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Limitation based on modified adjusted gross income

(A) In general The amount which would (but for this paragraph) be allowable as a deduction under this section shall be reduced (but not below zero) by the amount determined under subparagraph (B).

(B) Amount of reduction The amount determined under this subparagraph is the amount which bears the same ratio to the amount which would be so taken into account as— (i) the excess of— (I) the taxpayer’s modified adjusted gross income for such taxable year, over (II) $50,000 ($100,000 in the case of a joint return), bears to (ii) $15,000 ($30,000 in the case of a joint return).

(C) Modified adjusted gross income The term “modified adjusted gross income” means adjusted gross income determined— (i) without regard to this section and sections 85(c) 1 1 So in original. Probably should be followed by a comma. 911, 931, and 933, and (ii) after application of sections 86, 135, 137, 219, and 469.

in view

Whole section

▸rulespec code

Shown source

statutes/26/221.yaml

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Rules

statutory_student_loan_interest_deduction_cap

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_deduction_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: shall not exceed $2,500
  versions:
    - effective_from: '1990-01-01'
      formula: '2500'

statutory_student_loan_interest_phaseout_threshold_other_return

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_phaseout_threshold_other_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $50,000 ($100,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '50000'

statutory_student_loan_interest_phaseout_threshold_joint_return

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_phaseout_threshold_joint_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $50,000 ($100,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '100000'

student_loan_interest_phaseout_range_other_return

Parameter

source: 26 USC 221(b)

- name: student_loan_interest_phaseout_range_other_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $15,000 ($30,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '15000'

student_loan_interest_phaseout_range_joint_return

Parameter

source: 26 USC 221(b)

- name: student_loan_interest_phaseout_range_joint_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $15,000 ($30,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '30000'

student_loan_interest_deduction_before_income_phaseout

Derived

source: 26 USC 221(a), (b)

- name: student_loan_interest_deduction_before_income_phaseout
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 221(a), (b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: interest paid by the taxpayer during the taxable year on any qualified education loan
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/221#statutory_student_loan_interest_deduction_cap
            output: statutory_student_loan_interest_deduction_cap
            hash: sha256:local
  versions:
    - effective_from: '1990-01-01'
      formula: >-
        min(max(0, qualified_education_loan_interest_paid_by_taxpayer),
        statutory_student_loan_interest_deduction_cap)

▸citations (2)

References

This rule cites 2 other rules.

26 USC § 85 (c)inferredUS Federal › Statutes › Title 26 › § 85 › (c)
26 USC § 86inferredUS Federal › Statutes › Title 26 › § 86

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us/statute/26/221/b/2 — Limitation based on modified adjusted gross income · Axiom

Limitation based on modified adjusted gross income

Official source

(A) In general The amount which would (but for this paragraph) be allowable as a deduction under this section shall be reduced (but not below zero) by the amount determined under subparagraph (B).

in view

Whole section

▸rulespec code

Shown source

statutes/26/221.yaml

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This encoding covers the parent provision us/statute/26/221; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

statutory_student_loan_interest_deduction_cap

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_deduction_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: shall not exceed $2,500
  versions:
    - effective_from: '1990-01-01'
      formula: '2500'

statutory_student_loan_interest_phaseout_threshold_other_return

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_phaseout_threshold_other_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $50,000 ($100,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '50000'

statutory_student_loan_interest_phaseout_threshold_joint_return

Parameter

source: 26 USC 221(b)

- name: statutory_student_loan_interest_phaseout_threshold_joint_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $50,000 ($100,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '100000'

student_loan_interest_phaseout_range_other_return

Parameter

source: 26 USC 221(b)

- name: student_loan_interest_phaseout_range_other_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $15,000 ($30,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '15000'

student_loan_interest_phaseout_range_joint_return

Parameter

source: 26 USC 221(b)

- name: student_loan_interest_phaseout_range_joint_return
  kind: parameter
  dtype: Money
  unit: USD
  source: 26 USC 221(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: $15,000 ($30,000 in the case of a joint return)
  versions:
    - effective_from: '1990-01-01'
      formula: '30000'

student_loan_interest_deduction_before_income_phaseout

Derived

source: 26 USC 221(a), (b)

- name: student_loan_interest_deduction_before_income_phaseout
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 221(a), (b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/221
            excerpt: interest paid by the taxpayer during the taxable year on any qualified education loan
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/221#statutory_student_loan_interest_deduction_cap
            output: statutory_student_loan_interest_deduction_cap
            hash: sha256:local
  versions:
    - effective_from: '1990-01-01'
      formula: >-
        min(max(0, qualified_education_loan_interest_paid_by_taxpayer),
        statutory_student_loan_interest_deduction_cap)

▸citations (2)

References

This rule cites 2 other rules.

26 USC § 85 (c)inferredUS Federal › Statutes › Title 26 › § 85 › (c)
26 USC § 86inferredUS Federal › Statutes › Title 26 › § 86