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Student Loan Interest Deduction

Jamie Said:

Can student loan interest be an itemized deduction on your taxes?

We Answered:

Student loan interest is not an itemized deduction line item, but rather a deductin on the face of your tax return.

It is subject to income limitations however, so follow the worksheets to ensure you can take the deduction. Below is a link to help you.

Glenda Said:

How can I figure my student loan interest deduction on my private student loans? It was not included-1098!?

We Answered:

Contact your lender about issuing you a 1098E. You may have to certify that the expenses were for education.

Determine how much of the private loan was for qualified education expenses: tuition, room and board equivalent to what is charged at the school, books, transportation to classes. The interest on that amount is deductible up to the maximum of $2,500.

It is possible that not all of the loan is qualified for the student loan interest deduction.

You can file and take the student loan deduction without a 1098E, but you need to determine how much of the loan was for qualified expenses, and pro-rate the interest.

Jon Said:

Can my parents use my student loan interest as a deduction? Also another question about this.?

We Answered:

Dear JP: See IRS Pub 970, benefits for education. The main thing to remember is the person "legally obligated" to repay the loan is the only person who can deduct the interest. Also you should have received a form 1098-E, and that will show the person to whom the credit is available.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

Claude Said:

How do I fill out the Student Loan Interest Deduction Worksheet?

We Answered:

The problem you are having is that you are doing the worksheet for claiming the Student Loan Deduction for the form 1040, and apparently you are using the form 1040A
Here is the instruction book for the form 1040A…
scroll thru to find the worksheet for the Student Loan deduction worksheet on page 31

Neil Said:

If i consolidated my student loans... through a new company... can i take the student loan interest deduction?

We Answered:

yes, your interest is deductable no matter who you pay it to.

Jesus Said:

Student Loan Interest deduction in 2011?

We Answered:

You are correct, your 2011 payments prior to December do not fall under the 60 month repayment period. You loan will not be in the repayment period until December.

If by "old" rules you mean the rules prior to the current tax cuts (EGGTRA of 2001), your voluntary student loan interest payment will not be deductible. Your interest would be deductible for 60 months commencing December, 2011, the period of your loan repayment.

The "old" rules are set to be reinstated in 2011.

Felix Said:

how far back can I claim my Student Loan Interest deduction on my tax return?

We Answered:

File 1040X for each year, but refunds for 2005 and prior will no longer be issued, you still can claim refunds for 2006 2007 2008 but hurry up with the 2006 you have until 04/15/10 to file the amended.
In reality the $1K may not make a change in your tax return.
so you may not even have to file an amended tax return.
good luck!

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