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Tax Returns: Deducting Student Loan Interest
| thirsty library | 03/03/07 |
| pontificating twinkling private investor friendly grandma | 03/03/07 |
| thirsty library | 03/03/07 |
| clear tripping lay | 03/03/07 |
| Bistre State Philosopher-king | 03/03/07 |
| clear tripping lay | 03/03/07 |
| stirring amber property | 03/03/07 |
| cobalt concupiscible address codepig | 03/03/07 |
| Bistre State Philosopher-king | 03/03/07 |
Poast new message in this thread
Date: March 3rd, 2007 8:52 AM Author: thirsty library 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: pontificating twinkling private investor friendly grandma 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: thirsty library 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: clear tripping lay 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: Bistre State Philosopher-king 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: clear tripping lay 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: stirring amber property 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: cobalt concupiscible address codepig 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: Bistre State Philosopher-king 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. |