Form 1040 Instructions - 2015 Page 36
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105 2015 Form 1040—Lines 32 and 33
IRA Deduction Worksheet—Continued
Your IRA
Spouse's IRA
7.
Multiply lines 6a and 6b by the percentage below that applies to you. If the
result isn't a multiple of $10, increase it to the next multiple of $10 (for
example, increase $490.30 to $500). If the result is $200 or more, enter the
result. But if it is less than $200, enter $200.
Single, head of household, or married filing separately, multiply by 55%
(0.55) (or by 65% (0.65) in the column for the IRA of a person who is age
50 or older at the end of 2015).
7a.
7b.
Married filing jointly or qualifying widow(er), multiply by 27.5% (0.275)
(or by 32.5% (0.325) in the column for the IRA of a person who is age 50 or
older at the end of 2015). But if you checked “No” on either line 1a
or 1b, then in the column for the IRA of the person who wasn't covered by a
retirement plan, multiply by 55% (0.55) (or by 65% (0.65) if age 50 or
older at the end of 2015).
8.
Enter the total of your (and your spouse's if filing
jointly):
Wages, salaries, tips, etc. Generally, this is the
amount reported in box 1 of Form W-2. Exceptions
are explained earlier in these instructions for line 32.
8.
Alimony and separate maintenance payments
reported on Form 1040, line 11.
Nontaxable combat pay. This amount should be
reported in box 12 of Form W-2 with code Q.
9.
Enter the earned income you (and your spouse if
filing jointly) received as a self-employed individual
or a partner. Generally, this is your (and your
spouse's if filing jointly) net earnings from
self-employment if your personal services were a
material income-producing factor, minus any
deductions on Form 1040, lines 27 and 28. If zero or
less, enter -0-. For more details, see Pub.
590-A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10.
Add lines 8 and 9 . . . . . . . . . . . . . . . . . . . . . . . . .
10.
If married filing jointly and line 10 is less than $11,000 ($12,000 if
!
one spouse is age 50 or older at the end of 2015; $13,000 if both
spouses are age 50 or older at the end of 2015), stop here and use
CAUTION
the worksheet in Pub. 590-A to figure your IRA deduction.
11.
Enter traditional IRA contributions made, or that will be made by the due date
of your 2015 return not counting extensions (April 18, 2016, for most people),
for 2015 to your IRA on line 11a and to your spouse's IRA on line 11b . . . . . . 11a.
11b.
12.
On line 12a, enter the smallest of line 7a, 10, or 11a. On line 12b, enter the
smallest of line 7b, 10, or 11b. This is the most you can deduct. Add the
amounts on lines 12a and 12b and enter the total on Form 1040, line 32. Or, if
you want, you can deduct a smaller amount and treat the rest as a
nondeductible contribution (see Form 8606) . . . . . . . . . . . . . . . . . . . . . . . . . . 12a.
12b.
widow(er); $160,000 if married filing
you file Form 2555, 2555-EZ, or 4563,
Line 33
jointly. Use lines 2 through 4 of the
or you exclude income from sources
worksheet in these instructions to figure
within Puerto Rico.
Student Loan Interest
your modified AGI.
Qualified student loan. A qualified
Deduction
You, or your spouse if filing joint-
student loan is any loan you took out to
ly, aren't claimed as a dependent on
You can take this deduction only if all of
pay the qualified higher education ex-
someone else's (such as your parent's)
the following apply.
penses for any of the following individu-
2015 tax return.
You paid interest in 2015 on a
als who was an eligible student.
qualified student loan (defined later).
Use the worksheet in these instruc-
1. Yourself or your spouse.
Your filing status is any status ex-
tions to figure your student loan interest
2. Any person who was your de-
cept married filing separately.
deduction.
pendent when the loan was taken out.
Your modified adjusted gross in-
Exception. Use Pub. 970 instead of the
come (AGI) is less than: $80,000 if sin-
worksheet in these instructions to figure
gle, head of household, or qualifying
your student loan interest deduction if
-36-
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