12.10.07 | End of year student loan consolidation tax deductions
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
The Student Loan Help blog is sponsored in part by:
Filed under: Uncategorized
Most lenders will automatically send you the 1098-E form… but if you don’t want to wait for it, and would like to get your taxes filed as early as possible… many lenders now offer a link to it on their websites, or you can simply call them for the info.
January 1st, 2008 | #