I read that student loan interest was tax deductable no matter how you do your taxes. Is this true? We always take the standard deduction and this is the first year we have started paying student loans that were in deferment.
2006-10-18 13:31:34 · 4 answers · asked by saratgoo 3 in Business & Finance ➔ Taxes ➔ United States
You betcha.
Student loan interest is not an itemized deduction. It's an adjustment to your gross income so it reduces your income. You show it on:
Form 1040, page 1, Line 33
or if you file the 1040A
Form 1040A, page 1, Line 18
But the student loan interest completely phases out if your gross income is more than $65,000
2006-10-18 14:54:38 · answer #1 · answered by Anonymous · 3⤊ 0⤋
confident, you could deduct the training or take a credit for it in the 12 months which you borrowed it to offer to the college, yet endure in strategies the pastime isn't deductible till you start up paying it off. See the link under for the IRS e-e book related to all aspects of tax advantages for education appropriate expenditures.
2016-10-19 23:25:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, interest on students loan id tax deductible
2006-10-18 13:34:16 · answer #3 · answered by R H 2 · 0⤊ 1⤋
If you are married filing jointly, the phase-out is from $105,000 to $135,000. Otherwise, KSoze is correct (as is R H)
2006-10-18 23:57:49 · answer #4 · answered by skip 6 · 0⤊ 0⤋