2007-02-02 03:02:51 · 3 answers · asked by m 1 in Education & Reference ➔ Financial Aid
NO. Only the student loan interest is tax deductible, which is not itemized. Here is a link to schedule A-Itemized deduction. http://www.irs.gov/pub/irs-pdf/f1040sab.pdf
It is good to itemized ONLY if your itemized deduction is greater than your standard, which depends on your marital status.
if you're filing status is....................standard deduction is...
single or married filing separate.............$5,150
married filing jointly/qualifying widower...$10,300
head of household(if you have child/ren)$7,550
Also good to itemized deductions ONLY if you own a house, for mortgage interest and all the good stuff that comes with owning a principal home.
YOU CAN ONLY DEDUCT STUDENT LOAN INTEREST FROM YOUR TOTAL INCOME. IT WILL MAKE YOUR TAXABLE INCOME LESS, WHICH WILL MAKE YOUR TAX LESS. AND IF YOU'RE ELIGIBLE FOR EDUCATIONAL TAX CREDIT, WHICH IS WAY MUCH BETTER THAN DEDUCTION BECAUSE YOU DEDUCT THAT FROM YOUR TAXABLE INCOME INSTEAD OF AGI (ADJUSTED GROSS INCOME). here is a link to the form
http://www.irs.gov/pub/irs-pdf/i1040.pdf , page 4-line 33 for student loan interest and page 5-line 50 for educational tax credit.
Tax is complicated when you own a house. best bet is let the pros do it. i used to do my own taxes when it was simpler.
well, good luck.
2007-02-02 03:50:38 · answer #1 · answered by formula350 2 · 0⤊ 0⤋
Contact whoever holds your loans. They will tell you exactly what you are allowed to claim on your taxes. For me last year, it was a significant amount but i believe they have to be in repayment for you to be able to claim them. But definately give it a shot, just call the loan company and they should be able to tell you what you are allowed to claim.
2007-02-02 11:17:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
ask a person at H and R block
2007-02-02 11:11:00 · answer #3 · answered by flutterflie04 5 · 0⤊ 0⤋