Tax question re: Student Loan Interest

[bicentennial_baby]

Ok, I'm doing Sniffa's taxes, and I'm on the section abt. Student Loan Interest...It says for the interest to qualify as deductible:


The student was enrolled in a degree program and carried at least half the full-time course load.

The student was you, your spouse, or your dependent at the time you took out the loan.

The loan was used to pay for tuition, room and board, books, fees, transportation, and other necessary expenses.


Am I correct in assuming that they mean *at the time you originally took out the loans*?

Thanks! :hi:

[WolverineDG]

1. How could you take out student loans

if you weren't (or weren't going to be) a student when you took them out? :shrug: I take this deduction & I graduated over 10 years ago. :)

I believe you have to be currently paying your loans in order to get that deduction & not in forebearance or deferment.

dg

[bicentennial_baby]

2. Yeah, that's how I figured it...

It's all good. :)

Thanks! :hi:

[WolverineDG]

3. You should be getting some sort of statement

from the loan company, either in the mail or a notice online that it's available. Some kind of IRS form. If you don't have it, go looking for it. :)

dg

[bicentennial_baby]

5. Actually, you can file without the form...

As long as you know how much interest you paid, and who you paid it to...in this case the U.S. Dept. of Education.

Now if I only had the form from the state of MA proving that we both have health insurance, I could file the State taxes too...We need the form so that we don't get penalized. Thanks Mitt Romney... x(

[MrCoffee]

4. interest on PLUS loans is deductible by the parents

that's why the "or your dependent" is in the definition