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Loan Interest Deduction For Students

Written by: Nicky Pilkington

We as students at some point of time nil if have made use of the loan facility and have paid interest too. So why not try claiming some relief on it too. A maximum of $2,500 on interest that you paid for a student loan can be deducted. If, however, your student loan is nullified, you are allowed to exclude the amount from your income.

And the loan that qualifies is only for higher education purposes only and also on you spouse, kids or any dependent.

You can claim the money if and only if it is used for educational purposes like studies, fees, books, supplies, equipment, room and board, transportation and only for qualified and certified courses.

You cannot claim a tax deduction on the student loan if: * Another taxpayer claims an exemption for you as a dependent * You are married and are filing a separate return from your partner * You are not legally allowed to clear the loan * The loan was made by a relative

In addition the costs you incur have to be reduced by: * Non-taxable distributions from a Coverdell education savings account * Non-taxable distributions from a qualified tuition program * Interest from US Savings Bond that is non-taxable because it is used to pay qualified higher education expenses, * The part of scholarships and fellowships that is non-taxable * Veterans educational assistance, and * Any other non-taxable payments (other than gifts, bequests, or inheritances) received for educational expenses.

Keep in mind that if you are paying your student loans after 2002, the "first 60 months" requirement on interest paid is discontinued, and deductions are permissible for voluntary interest payments, rather than only required payments as in the previous years. Form 1040 or Form 1040A will be used to pay the loan

So, if you are aspiring to study further and make the best use of resources, the time has just arrived. Not just you, but anyone in your family is entitled to do this and you can claim the benefit.

About the author:

Find more about Tax Deductions

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