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Is there a way to spread student loan interest deductions?
Posted on 2/4/13 at 9:12 am
Posted on 2/4/13 at 9:12 am
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?
Posted on 2/4/13 at 9:13 am to TheWiz
quote:
do we just have to eat it?
Never heard of taking a deduction as "eating it"
Posted on 2/4/13 at 9:15 am to rmc
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.
Posted on 2/4/13 at 9:22 am to TheWiz
I haven't been able to deduct my student loan interest at all over the last 10 years.
Posted on 2/4/13 at 9:37 am to TheWiz
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.
Posted on 2/4/13 at 10:50 am to TheWiz
You can deduct 2500 a year for up to 5 years after repayment starts.
Posted on 2/4/13 at 8:05 pm to Siderophore
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.
Posted on 2/5/13 at 7:15 am to Corn Dawg Nation
Why they don't allow sl deductions for people making over $75k is beyond me...
Posted on 2/5/13 at 8:08 am to cjared036
quote: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.
Why they don't allow sl deductions for people making over $75k is beyond me...
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