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Loan Interest Deduction For Students
We as students at some point of time nil if have made use of the
loan facility and have paid interest too. So why not try
claiming some relief on it too. A maximum of $2,500 on interest
that you paid for a student loan can be deducted. If, however,
your student loan is nullified, you are allowed to exclude the
amount from your income.
And the loan that qualifies is only for higher education
purposes only and also on you spouse, kids or any dependent.
You can claim the money if and only if it is used for
educational purposes like studies, fees, books, supplies,
equipment, room and board, transportation and only for qualified
and certified courses.
You cannot claim a tax deduction on the student loan if: *
Another taxpayer claims an exemption for you as a dependent *
You are married and are filing a separate return from your
partner * You are not legally allowed to clear the loan * The
loan was made by a relative
In addition the costs you incur have to be reduced by: *
Non-taxable distributions from a Coverdell education savings
account * Non-taxable distributions from a qualified tuition
program * Interest from US Savings Bond that is non-taxable
because it is used to pay qualified higher education expenses, *
The part of scholarships and fellowships that is non-taxable *
Veterans educational assistance, and * Any other non-taxable
payments (other than gifts, bequests, or inheritances) received
for educational expenses.
Keep in mind that if you are paying your student loans after
2002, the "first 60 months" requirement on interest paid is
discontinued, and deductions are permissible for voluntary
interest payments, rather than only required payments as in the
previous years. Form 1040 or Form 1040A will be used to pay the
loan
So, if you are aspiring to study further and make the best use
of resources, the time has just arrived. Not just you, but
anyone in your family is entitled to do this and you can claim
the benefit.
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