December 2008
You are browsing the archive for December 2008.
Education Savings Bond Exclusion
For 2008, the amount of your interest exclusion is phased out (gradually reduced) if your filing status is married filing jointly or qualifying widow(er) and your modified adjusted gross income (MAGI) is between $100,650 and $130,650. You cannot take the deduction if your MAGI is $130,650 or more. For all other filing statuses, your interest [...]
Hope and Lifetime Learning Credits
Beginning in 2008, the following changes apply to the Hope and lifetime learning (education) credits. Income limits for credit reduction increased. For 2008, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $48,000 and $58,000 ($96,000 and $116,000 if you file [...]
Student Loan Interest Deduction
For 2008, the amount of the student loan interest deduction is phased out (gradually reduced) if your filing status is married filing jointly and your modified adjusted gross income (MAGI) is between $115,000 and $145,000. You cannot take the deduction if your MAGI is $145,000 or more. For all other filing statuses, your student loan [...]
Tuition and Fees Deduction – New Form 8917
Beginning in 2007, in order to claim the tuition and fees deduction, you must complete Form 8917, Tuition and Fees Deduction, and file it with Form 1040 or Form 1040A. Previously, a worksheet was provided to help taxpayers figure the amount of the deduction. See Form 8917 and chapter 6 of Publication 970, Tax Benefits [...]
Hawaii State Tax Dept to Assist Residents and Businesses Affected by Storms
Hawaii State Tax Department To Assist Residents and Businesses Affected By Storms Filing extensions, penalty waivers to be considered on case-by-case basis In light of the heavy winds, rain and flooding this past week that have caused substantial damage to homes and businesses in the counties of Kaua‘i, Maui and the City and County of [...]
Child’s Investment Income
Increase in age of children whose investment income is taxed at parent’s rate. The rules regarding the age of a child whose investment income may be taxed at the parent’s tax rate will change for 2008. These rules will continue to apply to a child under age 18 at the end of the year but, [...]
