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Interest is deductible above the line but only $2500 per year.
Pwc1: cant deduct actual amt, Only incurred interest up to $2500 is deductible above AGI. Use 1098-e amounts in the turbotax and you would also get either american opportunity credit or lifetime learning credit.
you will be getting a 1098e for student loan paid that you can deduct above the line
You can deduct tuition when you pay it, no matter how you paid it (ie, it doesn’t matter if you paid it thru loans or out of pocket or whatever).
Also tuition is also deductible above the AGI. Only the actual amt paid.
Yes. Caveat on the tuition and fees deduction is it is capped at $4,000.
No. student loan interest is deductible every calendar year whether or not fully paid. you would receive ur 1098-e
Also, use calendar year for the actual amount paid for tuition.
I think the student loan interest gets phased out once AGI hits $80k
Short answer is yes.
Tuition now, interest when you pay the loan.
Unless the republicans f that up too.
Is the amount of interest incurred deductible? Or the actual amount paid?
Side question: What school did you end up going to?
@FA1: I don’t wanna be too specific to preserve my anonymity, so let’s just say it’s a top 15 b-school 😉
Thanks guys!! So if I understand correctly: interest on the loan is deductible when paid (ie: if I don’t pay down my loans till I graduate, this doesn’t apply until then). And tuition is deductible when the educational institution receives payment; so it doesn’t matter whether it is paid through FAFSA, private loans, or out of-pocket — tuition is only deductible for the years I’m attending (part of me was hoping I could deduct the loan as I paid it down each year, but it sounds like I can’t). Both interest and tuition deductions are subject to annual caps. Does this sound right?
SA2 is correct. Can’t deduct the interest once you’re making more than 80k.