AWW$HEEET Posted September 14, 2010 Report Share Posted September 14, 2010 What can you deduct from your taxes in terms of student loans? Can you deduct interest? (assuming yes) Can you deduct principal payments (i.e, paid 400/mo x 12 mos = 4800 deductable)? Can you do any of this if you are taking standard deduction, i.e. not itemizing. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted September 14, 2010 Report Share Posted September 14, 2010 YES NO IDK Quote Link to comment Share on other sites More sharing options...
dakotart Posted September 14, 2010 Report Share Posted September 14, 2010 What can you deduct from your taxes in terms of student loans? Can you deduct interest? (assuming yes) Can you deduct principal payments (i.e, paid 400/mo x 12 mos = 4800 deductable)? Can you do any of this if you are taking standard deduction, i.e. not itemizing. Yes (you should get a tax form from your lender every year) No (same as with any other loan that you have) Yes (I have been filing this way for many many years. Standard deduction plus claiming interest paid on my student loans). One other note: You cannot claim the interest on a parent loan. i.e. I have "Student" loans and "Parent" loans. I can claim the interest paid on the student loans on my taxes and my parents can claim the interest paid on the parent loans on their taxes (even though I'm making the payment on both loans. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted September 14, 2010 Author Report Share Posted September 14, 2010 Yes (you should get a tax form from your lender every year) No (same as with any other loan that you have) Yes (I have been filing this way for many many years. Standard deduction plus claiming interest paid on my student loans). One other note: You cannot claim the interest on a parent loan. i.e. I have "Student" loans and "Parent" loans. I can claim the interest paid on the student loans on my taxes and my parents can claim the interest paid on the parent loans on their taxes (even though I'm making the payment on both loans. Yeah my parents have a parent loan, i have my own set of loans. I wont be claiming any of their interest. Quote Link to comment Share on other sites More sharing options...
dakotart Posted September 14, 2010 Report Share Posted September 14, 2010 Yeah my parents have a parent loan, i have my own set of loans. I wont be claiming any of their interest. You can't legally do that anyway. Quote Link to comment Share on other sites More sharing options...
BloodRed Posted September 14, 2010 Report Share Posted September 14, 2010 Yes No Yes Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted September 14, 2010 Report Share Posted September 14, 2010 Yes (if you make under 55k a year, otherwise no ). No Yes Quote Link to comment Share on other sites More sharing options...
LJ Posted September 14, 2010 Report Share Posted September 14, 2010 Yes (if you make under 55k a year, otherwise no ). ??? It was an AGI of 70k or less for single or 145k or less for married for the 2009 tax year. http://www.irs.gov/taxtopics/tc456.html Quote Link to comment Share on other sites More sharing options...
LJ Posted September 14, 2010 Report Share Posted September 14, 2010 i think you were talking about the phaseout, the deduction is reduced if you AGI is between 60k and 75k. For a single person who only take the standard deductions, the phaseout would begin at a minimum of around $69k gross income Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted September 15, 2010 Report Share Posted September 15, 2010 ??? It was an AGI of 70k or less for single or 145k or less for married for the 2009 tax year. http://www.irs.gov/taxtopics/tc456.html Hmm, they must have upped it since the last time I had to deal with it filing single. Quote Link to comment Share on other sites More sharing options...
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