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Is intrest on student loans tax deductable?
Posted on 12/11/08 at 2:07 pm
Posted on 12/11/08 at 2:07 pm
I have a student loan that I will begin paying back after I graduate. Will the intrest on my student loan be tax deductable? If so what will that do once I start working.
1
Posted on 12/11/08 at 2:09 pm to aparke7
quote:
Will the intrest on my student loan be tax deductable?
yes
quote:
If so what will that do once I start working.
What will what do? The interest or the loan?
Posted on 12/11/08 at 2:14 pm to TigerDeacon
How do I go about claiming the intrest on my taxes?
Posted on 12/11/08 at 2:14 pm to TigerDeacon
I should note that there are some income limits on taking this deduction, but it won't affect someone in a normal entry level post-college job.
Posted on 12/11/08 at 2:18 pm to Cold Cous Cous
So does that mean that I am taxed less, or that I get a credit of some sort?
Posted on 12/11/08 at 2:21 pm to aparke7
You'll have to itemize to get the deduction and you would only want to do that if itemizing exceeds the standard deduction.
Posted on 12/11/08 at 2:29 pm to Martavius
You do NOT have to itemize to get a student loan interest deduction. It's actually in the adjusted gross income section of the 1040, not in the itemized deuction schedule. Therefore, you can still go with the standard deduction and still deduct the student loan interest. It is a separate line item on the front side of the 1040.
Posted on 12/11/08 at 2:33 pm to deathvalley1
Thanks!
Posted on 12/11/08 at 2:42 pm to deathvalley1
I did not know this. Luckily, I've never had any student loans.
Posted on 12/11/08 at 2:42 pm to deathvalley1
quote:True. I did not itemize and still took this deduction.
You do NOT have to itemize to get a student loan interest deduction. It's actually in the adjusted gross income section of the 1040, not in the itemized deuction schedule
Posted on 12/11/08 at 3:17 pm to Cold Cous Cous
Also, at least when I was in law school, there was something called the Lifetime Learning Credit that was a tax CREDIT (ie, not a deduction) for tuition paid. The great part was that you could get this credit even if you "paid" the tuition with student loans.
Posted on 12/11/08 at 3:31 pm to Thomas Hudson
I think it phases out at 75k for an individual and 150k for married filing jointly, so if you're in law school deduction will likely be phased out for you.
Posted on 12/11/08 at 3:44 pm to Weasel74
quote:
I think it phases out at 75k for an individual and 150k for married filing jointly, so if you're in law school deduction will likely be phased out for you.
Definitely. I never got to take advantage of the interest deduction. Which is why I was glad to discover the credit, which you take while in school (and presumably low-income).
Posted on 12/12/08 at 4:54 pm to Weasel74
quote:
I think it phases out at 75k for an individual and 150k for married filing jointly, so if you're in law school deduction will likely be phased out for you.
I forget what the income limit is, but I was over the limit.
You don't want to be over the limit when it comes to income or alcohol. I think they should just raise the limits on both!
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