- quote -

If you just took the loan out this year, I would presume
that you are still a student and NOT paying on this loan.
Therefore, the loan has absolutely no bearing on this year's
AGI.

Kate, EA in PA

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"jason.s.turner[at]gmail.com" <jason.s.turner[at]gmail.com> writes:

- quote -

See IRS Publication 970.

Phil Marti
Clarksburg, MD

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"jason.s.turner[at]gmail.com" <jason.s.turner[at]gmail.com> writes:

- quote -

Take a look at the "adjustment" section of the front of the
1040.

Phil Marti
Clarksburg, MD

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Thanks for all of the info.

Tuition was mentioned. How much is deductable, just the
amount of the tuition? How would a student loan that was
taken out just this year effect it?

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<jason.s.turner[at]gmail.com> wrote:

- quote -

They're listed on lines 23 - 34 of the 2004 Form 1040.

http://www.irs.gov/pub/irs-pdf/f1040.pdf

Barney Byrd

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jason.s.turner[at]gmail.com wrote:

- quote -

Are you referring to "Adjustments to Income?" Those are
considered (called) "above the line deductions." They are
listed toward the bottom of page 1 of your 1040 and include
items, i.e. educator expenses, alimony paid, self employed
health insurance, IRA deduction, student loan interest
deduction, Moving expenses, Penalty on early withdrawal of
savings, one half of self employment tax, Tuition and fees
deduction, and more.

The tuition and fees deduction is an interesting animal.
You have to see if you also qualify for the Hope, or
Lifetime education credits. See which deduction gives you a
better tax advantage.

Greg

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jason.s.turner[at]gmail.com <jason.s.turner[at]gmail.com> wrote:

- quote -

See the bottom section of Form 1040 which conta98in
adjustments to income. These are deductions that can be
taken, such as IRA contributions and alimony paid out, that
reduce taxable income.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"jason.s.turner[at]gmail.com" <jason.s.turner[at]gmail.com> writes:

- quote -

Deductible IRA contribution, clean fuels deduction, and a
bunch of other stuff. Read the instructions for the
"Adjustments to Income" section of the front side of your
1040.

And then as part of computing gross income (as opposed to
adjusted gross income), there's also capital loss and
business loss.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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What are the "non-itemized" deductions that are factored in
when calculating an AGI?

Thanks,

Jason

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