan is payable over 60 months, with a payment of $200. Taxact 2006 free download 51 due on the first of each month, beginning November 2013. Taxact 2006 free download Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. Taxact 2006 free download However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). Taxact 2006 free download Payment Date   Payment   Stated Interest   Principal November 2013   $200. Taxact 2006 free download 51   $44. Taxact 2006 free download 27   $156. Taxact 2006 free download 24 December 2013   $200. Taxact 2006 free download 51   $43. Taxact 2006 free download 62   $156. Taxact 2006 free download 89 Totals   $401. Taxact 2006 free download 02   $87. Taxact 2006 free download 89   $313. Taxact 2006 free download 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. Taxact 2006 free download 89. Taxact 2006 free download Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Taxact 2006 free download A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Taxact 2006 free download Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. Taxact 2006 free download Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Taxact 2006 free download 02 ($87. Taxact 2006 free download 89 + $10 + $303. Taxact 2006 free download 13). Taxact 2006 free download For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. Taxact 2006 free download She also will apply the remaining amount of capitalized interest ($625 − $303. Taxact 2006 free download 13 = $321. Taxact 2006 free download 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. Taxact 2006 free download Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Taxact 2006 free download Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Taxact 2006 free download Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Taxact 2006 free download 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. Taxact 2006 free download For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Taxact 2006 free download When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. Taxact 2006 free download Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Taxact 2006 free download Your filing status is any filing status except married filing separately. Taxact 2006 free download No one else is claiming an exemption for you on his or her tax return. Taxact 2006 free download You are legally obligated to pay interest on a qualified student loan. Taxact 2006 free download You paid interest on a qualified student loan. Taxact 2006 free download Claiming an exemption for you. Taxact 2006 free download   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. Taxact 2006 free download Example 1. Taxact 2006 free download During 2013, Josh paid $600 interest on his qualified student loan. Taxact 2006 free download Only he is legally obligated to make the payments. Taxact 2006 free download No one claimed an exemption for Josh for 2013. Taxact 2006 free download Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Taxact 2006 free download Example 2. Taxact 2006 free download During 2013, Jo paid $1,100 interest on her qualified student loan. Taxact 2006 free download Only she is legally obligated to make the payments. Taxact 2006 free download Jo's parents claimed an exemption for her on their 2013 tax return. Taxact 2006 free download In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Taxact 2006 free download Interest paid by others. Taxact 2006 free download   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. Taxact 2006 free download Example 1. Taxact 2006 free download Darla obtained a qualified student loan to attend college. Taxact 2006 free download After Darla's graduation from college, she worked as an intern for a nonprofit organization. Taxact 2006 free download As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Taxact 2006 free download This payment was treated as additional compensation and reported in box 1 of her Form W-2. Taxact 2006 free download Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Taxact 2006 free download Example 2. Taxact 2006 free download Ethan obtained a qualified student loan to attend college. Taxact 2006 free download After graduating from college, the first monthly payment on his loan was due in December. Taxact 2006 free download As a gift, Ethan's mother made this payment for him. Taxact 2006 free download No one is claiming a dependency exemption for Ethan on his or her tax return. Taxact 2006 free download Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Taxact 2006 free download 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, as home mortgage interest). Taxact 2006 free download Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Taxact 2006 free download However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Taxact 2006 free download You can use Worksheet 4-1. Taxact 2006 free download Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Taxact 2006 free download Form 1098-E. Taxact 2006 free download   To help you figure your student loan interest deduction, you should receive Form 1098-E. Taxact 2006 free download 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. Taxact 2006 free download   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. Taxact 2006 free download Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Taxact 2006 free download However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Taxact 2006 free download See Allocating Payments Between Interest and Principal , earlier. Taxact 2006 free download    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Taxact 2006 free download The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Taxact 2006 free download Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction 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). Taxact 2006 free download 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). Taxact 2006 free download Modified adjusted gross income (MAGI). Taxact 2006 free download   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. Taxact 2006 free download However, as discussed below, there may be other modifications. Taxact 2006 free download Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Taxact 2006 free download Table 4-2. Taxact 2006 free download Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Taxact 2006 free download . Taxact 2006 free download . Taxact 2006 free download AND your MAGI is. Taxact 2006 free download . Taxact 2006 free download . Taxact 2006 free download THEN your student loan interest deduction is. Taxact 2006 free download . Taxact 2006 free download . Taxact 2006 free download