2007-01-05 14:51:05 · 8 answers · asked by jessica6582 2 in Business & Finance ➔ Taxes ➔ United States
If you are not claimed by anyone as a dependent, were at least a half-time student, are not filing married filing separately, and have income under certain limits, then you can take a deduction for student loan interest paid.
Details are here in Chapter 19 of IRS Pub 17
http://www.irs.ustreas.gov/publications/p17/ch19.html
2007-01-05 22:43:03 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Yes, you can deduct student loan interest on line 33 of form 1040. With that said, there are exceptions to that rule. You should read the instructions to see if you meet those exceptions. The biggest one is that you cannot claim a deduction if you are still claimed as a dependent on your parent's tax return.
2007-01-05 15:26:04 · answer #2 · answered by Bill James is my Hero 1 · 1⤊ 0⤋
No, you can't esp. if it's a government loan to you. However, if it is a student loan from a bank and you are still a full time student, there are ways you could do it; but get a savvy, experienced accountant---who might cost more than the write off would be, so it's not even worth making the effort to do that.
2007-01-05 14:56:28 · answer #3 · answered by Muga Wa Kabbz 5 · 0⤊ 1⤋
Yes you can the you should get a statment from the loan company telling you how much interest you can deduct.
They usually mail these statements by Jan 31st but I go online and print out the forms.
2007-01-05 15:28:26 · answer #4 · answered by cali_23_05 2 · 0⤊ 0⤋
sure, you could. you should receive a fact from the seller exhibiting how lots activity grew to become into paid throughout the time of the previous calendar 12 months. in case you do no longer receive something through January 31, call the interior maximum loan employer.
2016-11-26 23:03:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes, student loan interest is fully deductible.
Note, paying bak your parents may not account unless it is done pursuantto a formal agreement.
2007-01-05 14:53:18 · answer #6 · answered by Ubiquity 2 · 0⤊ 0⤋
yes, student loan interest is an above the line deduction
but it phases out when your income is more than $60k.......I forget the exact amount when it starts to phase out and when it fully phases out.
2007-01-05 17:12:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Definately!!! There are alot of educational tax credits you are entitled to. The IRS website is a great and free resource...
2007-01-05 14:54:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