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Tax Returns: Deducting Student Loan Interest

Please tell me I am reading this wrong...
cerebral candlestick maker headpube
  03/03/07
Correct. Sucks, huh?
180 site volcanic crater
  03/03/07
At least our tax dollars are being wisely spent.
cerebral candlestick maker headpube
  03/03/07
You can deduct for 2007 only.
arousing address idea he suggested
  03/03/07
yes, which is why I paid off all my deferred interest in dec...
Razzle-dazzle buck-toothed gas station dopamine
  03/03/07
I'm paying mine off this year, and taking the deduction next...
arousing address idea he suggested
  03/03/07
You can only deduct interest that that was due that year, an...
bateful citrine trailer park twinkling uncleanness
  03/03/07
ty for the reminder.
Crusty frisky sex offender
  03/03/07
yes but in your 3L/stub year a lot of interest accrues betwe...
Razzle-dazzle buck-toothed gas station dopamine
  03/03/07


Poast new message in this thread





Date: March 3rd, 2007 8:52 AM
Author: cerebral candlestick maker headpube
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)?

(http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701624)





Date: March 3rd, 2007 8:57 AM
Author: 180 site volcanic crater

Correct. Sucks, huh?

(http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701625)





Date: March 3rd, 2007 9:10 AM
Author: cerebral candlestick maker headpube

At least our tax dollars are being wisely spent.

(http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7701627)





Date: March 3rd, 2007 12:27 PM
Author: arousing address idea he suggested

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: Razzle-dazzle buck-toothed gas station dopamine

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)





Date: March 3rd, 2007 12:36 PM
Author: arousing address idea he suggested

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)





Date: March 3rd, 2007 12:43 PM
Author: bateful citrine trailer park twinkling uncleanness

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)





Date: March 3rd, 2007 12:45 PM
Author: Crusty frisky sex offender

ty for the reminder.

(http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702033)





Date: March 3rd, 2007 12:48 PM
Author: Razzle-dazzle buck-toothed gas station dopamine

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.

(http://www.autoadmit.com/thread.php?thread_id=589323&forum_id=2#7702043)