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Publication 970 (2003), Tax Benefits for Education
For use in preparing
2003
Returns
Table of Contents
Publication 970 - Introductory Material
Important Changes for 2003
Important Changes for 2004
Important Reminders
Introduction
Comparison table.
Useful Items - You may want to see:
1. Scholarships, Fellowships, Grants, and Tuition Reductions
Important Reminder
Introduction
Scholarships and Fellowships
Tax-Free Scholarships and Fellowships
Taxable Scholarships and Fellowships
Reporting Scholarships and Fellowships
Other Types of Educational Assistance
Fulbright Grants
Pell Grants and Other Title IV Need-Based Education Grants
Payment to Service Academy Cadets
Veterans' Benefits
Qualified Tuition Reduction
2. Hope Credit
Important Change for 2003
Introduction
Can You Claim the Credit
Who Can Claim the Credit
Who Cannot Claim the Credit
What Expenses Qualify
Qualified Education Expenses
No Double Benefit Allowed
Expenses That Do Not Qualify
Who Is an Eligible Student
Exception.
Who Can Claim a Dependent's Expenses
Figuring the Credit
Effect of the Amount of Your Income on the Amount of Your Credit
Claiming the Credit
When Must the Credit Be Repaid (Recaptured)
Illustrated Example
3. Lifetime Learning Credit
Important Changes for 2003
Introduction
Can You Claim the Credit
Who Can Claim the Credit
Who Cannot Claim the Credit
What Expenses Qualify
Qualified Education Expenses
No Double Benefit Allowed
Expenses That Do Not Qualify
Who Is an Eligible Student
Who Can Claim a Dependent's Expenses
Figuring the Credit
Effect of the Amount of Your Income on the Amount of Your Credit
Claiming the Credit
When Must the Credit Be Repaid (Recaptured)
Illustrated Example
4. Student Loan Interest Deduction
Introduction
Student Loan Interest Defined
Qualified Student Loan
Qualified Education Expenses
Include As Interest
When Must Interest Be Paid
Do Not Include As Interest
Can You Claim the Deduction
No Double Benefit Allowed
Who Can Claim a Dependent's Expenses
Figuring the Deduction
Effect of the Amount of Your Income on the Amount of Your Deduction
Which Worksheet To Use
Claiming the Deduction
5. Cancellation of Student Loan
Introduction
Qualifying Loans
Section 501(c)(3) organization.
Refinanced Loan
6. Tuition and Fees Deduction
Important Change for 2004
Introduction
Can You Claim the Deduction
Who Can Claim the Deduction
Who Cannot Claim the Deduction
What Expenses Qualify
Qualified Education Expenses
No Double Benefit Allowed
Expenses That Do Not Qualify
Who Is an Eligible Student
Who Can Claim a Dependent's Expenses
Figuring the Deduction
Effect of the Amount of Your Income on the Amount of Your Deduction
Claiming the Deduction
When Must the Deduction Be Repaid (Recaptured)
7. Coverdell Education Savings Account (ESA)
Introduction
What Is a Coverdell ESA
Qualified Education Expenses
Contributions
Contribution Limits
Additional Tax on Excess Contributions
Rollovers and Other Transfers
Rollovers
Changing the Designated Beneficiary
Transfer Because of Divorce
Distributions
Tax-Free Distributions
Taxable Distributions
When Assets Must Be Distributed
8. Qualified Tuition Program (QTP)
Important Change for 2004
Introduction
What Is a Qualified Tuition Program
Designated beneficiary.
How Much Can You Contribute
Are Distributions Taxable
Figuring the Taxable Portion of a Distribution
Additional Tax on Taxable Distributions
Rollovers and Other Transfers
Rollovers
Changing the Designated Beneficiary
9. Early Distributions From IRAs
Introduction
Who Is Eligible
Figuring the Amount Not Subject to the 10% Tax
Reporting Early Distributions
10. Education Savings Bond Program
Important Change for 2003
Introduction
Who Can Cash In Bonds Tax Free
Adjusted qualified education expenses.
Eligible educational institution.
MAGI when using Form 1040A.
MAGI when using Form 1040.
Figuring the Tax-Free Amount
Effect of the Amount of Your Income on the Amount of Your Exclusion
Claiming the Exclusion
Illustrated Example
11. Employer-Provided Educational Assistance
Introduction
Working condition fringe benefit.
12. Business Deduction for Work-Related Education
Important Changes for 2003
Introduction
Qualifying Work-Related Education
Education Required by Employer or by Law
Education To Maintain or Improve Skills
Education To Meet Minimum Requirements
Education That Qualifies You for a New Trade or Business
What Expenses Can Be Deducted
Unclaimed reimbursement.
Transportation Expenses
Travel Expenses
No Double Benefit Allowed
How To Treat Reimbursements
Accountable Plans
Nonaccountable Plans
Deducting Business Expenses
Self-Employed Persons
Employees
Performing Artists and Fee-Basis Officials
Impairment-Related Work Expenses
Recordkeeping
Illustrated Example
13. How To Get Tax Help
Publication 970 - Additional Material
Appendices
Appendix A. Illustrated Example of Education Credits
Index
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