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Individual Income Tax Guide





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Page 4: Form 1040, line 32 (cont.) to line 33

Chapter 3 – Adjusted Gross Income

IRA deduction worksheet: Use the IRA Deduction Worksheet to figure the amount, if any, of your IRA deduction. But read the following 11-item list before you fill in the worksheet.

Required minimum distributions: By April 1 of the year after the year in which you turn age 70½, you must start taking minimum required distributions from your traditional IRA. If you do not, you may have to pay a 50% additional tax on the amount that should have been distributed.

Nondeductible Contributions: If you made any nondeductible contributions to a traditional individual retirement arrangement (IRA) during the year, you must report them on Form 8606, Nondeductible IRAs.

Line 33 - Student Loan Interest Deduction: You can take this deduction only if all of the following apply.

Use the Student Loan Interest Deduction worksheet to figure your student loan interest deduction.

Exception: Use Worksheet 4.1 in Publication 970 instead of the standard worksheet to figure your student loan interest deduction if you file Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you exclude income from sources within Puerto Rico.

For a complete discussion of the student loan interest deduction, go to the Student Loan Interest Deduction page.