Tuesday, May 17th, 2011 at
7:38 pm
Question posed by Ray M: Can you deduct interest paid on federal student loans on your taxes? If so up to how much?
I have a federal student loan from Sallie Mae for around 20,000 dollars. I have accrued interest on it of about 2,000. I was just wondering if interest paid on my loan is eligible for tax deduction? If it is up to how much and if my interest paid covers more than the taxes I owe do I get the remainder of it in my tax refund?
Most detailed answer:
Answer by RCT
I know you can because I did but I went to H&R block and they just added it to the rest of my deductions. Hope it helps.
If you know better then please let us know below.
Technorati Tags: deduct, federal, interest, Loans, much, paid, student, Taxes
Wednesday, December 29th, 2010 at
8:41 pm
A question from mommyoftwo53: If school tuition was paid for through Federal Student Loans can you still get the hope credit on taxes?
I know grants and scholarships can not be used for the Hope Credit but what about Federal Student Loans both subsidized and unsubsidized. Last Spring and Summer I only received federal loans to pay for my tuition and I keep getting mixed answers on if they can be used for any of the education tax credits.
Most comprehensive answer:
Answer by Ryan M
Yes they can be used since you have to pay those back. That is why they are treated differently.
Provide your own answer to this question below!
Technorati Tags: credit, federal, hope, Loans, paid, school, still, student, Taxes, through, tuition
Sunday, December 26th, 2010 at
5:39 am
Question posed by bluebird: If I transfer government student loans to a private loan business, can I still write off interest on taxes?
I currently have salliemae Federal student loans at 6.8%. I have an opportunity to take out a loan somewhere else for 2.7 % and pay off the higher interest rate loans. But will I still be able to write off the interest from this new loan as I do with my current student loans?
The No 1 answer:
Answer by Mathew
I do not believe you would be able to do that. However you still may be better off doing so.
Provide your own answer to this question below!
Technorati Tags: business, government, interest, loan, Loans, private, still, student, Taxes, transfer, write
Monday, November 22nd, 2010 at
1:41 pm
Granny asked:
My daughter has been trying to correct an error that shows that she was granted $26,000 for the two years she attended college. (The amount should be more like $2400). But these people are nincompoops and wont correct it. Now they’ve threatened garnishment. Are there any rules that they have to follow before garnishing a paycheck or taxes?
Technorati Tags: Government Loans, Grantor, Taxes
Monday, March 1st, 2010 at
8:09 pm
stace asked:
I had a medical emergancy and used some of my student loan that is subsidized to pay for it… Could I get in trouble for doing this? Also, do you have to report your loan for taxes? I’m way stressed about all of this. Please serious answerrs only.
Technorati Tags: Emergancy, Student Loan, 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!
Technorati Tags: Chase, Subsidized Student Loan, Taxes
Saturday, September 5th, 2009 at
2:41 pm
sweetheart4 asked:
When i get to the point in my FAFSA where it asks to enter the income tax, I entered the amount of income I made in 2007 but it says that that’s wrong. How do I calculate income tax without doing my taxes? I won’t receive my W2′s for another few weeks and I want to get my FAFSA done now. Help?
Technorati Tags: Fafsa, Income Tax, Taxes
Tuesday, August 25th, 2009 at
5:46 pm
msphenom83 asked:
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
Technorati Tags: Itemized Deduction, Student Loan Interest, Taxes
