- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Student Loan Interest...
Posted on 1/13/10 at 9:23 am
Posted on 1/13/10 at 9:23 am
Calling all the Accounting type..
Can someone tell me the income threshold for making deductions for student loan interest.
Can someone tell me the income threshold for making deductions for student loan interest.
1
Posted on 1/13/10 at 9:47 am to UnTamedTiger
For 2009 the maximum deduction is $2,500. The deduction begins to phase out at $120,000 of modified adjusted gross income for those filing married filing joint, and at $60,000 for those filing single. No deduction is allowed for married filing joint with modified adjusted gross income of $150,000 or more. For single filiers no deduction is allowed for those with modifies adjusted gross income of $75,000 or greater.
Posted on 1/13/10 at 10:01 am to Poodlebrain
Well Sh*T... Looks like we made too much. I guess I can weight the option of filling single rather than joint.
Posted on 1/13/10 at 10:12 am to UnTamedTiger
quote:
I guess I can weight the option of filling single rather than joint
You mean married filing separately? You can't take the student loan interest deduction if that is your filing status.
Posted on 1/13/10 at 10:18 am to TigerGrl73
If you drive that car is your pic, you can't deduct anything.
Posted on 1/13/10 at 10:55 am to Poodlebrain
quote:
For 2009 the maximum deduction is $2,500. The deduction begins to phase out at $120,000 of modified adjusted gross income for those filing married filing joint, and at $60,000 for those filing single. No deduction is allowed for married filing joint with modified adjusted gross income of $150,000 or more. For single filiers no deduction is allowed for those with modifies adjusted gross income of $75,000 or greater.
you just confused the hell outta me.single
80 K
3000 K + in student loan interest
what can i expect?
Posted on 1/13/10 at 11:25 am to LSUdaughter
quote:
what can i expect?
no deduction, LSUdaughter. If Single and 80K is your Adjusted Gross Income. Is 80K on your W-2? You may have some adjustments to get you lower than $75K so make sure you include the interest.
This post was edited on 1/13/10 at 11:26 am
Posted on 1/13/10 at 11:31 am to LeonPhelps
ok. my income was 75 K year before last (gross) I get a hell of a lot taken out.
and I wanna say I claimed $900. I had just started repaying.
now, my gross is between 75-80 K...got a raise last year toward the end. I paid 3 K in stud loan interest.
and I wanna say I claimed $900. I had just started repaying.
now, my gross is between 75-80 K...got a raise last year toward the end. I paid 3 K in stud loan interest.
This post was edited on 1/13/10 at 11:32 am
Posted on 1/13/10 at 11:39 am to LSUdaughter
Did you pay 3K in student loan interest or 3K in student loans total? You can't deduct money you spent paying down principal
This post was edited on 1/13/10 at 11:40 am
Posted on 1/13/10 at 11:42 am to Cold Cous Cous
JUST IN INTEREST.
Posted on 1/13/10 at 2:48 pm to LSUdaughter
LSUdaughter, you may have some deductions which get you below $75K. Either way you won't be able to claim much of it.
Thanks Uncle Sam!
Thanks Uncle Sam!
Posted on 1/13/10 at 2:48 pm to guttata
quote:
If you drive that car is your pic, you can't deduct anything.
Not my car but dam aint it sweet..
Okay heres the run down.
Married
Combined income of about 160k
She is the bread winner of the marriage :( I gross about 60k..
So if filling Married Separately prevents me from deducting interest I am screwed... Oh well
Posted on 1/13/10 at 4:22 pm to LSUdaughter
Your gross was between $75-$80K, did you contribute to a 401(k) plan? If so, your AGI, and modified AGI may well be less than the $75K maximum. If not, you can still contribute to a traditional IRA to reduce your AGI to less than $75K. This might allow you to deduct some of the student loan interest.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News