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What Can Military Claim On Taxes

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What Can Military Claim On Taxes

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

What can military claim on taxes Index Symbols 529 program (see Qualified tuition program (QTP)) A Academic period American opportunity credit, Academic period. What can military claim on taxes Lifetime learning credit, Academic period. What can military claim on taxes Student loan interest deduction, Academic period. What can military claim on taxes Tuition and fees deduction, Academic period. What can military claim on taxes Accountable plans, Accountable Plans, Allocating your reimbursements for meals. What can military claim on taxes Additional tax Coverdell ESA On excess contributions, Additional Tax on Excess Contributions, Figuring and reporting the additional tax. What can military claim on taxes On taxable distributions, Additional Tax on Taxable Distributions IRA distributions, education exception, Education Exception to Additional Tax on Early IRA Distributions Qualified tuition program (QTP), on taxable distributions, Additional Tax on Taxable Distributions Adjusted qualified education expenses (see Qualified education expenses) American opportunity credit Adjustments to qualified education expenses, Adjustments to Qualified Education Expenses Claiming dependent's expenses, Who Can Claim a Dependent's Expenses, Tuition reduction. What can military claim on taxes Tuition reduction, Tuition reduction. What can military claim on taxes Claiming the credit, Can You Claim the Credit, Who Cannot Claim the Credit, Claiming the Credit Qualifying to claim (Figure 2-1), Coordination with Coverdell ESA distributions, Figuring the Taxable Portion of a Distribution Coordination with qualified tuition program (QTP) distributions, Coordination With American Opportunity and Lifetime Learning Credits Eligible educational institution, Eligible educational institution. What can military claim on taxes Eligible student, Who Is an Eligible Student Requirements (Figure 2-2), Expenses qualifying for, What Expenses Qualify, Adjustments to Qualified Education Expenses Figuring the credit, Figuring the Credit Income level, effect on amount of credit, Effect of the Amount of Your Income on the Amount of Your Credit, Phaseout. What can military claim on taxes Income limits, Effect of the Amount of Your Income on the Amount of Your Credit, Phaseout. What can military claim on taxes Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). What can military claim on taxes Worksheet 2-1, Claiming the Credit Overview of American opportunity credit (Table 2-1), Introduction Phaseout, Phaseout. What can military claim on taxes Qualified education expenses, Qualified Education Expenses Tax benefit of, What is the tax benefit of the American opportunity credit. What can military claim on taxes Armed Forces Health Professions Scholarship and Financial Assistance Program, Exceptions. What can military claim on taxes Assistance (see Tax help) Athletic scholarships, Athletic Scholarships B Bar review course, Bar or CPA Review Course Bonds, education savings (see Education savings bond program) Business deduction for work-related education, Business Deduction for Work-Related Education, Illustrated Example Accountable plans, Accountable Plans, Allocating your reimbursements for meals. What can military claim on taxes Adjustments to qualifying work-related education expenses, Adjustments to Qualifying Work-Related Education Expenses Allocating meal reimbursements, Allocating your reimbursements for meals. What can military claim on taxes Deductible education expenses, What Expenses Can Be Deducted, Adjustments to Qualifying Work-Related Education Expenses Deducting business expenses, Deducting Business Expenses, Impairment-Related Work Expenses Double benefit not allowed, No Double Benefit Allowed Education required by employer or by law, Education Required by Employer or by Law Education to maintain or improve skills, Education To Maintain or Improve Skills Education to meet minimum requirements, Education To Meet Minimum Requirements, Certification in a new state. What can military claim on taxes Education to qualify for new trade or business, Education That Qualifies You for a New Trade or Business, Teaching and Related Duties Excess expenses, accountable plan, Excess expenses. What can military claim on taxes , Allocating your reimbursements for meals. What can military claim on