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My son has a student loan but I pay the loan can I claim the interest


Topic 456 - Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. It is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.
You claim this deduction as an adjustment to income, so you do not need to itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions.
You can claim the deduction if all of the following apply:
  • You paid interest on a qualified student loan in tax year 2015
  • You are legally obligated to pay interest on a qualified student loan
  • Your filing status is not married filing separately
  • Your MAGI is less than a specified amount which is set annually, and
  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
A qualified student loan is a loan you took out solely to pay qualified higher education expenses. See Publication 970, Tax Benefits for Education, and the Form 1040 Instructions (PDF) to determine if your expenses qualify.
If you file a Form 2555 (PDF), Foreign Earned Income, Form 2555-EZ (PDF), Foreign Earned Income Exclusion, or Form 4563 (PDF), Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to Worksheet 4-1, Student Loan Interest Deduction Worksheet in Publication 970, instead of the worksheet in the Form 1040 Instructions.
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you paid the student loan interest.
For more information about the student loan interest deduction and how your MAGI affects the deduction amount, refer to Publication 970.
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Page Last Reviewed or Updated: December 30, 2015

Jan 26, 2016 | The Computers & Internet

2 Answers

What does "deductible" mean?


Deductible is the amount that the insured must pay out-of-pocket before
the health insurer pays its share. For example, policy-holders might have to
pay a $500 deductible per year, before any of their health care is covered by
the health insurer. It may take several doctor's visits or prescription refills
before the insured person reaches the deductible and the insurance company
starts to pay for care. Furthermore, most policies do not apply co-pays for
doctor's visits or prescriptions against your deductible.


http://en.wikipedia.org/wiki/Health_insurance

Aug 08, 2013 | Finance

1 Answer

What are the deck shuffleboard penalties?


Here is a list of shuffleboard penalties:

1. When players slides their own puck beyond the scoring triangle and into the "10 off" zone, 10 points are deducted from that player's total.

2. If a puck is knocked into the "10 off" zone by another player, the player whose puck was knocked into that zone will be deducted 10 points.

3. If a player's puck is touching the line of the "10 off" area on the shooting side before their puck is played, they will be deducted 5 points.

4. For any shot that lands on the sideline or off the side of the board will be deducted 10 points.

5. If any part of a player's body crosses the baseline while shooting a puck, that player is deducted 10 points.
6. If a player accidentally shoots another player's puck, they are deducted 10 points.
For more info go to:
http://www.ehow.com/about_5268271_deck-shuffleboard-rules.html

Jan 14, 2013 | Sport & Outdoor - Others

1 Answer

Create a program that will the salary, no of hours work, the deduction, total deduction and net pay.


The easiest way to do this is to use Excel spreadsheet.
This is what you need to do.
Create a label at the top of each column as detailed.
Add a employee to each row under Name of employee
Then against each employee add the data and the formula in the relevant cell under each column.

The first column - Name of the employee
2nd column - salary rate per hour
3rd column - hours worked
4th column - gross pay (formula = salary rate X hours worked)
5th column - tax deduction
6th column - other deductions
7th column - total deductions (formula = tax deduction + other deduction)
8th column - net pay (formula = gross pay - tax - total deductions)

At the last row you can include a total for Gross salary paid, total Tax collected etc.

Once you have setup this spread sheet make a copy of it and save it as a template.
You can then copy this template for each new financial year so you do not have to create a new one each year, you only need to make minor changes for new employees, rates of pay etc.

Another way to make a salary program is to use Access Database. You need more skills to do this, but it can provide greater reporting capabilities.

Mar 24, 2011 | Computers & Internet

1 Answer

What entry should be made for stock loss by theft.?


Generally speaking, it is very difficult for someone to steal your stocks unless you possess the actual securities themselves.

If you can prove that someone actually stole the paper securities and can identify the value of the assets then you may be able to use IRS Code Section 165 to deduct the losses as a Casualty Theft Deduction; a Schedule A itemized deduction.

If your loss was suffered in the open market then it is most likely a Capital Loss; a Schedule D deduction.


Nov 08, 2010 | Computers & Internet

1 Answer

Ms access 2000 query help


you need to dwnlod a newer vertion of this product

Jun 03, 2009 | Microsoft Access 2000 Step by Step...

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