Ok so I have been told that I can have my student loans deducted, and well..I have heard from a tax agent, that this is true, however, he forgot to mention how much I can get written off, and he was also talking about write offs and deductions, can you please elaborate on that, because I'm really confused! HELP!! Thanks!
2006-12-01 05:35:25 · 2 answers · asked by Om... 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
Some student loan interest is tax-deductible.
Meaning, for example, let's say you paid $200 per month on your student loans. $2400 for the year. Let's say $2000 of that was interest, $400 actually paid principal.
You could potentially lower your taxable income by $2000. Thereby lowering your income tax bill at the end of the year.
Student loans come in many forms, some subsidized by the government, some not. Tax deductibility may also be impacted by your annual income, if you make tons of money you may lose your ability to deduct your student loan interest.
At the end of the year, and most likely by Jan. 31, you will receive a statement from your student loan lender, I believe it's a 1098 interest-paid form. Just like a W-2, you need to include this with your other paperwork when you go to your accountant and do your taxes. He can't know how much you paid, and how much might be deductible, until he sees all of that information.
Ya just gotta be patient, and probably should pay someone to do your taxes, or at least buy a PC program to do them yourself but with the guidance of the software.
2006-12-01 05:43:39 · answer #1 · answered by Anonymous · 1⤊ 0⤋
financial aide could be a mixture of loans and components. financial aide in basic terms potential the financial assist you to are attending to pay for college. in case you prepare early adequate you may get a number of that help in components that do no longer could be paid returned. There are in basic terms in basic terms this form of great style of components available so that they pass to first ones who prepare first. There additionally are numerous scholarships available. in case you pass to the library there's a e book that lists all of them. a number of them are very obscure like say one for a girl whose father replaced into an engineer and he or she could choose to verify engineering. some are very particular so verify out all of them. Then what ever isn't lined by making use of components and scholarships could be lined by making use of a loan. those loans conceal books and training and dwelling expenses. they could be paid returned yet no longer until once you have graduated and are working.
2016-12-13 18:05:36 · answer #2 · answered by mudsir 3 · 0⤊ 0⤋