FP101_r5_Wk8_Ramsay_Tax_Return

maximum interest deduction

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Unformatted text preview: . . . . . . . . . . . . . Eligible interest. Smaller line a or b . . . . . . . . . . . . . . . . . . Total income (Form 1040A line 15) . . . . . . . . . . . . . . . . . . Educator expenses and IRA deduction (lines 16 and 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modified adjusted gross income (line d - e) . . . . . . . . . . . . Phaseout threshold ($55,000; $115,000 jnt) . . . . . . . . . . . Line f - line g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction amount (line c times line h divided by $15,000 if not joint, $30,000 joint) . . . . . . . . . . . . . . . . . Deduction (line c - line i). To line 18 . . . . . . . . . . . . . . . . . . 225 2,500 225 22,500 0 22,500 55,000 0 0 225 gross 18 19 Student loan interest deduction. Tuition and fees deduction. in- Lines 16 through 19. Total adjustments. 20 225 Line 15 - line 20. Your adjusted gross income. 21 22,275 20 come 21 18 19 Not For Filing 225 0 KIA END OF PAGE 1 Form 1040A (2008) Page 2 Form 1040A (2008) Gloria Ramsay 22 Amount from line 21 (adjusted gross income). Blind 23a You born bef 1/2/1944 Tax, cre- Spouse born bef 1/2/1944 dits, and pay- b c 24...
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