taxes Indefinite absence, Education during indefinite absence. What can military claim on taxes Maintaining skills vs. What can military claim on taxes qualifying for new job, Maintaining skills vs. What can military claim on taxes qualifying for new job. What can military claim on taxes Nonaccountable plans, Nonaccountable Plans Nondeductible expenses, Nondeductible expenses. What can military claim on taxes Qualified education expenses, What Expenses Can Be Deducted, Adjustments to Qualifying Work-Related Education Expenses Recordkeeping requirements, Recordkeeping, Examples of records to keep. What can military claim on taxes Reimbursements, treatment of, How To Treat Reimbursements, Reimbursements for nondeductible expenses. What can military claim on taxes Tax benefit of, What is the tax benefit of taking a business deduction for work-related education. What can military claim on taxes Tax-free educational assistance, Tax-free educational assistance. What can military claim on taxes Teachers, Requirements for Teachers, Teaching and Related Duties Temporary absence to acquire education, Education during temporary absence. What can military claim on taxes Transportation expenses, Transportation Expenses, Using your car. What can military claim on taxes Travel expenses, Travel Expenses C Cancellation of student loan (see Student loan cancellation) Candidate for a degree Scholarships and fellowships, Candidate for a degree. What can military claim on taxes Change of designated beneficiary Coverdell ESA, Changing the Designated Beneficiary Qualified tuition program, Changing the Designated Beneficiary Collapsed loans, Interest on refinanced student loans. What can military claim on taxes Comprehensive or bundled fees American opportunity credit, Comprehensive or bundled fees. What can military claim on taxes Lifetime learning credit, Comprehensive or bundled fees. What can military claim on taxes Tuition and fees deduction, Comprehensive or bundled fees. What can military claim on taxes Consolidated loans used to refinance student loans, Interest on refinanced student loans. What can military claim on taxes Conventions outside U. What can military claim on taxes S. What can military claim on taxes , Cruises and conventions. What can military claim on taxes Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Figuring the Taxable Portion of a Distribution, Coordination With American Opportunity and Lifetime Learning Credits, Worksheet 7-3. What can military claim on taxes Coverdell ESA—Taxable Distributions and Basis Additional tax On excess contributions, Additional Tax on Excess Contributions, Figuring and reporting the additional tax. What can military claim on taxes On taxable distributions, Additional Tax on Taxable Distributions Assets to be distributed at age 30 or death of beneficiary, When Assets Must Be Distributed Contribution limits, Contribution Limits, Figuring the limit. What can military claim on taxes Figuring the limit (Worksheet 6-2), Figuring the limit. What can military claim on taxes Contributions to, Contributions, Figuring and reporting the additional tax. What can military claim on taxes Table 7-2, Contributions Coordination with American opportunity and lifetime learning credits, Coordination With American Opportunity and Lifetime Learning Credits Coordination with qualified tuition program (QTP), Coordination With Qualified Tuition Program (QTP) Distributions Defined, What Is a Coverdell ESA Distributions, Distributions, How To Figure the Taxable Earnings Overview (Table 7-3), Distributions Divorce, transfer due to, Transfer Because of Divorce Eligible educational institution, Eligible Educational Institution Figuring taxable portion of distribution, Figuring the Taxable Portion of a Distribution Worksheet 7-3, Worksheet 7-3. What can military claim on taxes Coverdell ESA—Taxable Distributions and Basis Figuring the taxable earnings in required distribution, How To Figure the Taxable Earnings Losses, Losses on Coverdell ESA Investments Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). What can military claim on taxes , MAGI when using Form 1040NR-EZ. What can military claim on taxes Worksheet 6-1, Worksheet 7-1. What can military claim on taxes MAGI for a Coverdell ESA Overview (Table 6-1), Coverdell Education Savings Account (ESA) Qualified education expenses, Qualified Education Expenses, Qualified Elementary and Secondary Education Expenses Rollovers, Rollovers Tax benefit of, What is the tax benefit of the Coverdell ESA. What can military