Form 1040 Income Tax Tables 2014: Fill & Download for Free

There is a student loan interest deduction that can be applied when you file your taxes in April Publication 970 (2014), Tax Benefits for EducationThe student loan interest deduction is claimed as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040).This chapter explains:What type of loan interest you can deduct,Whether you can claim the deduction,What expenses you must have paid with the student loan,Who is an eligible student,How to figure the deduction, andHow to claim the deduction.http://...Table 4-1.Student Loan Interest Deduction at a GlanceThis table summarizes the features of the student loan interest deduction.Do not rely on this table alone. Refer to the text for complete details.Feature DescriptionMaximum benefit You can reduce your income subject to tax by up to $2,500.Loan qualifications Your student loan:•must have been taken out solely to pay qualified education expenses, and•cannot be from a related person or made under a qualified employer plan.Student qualifications The student must be:•you, your spouse, or your dependent; and•enrolled at least half-time in a degree program.Time limit on deduction You can deduct interest paid during the remaining period of your student loan.Limit on modified adjusted gross income (MAGI) $160,000 if married filing a joint return;$80,000 if single, head of household, or qualifying widow(er).

The following can provide some insight into this matter for you.The 400 Individual Income Tax Returns Reporting the Largest Adjusted Gross Incomes Each Year, 1992–2014Shown below are four tables that contain information from the 400 individual income tax returns with the highest adjusted gross incomes (AGIs), for Tax Years 1992 through 2014. Statistics for 2014 are included for the first time.It is important to note that the group of taxpayers whose returns are among those with the highest AGIs changes from year to year.Statistics on the persistence of taxpayers in that group are provided in Table 4.Table 1 contains frequencies, money amounts, and average dollar amounts for the major income, deduction, and tax credits reported as part of the Form 1040 (U.S. Individual Income Tax Return). It includes salaries and wages, interest income, and capital gains.You can find all the specific information at; https://www.irs.gov/pub/irs-soi/14intop400.pdf .

