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Tax Returns: Deducting Student Loan Interest
| awkward lime sandwich base | 03/03/07 |
| Titillating Patrolman Coffee Pot | 03/03/07 |
| awkward lime sandwich base | 03/03/07 |
| godawful institution gaming laptop | 03/03/07 |
| Spectacular Unhinged Whorehouse | 03/03/07 |
| godawful institution gaming laptop | 03/03/07 |
| trip church | 03/03/07 |
| French azure alpha | 03/03/07 |
| Spectacular Unhinged Whorehouse | 03/03/07 |
Poast new message in this thread
Date: March 3rd, 2007 8:52 AM Author: awkward lime sandwich base Subject: Please tell me I am reading this wrong... So, I'm looking at the 2006 1040 Instructions and reading about the "Student Loan Interest Deduction" on line 33. The instructions read that you can take the deduction if...your modified AGI is less than: $65K if single, or $135K if married filing jointly.
Am I reading this correctly (i.e. we will not be able to deduct our student loan interest payments when we start working)? |
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Date: March 3rd, 2007 8:57 AM Author: Titillating Patrolman Coffee Pot Correct. Sucks, huh? (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701625) |
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Date: March 3rd, 2007 9:10 AM Author: awkward lime sandwich base At least our tax dollars are being wisely spent. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701627) |
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Date: March 3rd, 2007 12:27 PM Author: godawful institution gaming laptop You can deduct for 2007 only. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701990) |
Date: March 3rd, 2007 12:34 PM Author: Spectacular Unhinged Whorehouse yes, which is why I paid off all my deferred interest in december. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702005) |
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Date: March 3rd, 2007 12:36 PM Author: godawful institution gaming laptop I'm paying mine off this year, and taking the deduction next year. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702011) |
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Date: March 3rd, 2007 12:43 PM Author: trip church You can only deduct interest that that was due that year, and can't deduct if you prepayed. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702028) |
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Date: March 3rd, 2007 12:45 PM Author: French azure alpha ty for the reminder. (http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702033) |
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Date: March 3rd, 2007 12:48 PM Author: Spectacular Unhinged Whorehouse yes but in your 3L/stub year a lot of interest accrues between May and October when you start work. This interest is not capitalized until December and so its just pools up deferred.
For instance I had $2500 of interest from 2006 that was going to be capitalized, but I paid it off in december and deducted all of it.
ALSO - when you consolidate your loans, that counts as having the deferred interest paid off by the consolidator. |