Do I get a tax break on student loan interest that I paid?

Answers

Answer #1 | 18/12 2013 18:10

Generally for qualified student loan interest paid, you can deduct the actual amount paid in the year up to $2500 from gross income.

Positive: 47 %

Answer #2 | 18/12 2013 18:19

If your adjusted gross income is less than $75K ($155K if married filing a joint return), you may be able to take a deduction for student loan interest paid in 2013. The maximum deduction is the amount paid or $2,500, whichever is less. The deduction phases out at higher incomes.
The deduction reduces your income, and may or may not reduce your taxes.

Positive: 41 %

Answer #3 | 18/12 2013 18:24

it is a limit of $2500, if your interest statement was less, that's all you can claim, what is on the 1098 I

Positive: 21 %

Answer #4 | 18/12 2013 18:51

Publication 970 (2012), Tax Benefits for Education
http://www.irs.gov/publications/p970/index.html
Chapter •4. Student Loan Interest Deduction
Introduction
Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2012.
The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040).
This chapter explains:
•What type of loan interest you can deduct,
•Whether you can claim the deduction,
•What expenses you must have paid with the student loan,
•Who is an eligible student,
•How to figure the deduction, and
•How to claim the deduction.
Table 4-1. Student Loan Interest Deduction at a Glance summarizes the features of the student loan interest deduction.
http://www.irs.gov/publications/p970/ch04.html
Hope that you find the above enclosed information useful. 12/18/2013

Positive: 10 %

Answer #5 | 18/12 2013 21:07

That's not a standard deduction. You can claim the interest paid that year, shown on the 1098-E you'll get from your lender, up to a maximum of $2500. It's an adjustment, so you don't have to itemize to deduct it.

Positive: 10 %

Answer #6 | 18/12 2013 21:29

You need to learn tax terms. The standard deduction has nothing to do with student loans. The max student loan interest you can deduct is 2500. IF the total you paid is less than that you only use what you pay.

Positive: 10 %

Answer #7 | 18/12 2013 22:30

The standard deduction is not $2500.
The standard deduction is usually closer to $6000 per person, except that is $0 if you are itemizing or married to someone who is itemizing.
The student loan interest is in addition to that. You get to deduct the student loan interest plus the standard deduction.

Positive: 10 %

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Answer #1| 18/12 2013 18:1047 %