Is interest compiled on student loans tax deductible? How does this work?
May 8, 2010 by admin
Filed under Student loans
Hello All.
I am a 48 year old, full time RN who is enrolling in Graduate School to become a Nurse Practitioner. I’ve never taken out a Student loan in the past so have no experience with this. How does it work when one is completing their yearly taxes in relation to Student loan interest? I am being offered Student loans with an approx. 7% interest rate.
Thank You for considering my question! Theresa
Interest that you actually PAID during the year, IS tax deductible. You do not have to itemize to claim this deduction. . . . . it is completely separate.
Dear T: Student loan interest is deductible when paid.
Look at IRS Pub 970 for details on this topic. For ’08 the max interest deduction was $2500 and your income could not exceed $70,000. If your income is above $55,000 the credit is gradually reduced (phased out). If you pay over $600 in interest the lender will issue a form 1098-E to you with the amount of interest paid on the form.
Look changes over the next few years as these number are tweaked periodically.
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
Student loan interest paid in the year is deductible as adjustment to the income
You can get info about such college scholarships and grants online here – education. mypressonline. com
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