A taxpayer who is the dependent of another, or married individuals not filing jointly, are not allowed to take the deduction. A qualified loan must be for the taxpayer, spouse, or taxpayer's dependent at the time of the loan. The maximum student loan interest deduction for the current tax year is $2,500. Do Not Proforma: Enter X in this field to delete the item on next year's proforma.Note: denotes state use codes that are available when the Massachusetts return is attached to the open client, even when the corresponding State field does not contain the Massachusetts postal code. A diagnostic indicates when data exists in this field. Use the Deductible Amount If Different from Box 1 field if the Box 1 amount contains nondeductible loan origination fees. If the loan origination fees are for other property or services (for example, commitment or processing fees) they are not deductible. Only loan origination fees for the use of money are deductible. Data in this field does not change the amount entered in the Interest Received by lender (Box 1) field, which is treated as qualified education loan interest paid in 2018 and reported on the Student Loan Interest Deduction Worksheet. Loan Origination Fees (Box 2): This field contains data shared from the Source Data Entry Utility and is not required when manually entering data in the statement.Interest Received by lender (Box 1): Enter the amount to be treated as qualified education loan interest paid in 2018 and reported on the Student Loan Interest Deduction Worksheet.Recipient/Lender: Enter the name of the lender.The statement includes the following fields. Total proceeds from Series EE and I bonds…Įnter the amount of interest paid during 2018 on a qualified education loan in the Qualified education loan interest paid in 2018 field, or in the attached statement. See What is a custom fieldview? for more information about linked custom fieldviews. Click the down arrow and choose Edit Multi-field Custom Fieldview to open the Custom Fieldview dialog, in which you can enter, edit, or select a fieldview item for these linked fields. This field contains a linked custom fieldview, which enables you to automatically enter data in the related Name, Address, City, State, and Zip Code fields. Financial Institution/Program Name, Address, City, State, Zip Code: Enter the name and address of the financial institution where the Coverdell ESA account is located, or for contributions to a QTP, enter the name and address of the program.Or, enter the QTP if the taxpayer contributed to a Qualified Tuition Plan (QTP) for the enrollee. Qual Educ Prog Type: Enter ESA if the taxpayer contributed to a Coverdell ESA for the enrollee.Nontaxable Benefits: Enter the total of any nontaxable educational benefits received for 2018.Also, do not include expenses used to calculate an education credit or the nontaxable amount of a distribution from a Coverdell ESA or QTP. Do not include expenses that were covered by nontaxable education benefits paid directly to or by the educational institution. Qualified Expenses: Enter the total amount paid in 2018 for qualified higher education expenses.Educational Institution, Address, City, State, Zip: Enter the name and address of the eligible educational institution that the enrollee attended.First Name / Last Name: The application automatically enters the first and last names of the eligible student based on the selected Social Security number.In addition to the taxpayer and spouse Social Security numbers, the Social Security numbers of most dependents entered in the 1040 screen are available in the fieldview.When the Require a password to display SSNs box is marked in the Setup > Security > Security Configuration tab, the Social Security number displays as "#-#-#." For more information about masking Social Security numbers, see Masking SSNs for 1040 clients with preparers outside the U.S.
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