claim on taxes Tax-free distributions, Tax-Free Distributions Taxable distributions, Taxable Distributions, Figuring the additional tax. What can military claim on taxes Worksheet 7-3 to figure, Worksheet 7-3. What can military claim on taxes Coverdell ESA—Taxable Distributions and Basis Transfers, Rollovers CPA review course, Bar or CPA Review Course Credits American opportunity (see American opportunity credit) Lifetime learning (see Lifetime learning credit) Cruises, educational, Cruises and conventions. What can military claim on taxes D Deductions (see Business deduction for work-related education) Designated beneficiary Coverdell ESA, What Is a Coverdell ESA, Changing the Designated Beneficiary Qualified tuition program (QTP), Designated beneficiary. What can military claim on taxes , Changing the Designated Beneficiary Disabilities, persons with Impairment-related work expenses, Impairment-Related Work Expenses Distributions (see specific benefit ) Divorce Coverdell ESA transfer due to, Transfer Because of Divorce Expenses paid under decree American opportunity credit, Expenses paid by dependent. What can military claim on taxes Lifetime learning credit, Expenses paid by dependent. What can military claim on taxes Tuition and fees deduction, Expenses paid under divorce decree. What can military claim on taxes Double benefit not allowed American opportunity credit, No Double Benefit Allowed Lifetime learning credit, No Double Benefit Allowed Student loan interest deduction, No Double Benefit Allowed Tuition and fees deduction, No Double Benefit Allowed Work-related education, No Double Benefit Allowed E Early distributions from IRAs, Education Exception to Additional Tax on Early IRA Distributions, Reporting Early Distributions Eligible educational institution, Eligible educational institution. What can military claim on taxes Figuring amount not subject to 10% tax, Figuring the Amount Not Subject to the 10% Tax Qualified education expenses, Qualified education expenses. What can military claim on taxes Reporting, Reporting Early Distributions Education IRA (see Coverdell education savings account (ESA)) Education loans (see Student loan interest deduction) Education savings account (see Coverdell education savings account (ESA)) Education savings bond program Cashing in bonds tax free, Who Can Cash In Bonds Tax Free, MAGI when using Form 1040. What can military claim on taxes Claiming dependent's exemption, Dependent for whom you claim an exemption. What can military claim on taxes Claiming exclusion, Claiming the Exclusion Eligible educational institution, Eligible educational institution. What can military claim on taxes Figuring tax-free amount, Figuring the Tax-Free Amount Income level, effect on amount of exclusion, Effect of the Amount of Your Income on the Amount of Your Exclusion Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). What can military claim on taxes , MAGI when using Form 1040. What can military claim on taxes Phaseout, Effect of the Amount of Your Income on the Amount of Your Exclusion Qualified education expenses, Qualified education expenses. What can military claim on taxes Educational assistance, employer-provided (see Employer-provided educational assistance) Eligible educational institution American opportunity credit, Eligible educational institution. What can military claim on taxes Cancellation of student loan, Eligible educational institution. What can military claim on taxes Coverdell ESA, Eligible Educational Institution Early distributions from IRAs, Eligible educational institution. What can military claim on taxes Education savings bond program, Eligible educational institution. What can military claim on taxes Lifetime learning credit, Eligible educational institution. What can military claim on taxes Qualified tuition program (QTP), Eligible educational institution. What can military claim on taxes Qualified tuition reduction, Qualified Tuition Reduction Scholarships and fellowships, Eligible educational institution. What can military claim on taxes , Eligible educational institution. What can military claim on taxes Student loan cancellation, Eligible educational institution. What can military claim on taxes Student loan interest deduction, Eligible educational institution. What can military claim on taxes Tuition and fees deduction, Eligible educational institution. What can military claim on taxes Eligible elementary or secondary school Coverdell ESA, Eligible elementary or secondary school. What can military claim on taxes