Form 1040 Instructions - 2015 Page 37

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102

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2015 Form 1040—Lines 33 Through 35

3. Any person you could have

However, a loan isn't a qualified stu-

board, and related expenses such as

claimed as a dependent for the year the

dent loan if (a) any of the proceeds were

books and supplies. The expenses must

loan was taken out except that:

used for other purposes, or (b) the loan

be for education in a degree, certificate,

was from either a related person or a

or similar program at an eligible educa-

a. The person filed a joint return,

person who borrowed the proceeds un-

tional institution. An eligible education-

b. The person had gross income that

der a qualified employer plan or a con-

al institution includes most colleges,

was equal to or more than the exemption

tract purchased under such a plan. For

universities,

and

certain

vocational

amount for that year ($4,000 for 2015),

details, see Pub. 970.

schools. For details, see Pub. 970.

Qualified higher education expenses.

c. You, or your spouse if filing

Qualified higher education expenses

jointly, could be claimed as a dependent

generally include tuition, fees, room and

on someone else's return.

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.

Enter the total interest you paid in 2015 on qualified student loans (see the instructions for line 33). Do not enter more

than $2,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

Enter the amount from Form 1040, line 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtract line 3 from line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter the amount shown below for your filing status.

Single, head of household, or qualifying

widow(er)—$65,000

. . . . . . . . . . . . .

Married filing jointly—$130,000

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.

Yes. Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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.

Multiply line 1 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.

Student loan interest deduction. Subtract line 8 from line 1. Enter the result here and on

Form 1040, line 33. Do not include this amount in figuring any other deduction on your return (such as on

Schedule A, C, E, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.

You may be able to take a

Line 34

Line 35

credit for your educational ex-

TIP

penses instead of a deduction.

Tuition and Fees

Domestic Production

See the instructions for lines 50 and 68

Activities Deduction

If you paid qualified tuition and fees for

for details.