kitchen appliance recycling | exercises to lose belly fat | norton coupons | tracfone bonus codes

Question about Tax Returns. Can I use my Student Loans for a Tax Credit. How does that work?

United States
Agent 47 asked:


In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.

Georgia

2 Comments

  1. spicertax  •  Aug 11, 2009 @12:53 pm

    Ramon

    You can deduct the loan interest shown on the Form 1098. That may not be all of your loan payments since loan principal is not deductible.

  2. Griffin  •  Aug 12, 2009 @4:01 am

    Joe

    If you receive a 1098, it will tell you want you can report on your taxes. That amount is technically not a deduction, it is an adjustment to your income. It would be entered on line 33 (of form 1040) or line 18 (of 1040A). It will reduce you overall taxable income in a manner similar to a deduction. See page 30 of the attached pdf link from the IRS.

Leave a Reply

Allowed tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>