My wages are garnished to pay back defaulted student loans. Can I write off these payments on my taxes?

7 ⤊

My wages are garnished to pay back defaulted student loans. Can I write off these payments on my taxes?

2007-04-09 20:06:49 · 4 answers · asked by David 2 in Business & Finance ➔ Taxes ➔ United States

4 answers

Student loan interest is deductible.

2007-04-09 20:10:11 · answer #1 · answered by the Boss 7 · 1⤊ 1⤋

You might be able to take the student loan interest deduction, but not the principal payments.

2007-04-09 23:16:28 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 1⤋

You can write off the amount of interest you pay, but not the loan itself. Whoever you pay back should have sent you an interest statement saying how much interest you have paid.

2007-04-09 20:17:16 · answer #3 · answered by dani113077 2 · 2⤊ 1⤋

No. You don't get tax refunds on paying your debts.

2007-04-09 20:08:40 · answer #4 · answered by charmedchiclet 5 · 2⤊ 0⤋