C F asked:
I’m filing this years income tax return and I’m confused on the student loan interest. Can I claim the interest if I wasn’t enrolled last year? I graduated a few years ago but I still pay student loans and interest. The guidelines for claiming are sort of confusing so I wasn’t sure if I can claim. It will add a few hundred to my return if I can claim.
did I have to attend school in 2007 to take this?
I’m filing this years income tax return and I’m confused on the student loan interest. Can I claim the interest if I wasn’t enrolled last year? I graduated a few years ago but I still pay student loans and interest. The guidelines for claiming are sort of confusing so I wasn’t sure if I can claim. It will add a few hundred to my return if I can claim.
did I have to attend school in 2007 to take this?
or just pay interest on loans?
Student loan interest is deductible if you are responsible for the repayment, you were at least a half-time student working toward a degree or certificate, you file any status but married filing separate and are not a dependent of someone else . The loan proceeds must have been used for education purposes. The maximum amount you can deduct is $2500. You can deduct the interest for what the IRS refers to as a reasonable amount of time after you have have taken out the loan. IMHO, that would be until it’s paid off! Check out irs.gov to make sure that your income will not limit your deduction.
It is not a deduction, it is an income adjustment that you can take even if you don’t itemize.