Eligible student American opportunity credit, Who Is an Eligible Student Lifetime learning credit, Who Is an Eligible Student Student loan interest deduction, Eligible student. What can military claim on taxes Tuition and fees deduction, Who Is an Eligible Student Employees Deducting work-related education expenses, Employees Employer-provided educational assistance, Employer-Provided Educational Assistance, Working condition fringe benefit. What can military claim on taxes ESAs (see Coverdell education savings account (ESA)) Estimated tax, Reminders Excess contributions Coverdell ESA, Additional Tax on Excess Contributions, Figuring and reporting the additional tax. What can military claim on taxes Excess expenses, accountable plan, Excess expenses. What can military claim on taxes , Allocating your reimbursements for meals. What can military claim on taxes Expenses (see specific benefit ) F Family members, beneficiary Coverdell ESA, Members of the beneficiary's family. What can military claim on taxes Qualified tuition program (QTP), Members of the beneficiary's family. What can military claim on taxes Fee-basis officials, work-related education deduction, Performing Artists and Fee-Basis Officials Fellowships (see Scholarships and fellowships) Figures (see Tables and figures) Financial aid (see Scholarships and fellowships) Form 1098-E Student loan interest deduction, Loan origination fee. What can military claim on taxes , Form 1098-E. What can military claim on taxes Form 1098-T, Reminders American opportunity credit, Form 1098-T. What can military claim on taxes Lifetime learning credit, Form 1098-T. What can military claim on taxes Tuition and fees deduction, Form 1098-T. What can military claim on taxes Form 1099-Q Coverdell ESA, Exceptions. What can military claim on taxes , Earnings and basis. What can military claim on taxes Qualified tuition program (QTP), Earnings and return of investment. What can military claim on taxes Form 1099-R Early distributions from IRAs, Reporting Early Distributions Form 2106, 50% limit on meals. What can military claim on taxes , Form 2106 or 2106-EZ. What can military claim on taxes Form 2106-EZ, 50% limit on meals. What can military claim on taxes , Form 2106 or 2106-EZ. What can military claim on taxes , Using Form 2106-EZ. What can military claim on taxes Filled-in example, Form 5329 Coverdell ESA, Figuring the additional tax. What can military claim on taxes Early distributions from IRAs, Reporting Early Distributions Qualified tuition program (QTP), Figuring the additional tax. What can military claim on taxes Form 8815, MAGI when using Form 1040. What can military claim on taxes , Claiming the Exclusion Form 8863 Filled-in examples, Form 8917 Filled-in examples, Form W-9S, Form 1098-T. What can military claim on taxes , Form 1098-T. What can military claim on taxes , Form 1098-E. What can military claim on taxes , Form 1098-T. What can military claim on taxes Free tax services, Free help with your tax return. What can military claim on taxes Fulbright grants, Fulbright Grants G Glossary, Glossary. What can military claim on taxes , Glossary, Transfer: Graduate education tuition reduction, Graduate Education Grants Fulbright, Fulbright Grants Pell, Pell Grants and Other Title IV Need-Based Education Grants Title IV need-based education, Pell Grants and Other Title IV Need-Based Education Grants H Half-time student American opportunity credit, Enrolled at least half-time. What can military claim on taxes Coverdell ESA, Half-time student. What can military claim on taxes Early distributions from IRAs, Half-time student. What can military claim on taxes Student loan interest deduction, Enrolled at least half-time. What can military claim on taxes Help (see Tax help) I Illustrated example of education credits (Appendix A), Appendix A. What can military claim on taxes Illustrated Example of Education Credits, Impairment-related work expenses Work-related education deduction, Impairment-Related Work Expenses Individual retirement arrangements (IRAs), Coverdell Education Savings Account (ESA) Early distributions (see Early distributions from IRAs) L Lifetime learning credit, Differences between the American opportunity and lifetime learning credits. What can military claim on taxes Academic period, Academic period. What can military claim on taxes Adjustments to qualified education expenses, Adjustments to Qualified Education Expenses Claiming dependent's expenses, Who Can Claim a Dependent's Expenses Tuition reduction, Tuition