Is there a way to spread student loan interest deductions? | TigerDroppings.com

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TheWiz
LSU Fan
NOLA
Member since Aug 2007
7570 posts

Is there a way to spread student loan interest deductions?



With my wife and I having personal loans now, we paid off a very large amount of student loan interest this year. Is there some way to spread this out over a few years, or do we just have to eat it?






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22603 posts
 Online 

re: Is there a way to spread student loan interest deductions?


quote:

do we just have to eat it?


Never heard of taking a deduction as "eating it"






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TheWiz
LSU Fan
NOLA
Member since Aug 2007
7570 posts

re: Is there a way to spread student loan interest deductions?


I guess I was referring to the fact that you can only deduct so much. I believe $2500/year unless you make X amount, then it is a certain percentage.





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guttata
LSU Fan
prairieville
Member since Feb 2006
20249 posts

re: Is there a way to spread student loan interest deductions?


I haven't been able to deduct my student loan interest at all over the last 10 years.





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Ace Midnight
LSU Fan
Currently asymptomatic
Member since Dec 2006
32686 posts

re: Is there a way to spread student loan interest deductions?


quote:

With my wife and I having personal loans now, we paid off a very large amount of student loan interest this year. Is there some way to spread this out over a few years, or do we just have to eat it?


It's capped anyway. It being capped, I doubt there is any provision in shifting, other than working out an arrangement with your servicer to hold that last payment of the year until January 1st, but you'd just have the same problem the following year.






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Siderophore
LSU Fan
Member since Nov 2010
3335 posts

re: Is there a way to spread student loan interest deductions?


You can deduct 2500 a year for up to 5 years after repayment starts.





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Corn Dawg Nation
LSU Fan
Member since Oct 2009
2990 posts

re: Is there a way to spread student loan interest deductions?


quote:

You can deduct 2500 a year for up to 5 years after repayment starts.


The 5 years part is for 2013 when the law reverts back to the old law. 2012 has no time frame limitations.






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cjared036
Alabama Fan
Houston, tx
Member since Dec 2009
6745 posts

re: Is there a way to spread student loan interest deductions?


Why they don't allow sl deductions for people making over $75k is beyond me...





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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15620 posts

re: Is there a way to spread student loan interest deductions?


quote:

Why they don't allow sl deductions for people making over $75k is beyond me...
Why is any student loan interest deductible if the costs of tuition and other educational expenses are not (some are deductible, but not all)? I would think that tuition, the cost of attending school, would get priority as a deduction over interest, the cost of financing attendance.






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