Instructions For Schedule A (Form 1040) - 2009 (Page 9 of 15) in pdf

Qualified Mortgage Insurance Premiums Deduction Worksheet—

Line 13

Keep for Your Records

Before you begin:

See the instructions for line 13 on page A-7 to see if you must use this worksheet to figure

your deduction.

1. Enter the total premiums you paid in 2009 for qualified mortgage insurance for a contract issued after

December 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

2. Enter the amount from Form 1040, line 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.

3. Enter $100,000 ($50,000 if married filing separately) . . . . . . . . . . . . . . . . . . . . . . 3.

4. Is the amount on line 2 more than the amount on line 3?

No.

Your deduction is not limited. Enter the amount from line 1 above on

Schedule A, line 13. Do not complete the rest of this worksheet.

Yes. Subtract line 3 from line 2. If the result is not a multiple of $1,000 ($500

if married filing separately), increase it to the next multiple of $1,000

($500 if married filing separately). For example, increase $425 to $1,000,

increase $2,025 to $3,000; or if married filing separately, increase $425

to $500, increase $2,025 to $2,500, etc. . . . . . . . . . . . . . . . . . . . . . . . . . 4.

5. Divide line 4 by $10,000 ($5,000 if married filing separately). Enter the result as a decimal. If the

result is 1.0 or more, enter 1.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.

6. Multiply line 1 by line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.

7. Qualified mortgage insurance premiums deduction. Subtract line 6 from line 1. Enter the result

here and on Schedule A, line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.

you gave to organizations that work to pre-

palsy, cystic fibrosis, diabetes, heart dis-

Line 14

vent cruelty to children or animals. Certain

ease, hemophilia, mental illness or retarda-

whaling captains may be able to deduct

tion, multiple sclerosis, muscular

Investment Interest

expenses paid in 2009 for Native Alaskan

dystrophy, tuberculosis, etc.

•

subsistence bowhead whale hunting activi-

Federal, state, and local governments

Investment interest is interest paid on

ties. See Pub. 526 for details.

if the gifts are solely for public purposes.

money you borrowed that is allocable to

property held for investment. It does not

To verify an organization’s charitable

include any interest allocable to passive ac-

Contributions You Can

status, you can:

tivities or to securities that generate tax-ex-

•

Deduct

Check with the organization to which

empt income.

you made the donation. The organization

Contributions can be in cash, property, or

should be able to provide you with verifica-

Complete and attach Form 4952 to fig-

out-of-pocket expenses you paid to do vol-

tion of its charitable status.

ure your deduction.

unteer work for the kinds of organizations

•

See Pub. 78 for a list of most qualified

described earlier. If you drove to and from

You do not have to file Form

Exception.

organizations. You can access Pub. 78 on

the volunteer work, you can take the actual

4952 if all three of the following apply.

the IRS website at under

cost of gas and oil or 14 cents a mile. Add

1. Your investment interest expense is

Charities and Non-Profits then Contribu-

parking and tolls to the amount you claim

not more than your investment income

tors.

under either method. But do not deduct any

•

from interest and ordinary dividends minus

Call our Tax Exempt/Government En-

amounts that were repaid to you.

any qualified dividends.

tities Customer Account Services at

2. You have no other deductible invest-

1-877-829-5500.

Gifts from which you benefit.

If you made

ment expenses.

a gift and received a benefit in return, such

Examples of Qualified

as food, entertainment, or merchandise,

3. You have no disallowed investment

Charitable Organizations

you can generally only deduct the amount

interest expense from 2008.

that is more than the value of the benefit.

•

Churches, mosques, synagogues, tem-

But this rule does not apply to certain mem-

Alaska Permanent Fund divi-

ples, etc.

bership benefits provided in return for an

dends, including those reported

•

annual payment of $75 or less or to certain

Boy Scouts, Boys and Girls Clubs of

on Form 8814, are not invest-

items or benefits of token value. For de-

America, CARE, Girl Scouts, Goodwill In-

ment income.

tails, see Pub. 526.

dustries, Red Cross, Salvation Army,

For more details, see Pub. 550.

United Way, etc.

Example. You paid $70 to a charitable

•

Fraternal orders, if the gifts will be

organization to attend a fund-raising dinner

used for the purposes listed earlier on this

and the value of the dinner was $40. You

page.

can deduct only $30.

Gifts to Charity

•

Veterans’ and certain cultural groups.

•

You can deduct contributions or gifts you

Nonprofit schools, hospitals, and or-

You can deduct a

Gifts of $250 or more.

gave to organizations that are religious,

ganizations whose purpose is to find a cure

gift of $250 or more only if you have a

charitable, educational, scientific, or liter-

for, or help people who have, arthritis,

statement from the charitable organization

ary in purpose. You can also deduct what

asthma, birth defects, cancer, cerebral

showing the information in (1) and (2) next.

A-8

Instructions For Schedule A (Form 1040) - 2009 Page 9

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