2007-02-28 05:00:33 · 6 answers · asked by mmilner_24 3 in Business & Finance ➔ Taxes ➔ United States
Yes. You should receive a form 1098 from your lender that shows the amount of interest you can deduct for 2006. Sometimes it is included on your January bill, so watch out for it. :)
2007-02-28 05:06:57 · answer #1 · answered by searching_please 6 · 0⤊ 0⤋
You can deduct tuition and books while you are in school and you can deduct the interest portion paid when making your student loan payments.
You can also, if you are in school, choose to carry forward your tution credits and use them when you are out of school and employed, which is likely to your benefit, as you will likely have a higher income and therefore pay more taxes in those years.
Or at least you can here in Canada.
2007-02-28 05:46:49 · answer #2 · answered by elysialaw 6 · 0⤊ 2⤋
If you are paying back Student Loans you might qualify to claim the Student Loan Interest Deduction,
You need to make sure that you meet all of the qualifications per Publication 970
http://www.irs.gov/publications/p970/ch04.html
2007-02-28 05:10:05 · answer #3 · answered by Anonymous · 2⤊ 0⤋
You can take an adjustment to income for part of the interest paid during the year on a student loan.
2007-02-28 07:14:25 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
based on the total payments - No.
based on the interest portion of those payments - Maybe. I say 'maybe' because there are income limitations so depending upon how good of a job you have you may or may not be able to claim the interest.
2007-02-28 05:12:54 · answer #5 · answered by nova_queen_28 7 · 0⤊ 0⤋
of classes that you took at school were related to, and required for, your present job, and you were not reimbursed by your employer, yes... you can deduct the interest as well as the tuition.
2007-02-28 05:40:54 · answer #6 · answered by Jack Chedeville 6 · 0⤊ 0⤋