I had some education loan as well as my last semester tution to pay, i want to know can i get rebate and how?

Question

I want to know how much rebate i can get on my tax if I pay my tution for last semester fall 2005 as well as my loan which i took for second last semester winter 2005 for loan my uncle co-signed since i was international student, i am working since May 06 how much rebate i can get on my tax, my loan plus tution was $16000 in total and i have proof of them, can anyone please explain me how i can get max. rebate and how it works

Answer 1

There are no tuition rebates in the income tax system. The education benefits either reduce taxable income, or reduce taxes owed.

Nonresident aliens cannot take the Tuition and Fees Deduction, Hope Credit, or Lifetime Learning Credit on their tax returns.

If you are not a dependent, you may be able to take the student loan interest deduction for loan interest you paid in 2006. This deduction will reduce your taxable income by up to the amount of interest paid or $2500, whichever is less.

Answer 2

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