Oh and welcome to the session. This is Professor Farhat. We're going to keep working with itemized deductions and specifically, we're going to be looking at interests. This topic is covered in an income back score CPA exam regulation section, as well as the enrolled agent exam. As always, I would like to remind my viewers (that's you) to connect with me on a personal as well as a professional level. You can connect with me on my LinkedIn account or my Facebook. You want to make sure you subscribe to my YouTube channel where you have access to all my lectures. Please like those lectures, share them with others, and put them in playlists so other people might benefit. This is my Twitter account. I do have a website where I organize all my courses. Now, let's start with the deduction for HEI, which is the interest on a qualified student loan. To be more specific, let me show you where it goes. This is Form 1040, which shows your income. Then, you come to adjust the gross income. Under adjusted gross income, you're going to have a line where you can deduct your student loan interest. So, you can deduct student loan interests before you get your AGI. This is good. It's an adjustment for AGI. This is not part of your itemized deduction. It's deductible for AGI subject to limits. So, why do you think that's the case? Well, of course, the Congress, you know, they're generous to a point. Remember, most of us, as students, when you just graduate from college, you're not going to have enough itemized deductions. So, what Congress said is, "We're going to give you a deduction, although you're not going to itemize." However, your deduction is limited to $2,500. And you...
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Investment interest expense deduction 2024 Form: What You Should Know
Use Form N-158 to figure the amount of investment interest expense you can deduct for 2024 and the amount you can carry forward to future years. Your investment interest expense deduction is limited to your net interest income. Investment Interest Deduction — 2024 Tax Year Investment interest expense for 2015, which is the tax year that begins in November 2015, is limited to your investment interest income from financial accounts during the tax year. Form 4952 – 2024 (and Later) Tax Year The 2024 tax year (included in the filing year of Form 4952) ended on December 31, 2014. Taxpayers were allowed to use the 2024 form to figure the investment interest expense deduction as defined by IRS rules, but they were not allowed to carry forward the deduction in later years. Investment interest expense for the 2024 and later tax years can be deducted or carried forward to a tax year after 2024 (including the 2024 tax year), but only if your total income from all investments, other than IRA annuities and qualified retirement plans, exceeded 100,000 for any 2 tax years. Form 4952 – 2024 (and Later) Tax Year Investment interest expense for the 2024 tax year, which is the tax year that begins on January 1, 2016, is limited to your investment interest income from financial accounts during the tax year. The 2024 tax year (included in the filing year of Form 4952) ended on December 31, 2014. Form 4952 – 2024 (and Later) Tax Year (Note: In the years 2017–2020, which are shown below, Form 4952 will be filed once per calendar year, instead of annually, and is not expected to be filed again in 2025) The 2024 tax year (included in the filing year of Form 4952) ended on December 31, 2016. The 2024 Form 4952 was not filed since that year ended. The 2024 tax year, which was included in Form 4952 for the 2024 filing year, ended on December 31, 2017, and was the last year to file a Form 4952. The 2024 tax year, which was included in Form 4952 for the 2024 filing year and the first year to file a Form 4952. Use Form 4952 in 2024 for IRA, Keogh, and Traditional IRA investing.
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