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Student Loan Forms

Wallace Said:

How do you figure student loan money on tax forms?

We Answered:

According to the IRS, "A school loan is not taxable at the time you get the money and should not be included as income on your return." However, the interest is a write off. You can deduct up to $2,500 in student-loan interest if your adjusted gross income is less than $50,000 (single filers) or $100,000 (married filing jointly). Now, if you receive a scholarship or fellowship, all or part of it may be taxable.

Vanessa Said:

My student loan pmt forms are in the wrong name and they won't change them. Am I paying for naught?

We Answered:

Is there an account number? If the account number is correct, you are good.

If the SSN is correct, you should be ok. Document the fact that you tried to have them correct the name and they refused just in case. And of cousre keep documentation (cancelled check, etc) of every payment.

Velma Said:

what are the consequences for falsifying a federal student loan form?

We Answered:

OSU police aren't going to be involved at all. And it is only falsification if the statement wasn't true at the time of the application.

But to answer your question falsifying a federal loan is a federal felony.

Manuel Said:

Should I redo my taxes if I received another student loan form after I finished them?

We Answered:

You missed a $52 deduction off your income. You may have received a slightly higher refund or owed slightly less tax if you had included this deduction.

You are not required to take every available deduction, so no amendment is necessary. Your refunds will not be messed up with the way you have done your taxes.

Darrell Said:

I failed to claim much student loan interest on my tax forms from 1999-2005. Can I claim the interest in 2006?

We Answered:

You can't claim it in a different year than the one in which it was paid or accrued, but you can file amended returns for those prior years to claim a refund of the tax that the deduction would have saved. However, an amended return must generally be filed within 3 years of the due date of the original return, which means that you may only be able to claim a refund for the interest attributable to the years 2003-2005.

Consult a tax advisor for advice that takes your specific circumstances into account.

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They guide students about it free of cost which is the good sign. Because most of the time students don't have money to take guidelines. Keep up the good work.