Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-29-2017, 01:29 PM
Junior Member
 
Join Date: Dec 2017
Posts: 1
Student Loan Interest Deduction

For the year 2017 I had ~$3000 in interest accrue on my student loans, but I was unemployed for most of the year so I wasn't making payments. Now that I have a job I would like to make a payment against that interest to deduct on my taxes, but the issue is that interest has already been capitalized. Is there any way I can make a payment do deduct that interest on my upcoming tax return?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 12-30-2017, 12:20 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
For the year 2017 I had ~$3000 in interest accrue on my student loans, but I was unemployed for most of the year so I wasn't making payments. Now that I have a job I would like to make a payment against that interest to deduct on my taxes, ======>Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2.5K or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income amount reaches the annual limit for your filing status


but the issue is that interest has already been capitalized. Is there any way I can make a payment do deduct that interest on my upcoming tax return?======>> You cannot carry forward student loan interest. The student loan interest can only be entered on the tax return for the year paid.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Who is entitled to take a Student Loan Interest deduction in 2015? TaxGuru For 2015 0 02-06-2016 01:32 PM
Tax: Student Loan Interest Deductions Mani.VV For 2013 2 02-09-2014 11:51 AM
Using Mortgage Interest Deduction instead of Student Loan Deduction MrGermyD Itemized Deductions 0 01-14-2011 11:20 PM
Help with tuition and student loan interest cornbread Estimated Taxes 0 07-28-2008 05:34 PM
What are rules for Student Loan Interest Deduction in 2008? TaxGuru For 2008 0 07-27-2008 01:09 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.