2004 Instructions for Form 1040 (ALL) - Supreme Law Firm

Form 1040—Lines 27 Through 29
for the student’s enrollment or attendance For more details, use TeleTax topic 457
Line 27 at an eligible educational institution during (see page 8) or see Pub. 970.
2004. Tuition and fees paid in 2004 for an
Tuition and Fees Deduction academic period that begins in the first 3
You may be able to take a credit
You can take this deduction only if all of months of 2005 can also be used in figuring TIP for your educational expenses
the following apply.
your deduction. Amounts paid include
instead of a deduction. See the
those paid by credit card or with borrowed
instructions for line 49 on page
• You paid qualified tuition and fees
funds. An eligible educational institution
36 for details.
(see this page) in 2004 for yourself, your
spouse, or your dependent(s).
includes most colleges, universities, and
certain vocational schools.
• Your filing status is any status except
married filing separately.
Qualified tuition and fees do not include Line 28
• Your modified adjusted gross income
amounts paid for the following amounts.
•
Health Savings Account
(AGI) is not more than: $80,000 if single, Room and board, insurance, medical
head of household, or qualifying expenses (including student health fees), Deduction
widow(er); $160,000 if married filing transportation, or other similar personal, If contributions (other than employer conjointly.
Use lines 1 through 3 of the workings
account for 2004, you may be able to
living, or family expenses.
tributions) were made to your health sav-
sheet below to figure your modified AGI. • Course-related books, supplies, equiptake
this deduction. See Form 8889.
• You cannot be claimed as a dependent ment, and nonacademic activities, except
on someone’s (such as your parent’s) 2004 for fees required to be paid to the institution
tax return.
as a condition of enrollment or attendance.
• You are not claiming an education • Any course involving sports, games, Line 29
credit for the same student. See the instrucstudent’s
degree program.
Moving Expenses
or hobbies, unless such course is part of the
tions for line 49 on page 36.
• You were a U.S. citizen or resident Qualified tuition and fees must be re- If you moved in connection with your job
alien for all of 2004 or you were a nonresi- duced by the following benefits.
or business or started a new job, you may
dent alien for any part of 2004 and you are • Excludable U.S. series EE and I savfiling
a joint return.
ings bond interest from Form 8815. workplace must be at least 50 miles farther
be able to take this deduction. But your new
Use the worksheet below to figure your • Nontaxable qualified tuition program from your old home than your old home
tuition and fees deduction.
earnings.
was from your old workplace. If you had no
former workplace, your new workplace
Exception. Use Pub. 970 instead of the • Nontaxable earnings from Coverdell
must be at least 50 miles from your old
worksheet below to figure your tuition and education savings accounts.
home. Use TeleTax topic 455 (see page 8)
fees deduction if you file Form 2555, • Any scholarship, educational assis- or see Form 3903.
2555-EZ, or 4563, or you exclude income tance allowance, or other payment (but not
from sources within Puerto Rico.
gifts, inheritances, etc.) excluded from income.
Qualified tuition and fees are amounts
paid in 2004 for tuition and fees required
Tuition and Fees Deduction Worksheet—Line 27
Keep for Your Records
Before you begin: Complete Form 1040, lines 28 through 34a, if they apply to you.
Figure any write-in adjustments to be entered on the dotted line next to line 35 (see the
instructions for line 35 on page 31).
See the instructions for line 27 above.
Be sure you have read the Exception above to see if you can use this worksheet instead of
Pub. 970 to figure your deduction.
1. Enter the amount from Form 1040, line 22 ........................................ 1.
2. Enter the total of the amounts from Form 1040, lines 23 through 26, 28 through 34a, plus any
write-in adjustments you entered on the dotted line next to line 35 ...................... 2.
3. Subtract line 2 from line 1. If the result is more than $80,000 ($160,000 if married filing
jointly), STOP You cannot take the deduction for tuition and fees ........................ 3.
4. Tuition and fees deduction. Is the amount on line 3 more than $65,000 ($130,000 if married
filing jointly)?
Yes. Enter the total qualified tuition and fees (defined above) you paid in 2004. Do not
}
enter more than $2,000. Also, enter this amount on Form 1040, line 27. 4.
No. Enter the total qualified tuition and fees (defined above) you paid in 2004. Do not
enter more than $4,000. Also, enter this amount on Form 1040, line 27.
Note. Do not include this amount in figuring any other deduction on your return (such as on Schedule A, C, E, etc.).
-29- Need more information or forms? See page 7.