reduction. What can military claim on taxes Claiming the credit, Can You Claim the Credit, Who Cannot Claim the Credit, Claiming the Credit Qualifying to claim (Figure 3-1), Coordination with Coverdell ESA distributions, Figuring the Taxable Portion of a Distribution, Coordination With American Opportunity and Lifetime Learning Credits Coordination with qualified tuition program (QTP) distributions, Coordination With American Opportunity and Lifetime Learning Credits Eligible educational institution, Eligible educational institution. What can military claim on taxes Eligible student, Who Is an Eligible Student Expenses qualifying for, What Expenses Qualify, Amounts that do not reduce qualified education expenses. What can military claim on taxes Figuring the credit, Figuring the Credit, Claiming the Credit Income level, effect on amount of credit, Effect of the Amount of Your Income on the Amount of Your Credit Income limits, Effect of the Amount of Your Income on the Amount of Your Credit Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). What can military claim on taxes Worksheet 3-1, MAGI when using Form 1040. What can military claim on taxes Overview (Table 3-1), Table 3-1. What can military claim on taxes Overview of the Lifetime Learning Credit Phaseout, Phaseout. What can military claim on taxes Qualified education expenses, Qualified Education Expenses, Amounts that do not reduce qualified education expenses. What can military claim on taxes Qualifying to claim (Figure 3-1), Tax benefit of, What is the tax benefit of the lifetime learning credit. What can military claim on taxes Loans Cancellation (see Student loan cancellation) Capitalized interest on student loan, Capitalized interest. What can military claim on taxes Origination fees on student loan, Loan origination fee. What can military claim on taxes Qualified education expenses paid with American opportunity credit, Academic period. What can military claim on taxes Lifetime learning credit, Paid with borrowed funds. What can military claim on taxes Student loan repayment assistance, Student Loan Repayment Assistance Losses, deducting Coverdell ESA, Losses on Coverdell ESA Investments Qualified tuition program (QTP), Losses on QTP Investments Luxury water transportation, Cruises and conventions. What can military claim on taxes M Mileage deduction for work-related education, What's New, Using your car. What can military claim on taxes Military academy cadets, Payment to Service Academy Cadets Missing children, photographs of, Reminders Modified adjusted gross income (MAGI) American opportunity credit Worksheet 2-1, Claiming the Credit Coverdell ESA, Modified adjusted gross income (MAGI). What can military claim on taxes , MAGI when using Form 1040NR-EZ. What can military claim on taxes Worksheet 6-1, Worksheet 7-1. What can military claim on taxes MAGI for a Coverdell ESA Education savings bond program, Modified adjusted gross income (MAGI). What can military claim on taxes , MAGI when using Form 1040. What can military claim on taxes Lifetime learning credit, Modified adjusted gross income (MAGI). What can military claim on taxes Worksheet 3-1, MAGI when using Form 1040. What can military claim on taxes Student loan interest deduction, Modified adjusted gross income (MAGI). What can military claim on taxes Table 4-2, Table 4-2. What can military claim on taxes Effect of MAGI on Student Loan Interest Deduction Tuition and fees deduction, Modified adjusted gross income (MAGI). What can military claim on taxes Table 6-2, Table 6-2. What can military claim on taxes Effect of MAGI on Maximum Tuition and Fees Deduction Worksheet 6-1, Worksheet 6-1. What can military claim on taxes MAGI for the Tuition and Fees Deduction N National Health Service Corps Scholarship Program, Exceptions. What can military claim on taxes , Exceptions. What can military claim on taxes Nonaccountable plans Work-related education, Nonaccountable Plans P Pell grants, Pell Grants and Other Title IV Need-Based Education Grants, Coordination with Pell grants and other scholarships. What can military claim on taxes , Coordination with Pell grants and other scholarships. What can military claim on taxes Performing artists, work-related education deduction, Performing Artists and Fee-Basis Officials Phaseout American opportunity credit, Phaseout. What can military claim on taxes Education savings bond program, Effect of the Amount of Your Income on the Amount of Your Exclusion Lifetime learning credit, Phaseout. What can military claim on taxes Student