Tag Archives: student loan
Do you have a student loan in which you make payments, some of which is applied to interest accrued on the loan? If so, you may be eligible to deduct some of the interest when you file your federal tax return. Your lender will report the amount of interest you paid using IRS Form 1098-E, […]
— Read moreTaxpayers who pay their student loans using an IBR, ICR, or PAYE repayment plan should be extra careful when filing their tax returns. The tax filing status you chose can affect your repayment plan. Married taxpayers should determine whether filing a return with their spouse, using “married, filing jointly,” or keeping their income separate by […]
— Read moreOnce you graduate, if you opted to finance your education, you’ll be responsible for paying back any student loans. While you won’t see a direct tax break in accordance with student loan repayment, you can deduct interest that you’ve paid, up to $2,500. Student loan interest is deducted through Form 1040, on line 33. Using […]
— Read moreEach tax year, many Americans end up paying more than they have to in taxes just because they don’t claim all the deductions they qualify for. No one wants to pay more than is necessary, so before you file your taxes make sure you have taken all the deductions you can. You may be able […]
— Read morePaying for college is rough, especially if you’ve resorted to student loans to cover the cost of your education. It’s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. The deduction is phased out once you gross a specific annual income, though it may not matter […]
— Read moreThere are two different options for taking deductions at tax time. You can use the standard deduction, which ranged from $6,300 to $12,600 for 2015 taxes, or you can itemize. The choice is up to you. You should check to make sure that itemizing your expenses doesn’t amount to more than the standard deduction if […]
— Read moreContrary to popular belief and what is often portrayed in movies, the IRS isn’t always the bad guy. If you aren’t able to pay the full amount you owe in taxes, the IRS will make arrangements to make repayment easier. Though you should be aware that back taxes or past due amounts will reduce your […]
— Read moreJust because you are a fulltime student doesn’t mean you are automatically exempt from filing a tax return or reporting your income. If you didn’t have enough withheld during the year, you may owe a surprising amount of taxes. If you don’t have to file a return, you still should, as you may be entitled […]
— Read moreAre you a student? Paying for your education can be taxing, especially if you’ve resorted to student loans. However, you may be eligible to deduct interest you paid on certain student loans. Typically, you are able to deduct either $2,500 or the actual amount of interest you paid, depending on which is less. The deduction […]
— Read moreIf you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]
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