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re: Is intrest on student loans tax deductable?
Posted on 12/11/08 at 3:31 pm to Thomas Hudson
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.
2
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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