single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Taxact 2006 free download more than $60,000  but less than $75,000 reduced because of the phaseout. Taxact 2006 free download $75,000 or more eliminated by the phaseout. Taxact 2006 free download married filing joint return not more than $125,000 not affected by the phaseout. Taxact 2006 free download more than $125,000 but less than $155,000 reduced because of the phaseout. Taxact 2006 free download $155,000 or more eliminated by the phaseout. Taxact 2006 free download MAGI when using Form 1040A. Taxact 2006 free download   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Taxact 2006 free download MAGI when using Form 1040. Taxact 2006 free download   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (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. Taxact 2006 free download MAGI when using Form 1040NR. Taxact 2006 free download   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). Taxact 2006 free download MAGI when using Form 1040NR-EZ. Taxact 2006 free download   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). Taxact 2006 free download Phaseout. Taxact 2006 free download   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Taxact 2006 free download To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Taxact 2006 free download The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Taxact 2006 free download The denominator is $15,000 ($30,000 in the case of a joint return). Taxact 2006 free download Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Taxact 2006 free download Example 1. Taxact 2006 free download During 2013 you paid $800 interest on a qualified student loan. Taxact 2006 free download Your 2013 MAGI is $145,000 and you are filing a joint return. Taxact 2006 free download You must reduce your deduction by $533, figured as follows. Taxact 2006 free download   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Taxact 2006 free download Example 2. Taxact 2006 free download The facts are the same as in Example 1 except that you paid $2,750 interest. Taxact 2006 free download Your maximum deduction for 2013 is $2,500. Taxact 2006 free download You must reduce your maximum deduction by $1,667, figured as follows. Taxact 2006 free download   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). Taxact 2006 free download Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. Taxact 2006 free download However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. Taxact 2006 free download Student Loan Interest Deduction Worksheet at the end of this chapter. Taxact 2006 free download Claiming the Deduction The student loan interest deduction is an adjustment to income. Taxact 2006 free download To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). Taxact 2006 free download Worksheet 4-1. Taxact 2006 free download Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. Taxact 2006 free download Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. Taxact 2006 free download 1. Taxact 2006 free download Enter the total interest you paid in 2013 on qualified student loans. Taxact 2006 free download Do not enter  more than $2,500 1. Taxact 2006 free download   2. Taxact 2006 free download Enter the amount from Form 1040, line 22 2. Taxact 2006 free download       3. Taxact 2006 free download Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Taxact 2006 free download           4. Taxact 2006 free download Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Taxact 2006 free download           5. Taxact 2006 free download Add lines 3 and 4 5. Taxact 2006 free download       6. Taxact 2006 free download Subtract line 5 from line 2 6. Taxact 2006 free download       7. Taxact 2006 free download Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Taxact 2006 free download       8. Taxact 2006 free download Enter any foreign housing deduction (Form 2555, line 50) 8. Taxact 2006 free download       9. Taxact 2006 free download Enter the amount of income from Puerto Rico you are excluding 9. Taxact 2006 free download       10. Taxact 2006 free download Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Taxact 2006 free download       11. Taxact 2006 free download Add lines 6 through 10. Taxact 2006 free download This is your modified adjusted gross income 11. Taxact 2006 free download   12. Taxact 2006 free download Enter the amount shown below for your filing status 12. Taxact 2006 free download     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Taxact 2006 free download Is the amount on line 11 more than the amount on line 12?       □ No. Taxact 2006 free download Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Taxact 2006 free download       □ Yes. Taxact 2006 free download Subtract line 12 from line 11 13. Taxact 2006 free download   14. Taxact 2006 free download Divide line 13 by $15,000 ($30,000 if married filing jointly). Taxact 2006 free download Enter the result as a decimal  (rounded to at least three places). Taxact 2006 free download If the result is 1. Taxact 2006 free download 000 or more, enter 1. Taxact 2006 free download 000 14. Taxact 2006 free download . Taxact 2006 free download 15. Taxact 2006 free download Multiply line 1 by line 14 15. Taxact 2006 free download   16. Taxact 2006 free download Student loan interest deduction. Taxact 2006 free download Subtract line 15 from line 1. Taxact 2006 free download Enter the result here  and on Form 1040, line 33. Taxact 2006 free download Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Taxact 2006 free download ) 16. Taxact 2006 free download   Prev  Up  Next   Home   More Online Publications
Español

State Justice Institute

The State Justice Institute is an independent grant-making organization dedicated to improving the quality of justice in all state courts. It also works to facilitate better coordination between state and federal courts.

Contact the Agency or Department

Website: State Justice Institute

E-mail:

Address: 11951 Freedom Dr
Suite 1020

Reston, VA 20190

Phone Number: (571) 313-8843

The Taxact 2006 Free Download

Taxact 2006 free download Index Symbols $10,000, cash payments over, Introduction A Assistance (see Tax help) C Cash transactions over $10,000, Introduction F Form, Who Must File Form 8300? 8300, Who Must File Form 8300? Free tax services, How To Get Tax Help H Help (see Tax help) M More information (see Tax help) P Publications (see Tax help) R Reporting cash payments over $10,000, Introduction T Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. Taxact 2006 free download TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications