As 2007 wraps up, make sure you’re taking full advantage of your student loan payments by noting the interest you’ve paid this year on your federal student loans. As long as your income is below a certain level, interest you’ve paid on your student loans is tax deductible on your federal tax return.
If you’ve paid less than $600 in interest, your student loan lender is not legally required to send you a 1098-E form in January for interest you’ve paid. You will need to request it.
Consolidated student loans are eligible for the interest deduction as well.
Consult IRS Publication 970 for details about education tax incentives
Monday, March 17, 2008
End of year student loan consolidation tax deductions
Labels: student loan refinancing
Posted by Faisaludeen at 2:37 PM
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