Comments on: Tax Considerations for Student Loan Interest http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/ Money issues for college students and 20-somethings, without being boring. Tue, 24 Apr 2012 13:02:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Kim http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85689 Kim Fri, 05 Feb 2010 13:33:52 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85689 I was thinking it was something like that, but couldnlt really tell in the pub explaining student loan interest. Thank you very much! I was thinking it was something like that, but couldnlt really tell in the pub explaining student loan interest.

Thank you very much!

]]> By: Stephanie http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85687 Stephanie Fri, 05 Feb 2010 13:16:44 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85687 Hi Kim, The reason, from what I can understand based on what you've told me, that he is not getting anything for it is that he's already getting all of the tax he paid back, and then some. Student loan interest is a deduction, not a credit, so it reduces your taxable income. If he's getting back all of the $204 that he paid, his taxable income is already at $0, which means it cannot be reduced any further by deductions. Hi Kim,

The reason, from what I can understand based on what you’ve told me, that he is not getting anything for it is that he’s already getting all of the tax he paid back, and then some. Student loan interest is a deduction, not a credit, so it reduces your taxable income. If he’s getting back all of the $204 that he paid, his taxable income is already at $0, which means it cannot be reduced any further by deductions.

]]> By: Kim http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85667 Kim Fri, 05 Feb 2010 03:08:58 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-85667 Stephanie I am doing my daughter's boyfriends taxes and he has an adjusted gross income of about 7200. He had 204 federal income tax withheld and is getting the 400 credit. His refund is 604, however he also paid 640 in student loan interest in 2009 but turbo tax software isn't giving him any credit for it. Can you help explain why? Thanks Stephanie

I am doing my daughter’s boyfriends taxes and he has an adjusted gross income of about 7200. He had 204 federal income tax withheld and is getting the 400 credit. His refund is 604, however he also paid 640 in student loan interest in 2009 but turbo tax software isn’t giving him any credit for it. Can you help explain why?

Thanks

]]> By: Prestito http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-73991 Prestito Wed, 20 May 2009 07:49:14 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-73991 Funny About Money - My understanding is the gov’t will subsidize but it could be more of a reimbursement for employers too. Not sure though. Funny About Money – My understanding is the gov’t will subsidize but it could be more of a reimbursement for employers too. Not sure though.

]]> By: John payton http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-71414 John payton Wed, 25 Feb 2009 13:27:36 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-71414 First off, I really find the picture of a man who seemed to faint because of his student loan or maybe he fainted because of tax evasion quite funny. Second off, it is not really funny as it is happening. The interest in student loans are really incredible and may somehow take you the rest of your life to pay it off. First off, I really find the picture of a man who seemed to faint because of his student loan or maybe he fainted because of tax evasion quite funny. Second off, it is not really funny as it is happening. The interest in student loans are really incredible and may somehow take you the rest of your life to pay it off.

]]> By: Stephanie http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70760 Stephanie Thu, 05 Feb 2009 21:15:08 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70760 @Shannon: my other article, detailing how college students should do their taxes, has links for the free or discounted online versions of TurboTax, TaxCut, and TaxAct: http://poorerthanyou.com/2009/01/23/college-money-tip-6-do-your-own-taxes/ @Shannon: my other article, detailing how college students should do their taxes, has links for the free or discounted online versions of TurboTax, TaxCut, and TaxAct: http://poorerthanyou.com/2009/01/23/college-money-tip-6-do-your-own-taxes/

]]> By: Shannon http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70759 Shannon Thu, 05 Feb 2009 21:05:34 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70759 so stupid question where do you get the free efile or Turbotax I see them at like costco but they are quit spendy.. Your so right I think I am beyond my means with understanding my deducation at this point LOL!! Thanks for all the insight though I need to get some seroius help lol.. so stupid question where do you get the free efile or Turbotax I see them at like costco but they are quit spendy.. Your so right I think I am beyond my means with understanding my deducation at this point LOL!! Thanks for all the insight though I need to get some seroius help lol..

]]> By: Angie http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70748 Angie Thu, 05 Feb 2009 11:39:56 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70748 If you aren't itemizing your deductions. Which is a pure guess assuming you seem confused about this whole tax thing. I suggest using the free efile of TurboTax or similar. It figures it out for you. If you aren’t itemizing your deductions. Which is a pure guess assuming you seem confused about this whole tax thing. I suggest using the free efile of TurboTax or similar. It figures it out for you.

]]> By: Stephanie http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70746 Stephanie Thu, 05 Feb 2009 06:11:48 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70746 @Shannon - I really don't know. I do all of my taxes using TurboTax or another online service - I have never done them by hand. If you're having difficulty, you may want to see a tax professional, or try calling the IRS hotline. @Shannon – I really don’t know. I do all of my taxes using TurboTax or another online service – I have never done them by hand. If you’re having difficulty, you may want to see a tax professional, or try calling the IRS hotline.

]]> By: Shannon http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70744 Shannon Thu, 05 Feb 2009 05:32:55 +0000 http://poorerthanyou.com/2008/12/15/tax-considerations-for-student-loan-interest/#comment-70744 Steph, I was looking into the student loan deduction worksheet and that is a bit confusing. It pretty much comes up with the original amount? Or am I doing it wrong? We tried to run numbers tonight and it looked like I was getting all of the Federal taxes I paid in back, which I know isn't right. If anyone has some advice, please let me know. Thanks.. Steph,
I was looking into the student loan deduction worksheet and that is a bit confusing. It pretty much comes up with the original amount? Or am I doing it wrong? We tried to run numbers tonight and it looked like I was getting all of the Federal taxes I paid in back, which I know isn’t right. If anyone has some advice, please let me know.
Thanks..

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