Discussion in 'Economy' started by Penelope, Jan 14, 2019.
It use to be on line 36 of the front page.
The 1040 is totally different.
They completely overhauled taxes in 2018
Haven’t seen the new forms but many of my deductions are gone
But others doubled.
What has doubled?
It is listed as agi.
Student Loan Interest Deduction
• You, or your spouse if filing joint- ly, aren't claimed as a dependent on someone else's (such as your parent's) 2018 tax return.
Use the worksheet in these instruc- tions to figure your student loan interest deduction.
Exception. Use Pub. 970 instead of the worksheet in these instructions to figure your student loan interest deduction if you file Form 2555, 2555-EZ, or 4563, or you exclude income from sources within Puerto Rico.
Qualified student loan. A qualified student loan is any loan you took out to pay the qualified higher education ex-
penses for any of the following individu- als who was an eligible student.
1. Yourself or your spouse.
2. Any person who was your de- pendent when the loan was taken out.
3. Any person you could have claimed as a dependent for the year the loan was taken out except that:
a. The person filed a joint return;
b. The person had gross income that
was equal to or more than the exemption amount for that year or $4,150 for 2018; or
You can take this deduction only if all of the following apply.
• You paid interest in 2018 on a qualified student loan (defined later).
• Your filing status is any status ex- cept married filing separately.
• Your modified adjusted gross in- come (AGI
Standard deduction is now $12,000 or head of household is $18,000
Adjusted gross income is line 7 on form 1040.
Yes and they took away personal deductions. I know where the AGI is , but what line are the subtraction for your MAGI located?
so one is not allowed to deduct for contribution to an Traditional Ira or self employed health ins. anymore??
No, they didn’t see schedule a
And there is no modified adjusted income line on the 2017 form 1040
Separate names with a comma.