loan interest deduction, Phaseout. What can military claim on taxes , Effect of the Amount of Your Income on the Amount of Your Deduction Publications (see Tax help) Q Qualified education expenses Adjustments to American opportunity credit, Adjustments to Qualified Education Expenses Coverdell ESA, Adjusted qualified education expenses. What can military claim on taxes Education savings bond program, Adjusted qualified education expenses. What can military claim on taxes Lifetime learning credit, Adjustments to Qualified Education Expenses Qualified tuition program (QTP), Adjusted qualified education expenses. What can military claim on taxes Student loan interest deduction, Adjustments to Qualified Education Expenses Tuition and fees deduction, Adjustments to Qualified Education Expenses Work-related education, Adjustments to Qualifying Work-Related Education Expenses American opportunity credit, Qualified Education Expenses, Adjustments to Qualified Education Expenses Coverdell ESA, Qualified Education Expenses, Qualified Elementary and Secondary Education Expenses Early distributions from IRAs, Qualified education expenses. What can military claim on taxes Education savings bond program, Qualified education expenses. What can military claim on taxes Expenses not qualified American opportunity credit, Expenses That Do Not Qualify, Comprehensive or bundled fees. What can military claim on taxes Lifetime learning credit, Expenses That Do Not Qualify Tuition and fees deduction, Expenses That Do Not Qualify Lifetime learning credit, Qualified Education Expenses, Amounts that do not reduce qualified education expenses. What can military claim on taxes Qualified tuition program (QTP), Qualified education expenses. What can military claim on taxes Scholarships and fellowships, Qualified education expenses. What can military claim on taxes Student loan interest deduction, Qualified Education Expenses Tuition and fees deduction, What Expenses Qualify, Adjustments to Qualified Education Expenses Work-related education, What Expenses Can Be Deducted, Adjustments to Qualifying Work-Related Education Expenses Qualified elementary and secondary education expenses Coverdell ESAs, Qualified Elementary and Secondary Education Expenses Qualified employer plans Student loan interest deduction not allowed, Qualified employer plan. What can military claim on taxes Qualified student loans, Qualified Student Loan, Qualified employer plan. What can military claim on taxes Qualified tuition program (QTP), Qualified Tuition Program (QTP), Changing the Designated Beneficiary Additional tax on taxable distributions, Additional Tax on Taxable Distributions Change of designated beneficiary, Changing the Designated Beneficiary Contributions to, How Much Can You Contribute Coordination with American opportunity and lifetime learning credits, Coordination With American Opportunity and Lifetime Learning Credits Coordination with Coverdell ESA distributions, Coordination With Coverdell ESA Distributions Defined, What Is a Qualified Tuition Program Eligible educational institution, Eligible educational institution. What can military claim on taxes Figuring taxable portion of distribution, Figuring the Taxable Portion of a Distribution, Losses on QTP Investments Losses, Losses on QTP Investments Qualified education expenses, Qualified education expenses. What can military claim on taxes Rollovers, Rollovers and Other Transfers, Changing the Designated Beneficiary Tax benefit of, What is the tax benefit of a QTP. What can military claim on taxes Taxability of distributions, Are Distributions Taxable, Figuring the additional tax. What can military claim on taxes Taxable earnings, Taxable earnings. What can military claim on taxes Transfers, Rollovers and Other Transfers, Changing the Designated Beneficiary Qualified tuition reduction, Qualified Tuition Reduction, How To Report Qualified U. What can military claim on taxes S. What can military claim on taxes savings bonds, Qualified U. What can military claim on taxes S. What can military claim on taxes savings bonds. What can military claim on taxes Qualifying work-related education, Qualifying Work-Related Education, Teaching and Related Duties Determining if qualified (Figure 11-1), R Recapture American opportunity credit, Credit recapture. What can military claim on taxes Lifetime learning credit, Credit recapture. What can military claim on taxes Tuition and fees deduction, Credit recapture. What can military claim on taxes Recordkeeping requirements