YES, BUT IT DEPENDS. IN SOME CASES YOU WILL BE ABLE TO RECEIVE YOU SOCIAL SECURITY BENEFITS AND IN OTHER CASES NOT.EXCERPT;Considering Giving Up Your US Citizenship? Facts You Need to Know About Social Security.Ines Zemelman, EA15 November 2015The number of US Citizens renouncing their citizenship has been growing consistently for the past few years.In 2014, the record number of 3,415 was set on US Citizens renouncing their citizenship. A previous record was set in 2013 with 2,999 renunciations, and that was up around 2,000 from the 932 who expatriated in 2012. More and more US Expats are cutting ties with the United States to get out from under the long and strong arm of FATCA.You may or may not be taxed upon expatriating. It depends on whether you are a covered expat or an uncovered expat.Before you are able to renounce your US Citizenship, you will be required to file Form 8854 and attach it to your final tax return. Form 8854 will help the IRS determine your status as an uncovered or covered expat.If you are a covered expat, you will most likely be subject to an exit tax. This is the method the IRS uses to ensure that you aren’t renouncing your US Citizenship just to avoid paying past due taxes.To qualify as an uncovered expat, each of the following statements must be true:You have filed your income tax return for the previous five yearsYour annual net income tax liability for the previous five years does not exceed $157K or 2014. The threshold for 2015 is yet to be determined.Your net worth (this includes retirement accounts, bank accounts, and the value of property you own inside and outside of the United States) is below $2M on the date of your renunciation. Remember that you are allowed to gift up to $145,000 to a nonresident alien spouse every year and avoid paying gift taxes. Anything you own jointly with a non-resident alien spouse will be included in your total net worth as 50% of its actual value.You must file form 8854 in the year following the year when you renounced your citizenship/surrendered the green card .If you have dual citizenship and you are taxed as a resident of a foreign country, you haven’t spent more than 10 years out of the last 15 years in the United States.If you are deemed a covered expat by the IRS, you will be liable to pay an exit tax. The exit tax is based on the perceived value of your assets. On the day you expatriate, the IRS will assume that you liquidated your assets. You are taxed on the amount of assumed income. If you own any deferred compensation plans in the United States, you may choose to either get a full payout on the day prior to your renunciation and pay the current tax rate on that income or you may choose to keep the account as it is and agree to pay a 30% tax rate when you begin to receive distributions.You may still be required to file a US expat tax return even after you expatriate – especially if you are holding property or other investments in the US.Even though the IRS taxes you on the perceived income from your assets, you don’t have to actually liquidate them. One you renounce your US Citizenship, you are considered to be an NRA (nonresident alien), and all the investments that you own in the United States will be reported on Form 1040NR as opposed to Form 1040.Here some pieces of information and some tips that will help you remain in good standing with the IRS after your expatriation:Notify every bank and brokerage house of your updated status with Form W-8CE.If you keep your accounts open, you will receive a statement at the end of the year. This statement will reflect your capital gains, dividends and interest.If you earn income from any US source, you will be required to file Form 1040NRYou will have variable tax rates, depending on where your income is earned and the treaty held between the United States and your new country of residence.Income that is not “effectively connected” to U.S.business will be taxed at 30% unless the tax treaty stipulates a different rateIf you have income that is related to your business, it will be taxed according to the tax tables available when you file your next US expat tax return in the instructions for Form 1040 NR.If you qualified for Social Security Payments as a US Citizen, then you will still be eligible to receive benefits even after you renounce your citizenshipGenerally speaking, if you have qualified for Social Security by working and paying into the program for 40 quarters, then you will be eligible to collect benefits as an expatriate and retire in a foreign country. Keep in mind, though, that there are a variety of factors which would render you ineligible to receive benefits, so it’s important to perform due diligence and get the facts which are specific to your individual situation.Some of the factors that will determine whether or not you are eligible to receive benefits will include US bilateral agreements (or no agreement whatsoever), your country of residence, and your current citizenship. When these factors are taken into consideration, the IRS may impose minor adjustments or they could discontinue your payments altogether. If your payments were terminated because of your country of residence or another factor, you will be eligible to receive payments again if you spend at least one full month in the United States. For eligibility, a full day is defined as midnight to midnight.The Green Zone: If you live in one of the following countries, your payments will continue without interruption regardless of your citizenship status.Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, South Korea, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden Switzerland, and United Kingdom.The Yellow Zone: If you are a citizen of one of the countries listed below, you may receive your payments as long as you are outside the U.S. If you reside in one of those countries yet not as a citizen, then your eligibility for future benefits will depend on various factors. This simple screening tool will check for how long you will remain eligible to receive the benefits: https://www.socialsecurity.gov/international/payments_outsideUS.htmlAlbania, Antigua and Barbuda, Argentina, Bahama Islands, Barbados, Belize, Bolivia, Bosnia Herzegovina, Bulgaria, Brazil, Burkina Faso, Colombia, Costa Rica, Côte d’lvoire, Croatia, Cyprus, Dominica, Dominican Republic, Ecuador, El Salvador, Gabon, Grenada, Guatemala, Guyana, Hungary, Iceland, Jamaica, Jordan, Latvia, Liechtenstein, Lithuania, Macedonia, Malta, Marshall Islands, Mexico, Micronesia, Monaco, Montenegro, Nicaragua, Palau, Panama, Peru, Philippines, Romania, St. Kitts and Nevis, St Lucia, St. Vincent and the Grenadines, Samoa (changed from Western Samoa), San Marino, Serbia, Slovakia, Slovenia, Trinidad-Tobago, Turkey, Uruguay, and Venezuela.The Red Zone: The following list of countries is comprised of foreign territories to which the United States is unable to send any payments at all.Azerbaijan, Belarus, Cuba, Georgia, Kazakhstan, Kyrgyzstan, Moldova, North Korea, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, and Vietnam.Only US Citizens can live in one of these countries while their unpaid distributions accumulate. Once you are regarded as an NRA, you will lose out on your payments completely.