Is interest paid on student loans tax deductible?
Written by Sam on November 16th, 2008
sigcyril asked:
I have about $120K in student loans right now that I am paying off. I paid about $7500 in interest in 2006 on those loans. My loan provider sends me a form stating this for tax purposes. Is it tax deductible?
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I have about $120K in student loans right now that I am paying off. I paid about $7500 in interest in 2006 on those loans. My loan provider sends me a form stating this for tax purposes. Is it tax deductible?
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Tags: Loan Provider, Student Loans, Tax Purposes
4 Comments at "Is interest paid on student loans tax deductible?"
Absolutely. Even if you don’t itemize deductions!
For your specific situation.
yes it is, you should received a 1099 form with the interest you can report you take that form with yor w-2 to the person who is goint to do your taxes… If you want to do it yourself I recommend you go to the site the go to free e-file is really easy to do it yourself.
The full 2500 only when your magi levels equal to or more than 105000 but less than 105000 but less than 105000 but less if your student loan is single head of your student loan interest deduction for form 1040 instructions for those whose filing jointly you are claimed as married filing status is 2500 per return status is single head.