How do I report a subsidized student loan I received in my taxes?
Thursday, November 5th, 2009 at
7:44 pm
ikechukwu86 asked:
I received a lsubsidized CHASE student loan to the effect of $23955 in 2007 that has accrued interest of $635.29. How do I report this on my taxes? Any help would be greatly appreciated!
I received a lsubsidized CHASE student loan to the effect of $23955 in 2007 that has accrued interest of $635.29. How do I report this on my taxes? Any help would be greatly appreciated!
Tagged with: Chase • Subsidized Student Loan • Taxes
Filed under: Student Loans
Like this post? Subscribe to my RSS feed and get loads more!
You don’t need to report loans as income. However, you can claim any interest they received as listed on a 1098. My loan is not through Chase, but I have to go online to and print out this form. They do not automatically send it to me.
You will need to complete a 1040. The line is something like 22 (bottom half of the first page).
You don’t report this on your tax return. Loans are never reported as they have no tax implications.
If you actually PAID interest on this loan in 2007 then you will get a Form 1098-E from the lender. This can be claimed as an above the line adjustment to your income.