Student Loan Interest Deduction Worksheet 1040a
Subtract line 8 from line 1. 2012 student loan interest deduction worksheet.
2019 form 1098 e student loan interest statement info copy only.
Student loan interest deduction worksheet 1040a. Student loan interest deduction line 33 2012 1040 instructions html. This max is per return not per taxpayer even if both spouses on a joint return qualify for the deduction. The max deduction is 2500.
Enter the result here and on form 1040 line 33 or form 1040a line 18. Student loan interest deduction. Paying back your student loan wont generate any tax breaks but paying the interest on that student loan can by reducing your income tax.
Any deduction allowed will be reported on form 1040 line 33 or form 1040a line 18. Contact us if you have additional questionswere here to help. The max deduction is 2500.
The numerator is your magi minus 65000 130000 in the case of a joint return. But in order to complete that california worksheet you will first need access to certain information such as your federal student loan interest deduction amount from your form 1040 or 1040a federal income tax return. Topic number 456 student loan interest deduction student loan interest is interest you paid during the year on a qualified student loan.
You may deduct the lesser of 2500 or the amount of interest you actually paid during the year. Do not include this amount in figuring any other deduction on your return such as on schedule a c e etc wkslidld names as shown on return tax id number. Taxable income less than 100000.
You cant claim a student loan interest deduction if your magi is 80000 or more 165000 or more if you file a joint return. It includes both required and voluntarily pre paid interest payments. No capital gain or loss no other gains or losses.
No itemized deductions mortgage interest property tax etc. The amount of your student loan interest deduction is phased out gradually reduced if your magi is between 65000 and 80000 135000 and 165000 if you file a joint return. In turbotax desktop you can view your forms directly.
To figure the phase out multiply your interest deduction before the phase out but not more than 2500 by a fraction. Any deduction allowed will be reported on schedule 1 line 33 and will be used for the calculation of form 1040 line 7 adjusted gross income. The denominator is 15000 30000 in the case of a joint return.
No business income or loss self employed llc etc. File form 1040a if you meet these requirements. Complete the student loan interest deduction worksheet.
The irs website and publication 970 tax benefits for education have more information on how to deduct your student loan interest. You can also complete the student loan interest deduction worksheet in the form 1040 or 1040a instructions. Student loan interest deduction worksheet 2012 form 1040 instructions page 36 forms and instructions.
For ty2017 and prior. Student loan interest deduction phase outs. No farm or fisherman income or loss.
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