1040A Lines 18- 21 Overview

Video Transcript

"The next two areas of adjusted gross income that we're going to talk about are student loan interest deductions and tuition and fees deductions. Student and loan interest deductions you can take this only if all of the following apply: You paid interest in 2007 on a qualified student loan, your filing status is any status except married filing separately, your modified adjusted gross income is less than 70,000 if single, head of household, or qualifying widow(widower), or 140,000 if married filing jointly, and you or your spouse, if filing jointly are not claimed as a dependent on someone else's (such as your parent's) 2007 tax return. The form to fill this out is down here and you can read through this and complete the form. When you've worked through to line 9 you'll be able to enter this on form 1040A line 18. The next section is tuition and fees deduction. In here you'll have to fill out a completely separate form, 8917. So you'll need to obtain form 8917 if this applies to you, complete that and then enter that amount on line 19. Once you've completed lines 16 through 19, you add all of these up. These are your total adjustments and you put that number on line 20 and then you subtract line 20 from line 15 and that gives you your adjusted gross income on line 21."