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Student Loan interest deduction, help!

taxes tax interest financial aid student loans loan interest student loan interest tax write off tax deductions

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#1 dragon_slayer_PA

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Posted 15 April 2017 - 11:53 PM

Does anyone out there have any experience or information with making payments on your student loan interest while in PA school and then deducting the interest you paid on your taxes? 



#2 south

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Posted 16 April 2017 - 09:17 AM

only several hundred of us...why, what's up?


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#3 dragon_slayer_PA

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Posted 16 April 2017 - 02:49 PM

How do you do it?

 

only several hundred of us...why, what's up?



#4 beattie228

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Posted 16 April 2017 - 03:15 PM

When you pay the interest on your student loan to your student loan provider (Nelnet, Sallie Mae, etc), the interest paid is automatically tallied. Typically, any money put towards loans is applied to interest and loan fees first and then principal last unless you specify otherwise. At the end of the tax year, you'll download a 1098-E Student Loan Interest Statement form from your student loan provider. There will be a spot in the deductions category of your tax preparation sheet to input the value on the 1098-E form.

 

Take advantage of it while you're a student if you have the means because most PAs make too much money to deduct the interest paid on student loans once you're practicing.


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#5 Boatswain2PA

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Posted 17 April 2017 - 03:24 PM

Unless you make too much a year, then you can't deduct it.
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#6 dragon_slayer_PA

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Posted 17 April 2017 - 05:23 PM

Unless you make too much a year, then you can't deduct it.

 

I should've specified, I meant while in PA school.  aka, working, but not getting paid! :)



#7 dragon_slayer_PA

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Posted 17 April 2017 - 05:32 PM

Great, thank you so much.  I think I read that you can deduct up to $2,500?

 

When you pay the interest on your student loan to your student loan provider (Nelnet, Sallie Mae, etc), the interest paid is automatically tallied. Typically, any money put towards loans is applied to interest and loan fees first and then principal last unless you specify otherwise. At the end of the tax year, you'll download a 1098-E Student Loan Interest Statement form from your student loan provider. There will be a spot in the deductions category of your tax preparation sheet to input the value on the 1098-E form.

 

Take advantage of it while you're a student if you have the means because most PAs make too much money to deduct the interest paid on student loans once you're practicing.



#8 loliz

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Posted 20 April 2017 - 04:32 AM

If you have zero income, there is nothing to deduct the interest from. In other words, if you don't pay any taxes, you can't deduct to pay less taxes. 


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#9 dragon_slayer_PA

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Posted 20 April 2017 - 03:18 PM

Thank you for bringing this up, I didn't even consider this.  Brain stuck in cardiology module at the moment. 

 

 

If you have zero income, there is nothing to deduct the interest from. In other words, if you don't pay any taxes, you can't deduct to pay less taxes. 







Also tagged with one or more of these keywords: taxes, tax, interest, financial aid, student loans, loan interest, student loan interest, tax write off, tax deductions

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