Work-related education, Recordkeeping, Examples of records to keep. What can military claim on taxes Refinanced student loans, Interest on refinanced student loans. What can military claim on taxes , Refinanced Loan Reimbursements Nondeductible expenses, Reimbursements for nondeductible expenses. What can military claim on taxes Work-related education, How To Treat Reimbursements, Reimbursements for nondeductible expenses. What can military claim on taxes Related persons Coverdell ESA, Members of the beneficiary's family. What can military claim on taxes Qualified tuition program (QTP), Members of the beneficiary's family. What can military claim on taxes Student loan interest deduction, Related person. What can military claim on taxes Repayment programs (see Student loan repayment assistance) Reporting American opportunity credit, Claiming the Credit Coverdell ESA, Exceptions. What can military claim on taxes , Figuring and reporting the additional tax. What can military claim on taxes , Figuring the Taxable Portion of a Distribution, Figuring the additional tax. What can military claim on taxes Early distributions from IRAs, Reporting Early Distributions Education savings bond program, Claiming the Exclusion Lifetime learning credit, Claiming the Credit Qualified tuition program (QTP), Taxable earnings. What can military claim on taxes , Losses on QTP Investments, Rollovers Scholarships and fellowships, taxable, Reporting Scholarships and Fellowships Student loan interest deduction, Claiming the Deduction Tuition and fees deduction, Claiming the Deduction Tuition reduction, taxable, How To Report Work-related education expenses, Deducting Business Expenses, Impairment-Related Work Expenses Revolving lines of credit, interest on, Interest on revolving lines of credit. What can military claim on taxes Rollovers Coverdell ESA, Rollovers Qualified tuition program (QTP), Rollovers and Other Transfers, Changing the Designated Beneficiary S Scholarships and fellowships, Scholarships and Fellowships, Form 1040NR-EZ. What can military claim on taxes , Coordination with Pell grants and other scholarships. What can military claim on taxes , Coordination with Pell grants and other scholarships. What can military claim on taxes Athletic scholarships, Athletic Scholarships Eligible educational institution, Eligible educational institution. What can military claim on taxes , Eligible educational institution. What can military claim on taxes Figuring tax-free and taxable parts (Worksheet 1-1), Worksheet 1-1. What can military claim on taxes Qualified education expenses, Qualified education expenses. What can military claim on taxes Reporting, Reporting Scholarships and Fellowships Scholarship, defined, Scholarships and Fellowships Tax treatment of (Table 1-1), Tax-Free Scholarships and Fellowships Tax-free, Tax-Free Scholarships and Fellowships, Athletic Scholarships Taxable, Taxable Scholarships and Fellowships Section 501(c)(3) organizations (see Student loan cancellation) Section 529 program (see Qualified tuition program (QTP)) Self-employed persons Deducting work-related education expenses, Self-Employed Persons Service academy cadets, Payment to Service Academy Cadets Sports, games, hobbies, and noncredit courses American opportunity credit, Sports, games, hobbies, and noncredit courses. What can military claim on taxes Education savings bond program, Qualified education expenses. What can military claim on taxes Lifetime learning credit, Sports, games, hobbies, and noncredit courses. What can military claim on taxes Tuition and fees deduction, Sports, games, hobbies, and noncredit courses. What can military claim on taxes Standard mileage rate Work-related education, What's New, Using your car. What can military claim on taxes State prepaid education accounts (see Qualified tuition program (QTP)) Student loan cancellation, Student Loan Cancellation Eligible educational institution, Eligible educational institution. What can military claim on taxes Section 501(c)(3) organizations, Section 501(c)(3) organization. What can military claim on taxes Student loan interest deduction Academic period, Academic period. What can military claim on taxes Adjustments to qualified education expenses, Adjustments to Qualified Education Expenses Allocation between interest and principal, Allocating Payments Between Interest and Principal Claiming the deduction, Claiming the Deduction Eligible educational institution, Eligible educational institution. 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