Instructions For Form 1040 - U.s. Individual Income Tax Return - 2017 Page 37

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2017 Form 1040—Line 33
c. You, or your spouse if filing
Line 33
Exception. Use Pub. 970 instead of the
jointly, could be claimed as a dependent
worksheet in these instructions to figure
on someone else's return.
Student Loan Interest
your student loan interest deduction if
you file Form 2555, 2555-EZ, or 4563,
Deduction
However, a loan isn't a qualified stu-
or you exclude income from sources
dent loan if (a) any of the proceeds were
You can take this deduction only if all of
within Puerto Rico.
used for other purposes, or (b) the loan
the following apply.
Qualified student loan. A qualified
was from either a related person or a
You paid interest in 2017 on a
student loan is any loan you took out to
person who borrowed the proceeds un-
qualified student loan (defined later).
pay the qualified higher education ex-
der a qualified employer plan or a con-
Your filing status is any status ex-
penses for any of the following individu-
tract purchased under such a plan. For
cept married filing separately.
als who was an eligible student.
details, see Pub. 970.
Your modified adjusted gross in-
1. Yourself or your spouse.
Qualified higher education expenses.
come (AGI) is less than: $80,000 if sin-
Qualified higher education expenses
2. Any person who was your de-
gle, head of household, or qualifying
generally include tuition, fees, room and
pendent when the loan was taken out.
widow(er); $165,000 if married filing
board, and related expenses such as
jointly. Use lines 2 through 4 of the
3. Any person you could have
books and supplies. The expenses must
worksheet in these instructions to figure
claimed as a dependent for the year the
be for education in a degree, certificate,
your modified AGI.
loan was taken out except that:
or similar program at an eligible educa-
You, or your spouse if filing joint-
a. The person filed a joint return,
tional institution. An eligible education-
ly, aren't claimed as a dependent on
al institution includes most colleges,
b. The person had gross income that
someone else's (such as your parent's)
universities,
and
certain
vocational
was equal to or more than the exemption
2017 tax return.
schools. For details, see Pub. 970.
amount for that year ($4,050 for 2017),
Use the worksheet in these instruc-
or
tions to figure your student loan interest
deduction.
Student Loan Interest Deduction Worksheet—Line 33
Keep for Your Records
Before you begin:
Figure any write-in adjustments to be entered on the dotted line next to line 36 (see the instructions for line 36).
Be sure you have read the Exception in the instructions for this line to see if you can use this worksheet instead of Pub.
970 to figure your deduction.
1.
Enter the total interest you paid in 2017 on qualified student loans (see the instructions for line 33). Don’t enter more
than $2,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2.
Enter the amount from Form 1040, line 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3.
Enter the total of the amounts from Form 1040, lines 23 through 32, plus any write-in
adjustments you entered on the dotted line next to line 36 . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4.
Subtract line 3 from line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5.
Enter the amount shown below for your filing status.
Single, head of household, or qualifying
widow(er)—$65,000
. . . . . . . . . . . . .
5.
Married filing jointly—$135,000
6.
Is the amount on line 4 more than the amount on line 5?
No.
Skip lines 6 and 7, enter -0- on line 8, and go to line 9.
6.
Yes. Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Divide line 6 by $15,000 ($30,000 if married filing jointly). Enter the result as a decimal (rounded to at least three
.
places). If the result is 1.000 or more, enter 1.000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
8.
Multiply line 1 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9.
Student loan interest deduction. Subtract line 8 from line 1. Enter the result here and on
Form 1040, line 33. Don’t include this amount in figuring any other deduction on your return (such as on Schedule A,
C, E, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
-37-
Need more information or forms? Visit IRS.gov.

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