Since we are almost at the end of the year, does anyoe know what taxes can be filed. Below is what I have been told can be filed in terms of student loans.


1 I was told I can file all the interest I paid on my student loans for the year 2003 (Is this a reduction or a credit?). Any idea what forms to use, and also what order methods apart from the above that I do not know of. Lets share, thanks.

It is called student loan interest deduction. In early Jan...you will receive a form from whoever has your loan(s) and it was say how much interest you paid on your loan for 2003. There are some restrictions i.e. income, filing status. But it explains in the tax booklet. You have to use form 1040 or 1040A to take the deduction. Hope this answers your questions.

One easy thing you can do is to buy TurboTax or go onto the website...i think it is TurboTax.com or Intuit.com.

It's secure and you can do all the tax stuff there and file for really cheap...cheaper than paying H&R to do the same thing for a percentage.

Turbo Tax software has live video on the CD-Rom that explains current tax laws for about 1,000 different thing ie: student loans, farm equipment, and deducting the cost of propane, etc.

It's probably the best solution. Plus, you can deduct the cost of TurboTax on your taxes! If you buy like at Office Dept, Staples, or Off.Max, filing is free w/ rebate. Pretty cool deal I think.

Since using Turbo Tax, my refunds have doubled...seriously

I wish I had money to buy some of their stocks!!!!

I'm in such a bad mood, not trying to be snarky, but can the money paid to the loan shark collection agency be claimed as part of the interest or loan payment on taxes??

You should get a statement from the student loan lender (mine is Sallie Mae) showing interest you paid on your loans in 2003. If you buy turbotax (I got mine at Walmart for 19.00 which includes a free efile online) it takes you thru everything by asking questions. I like it cause it's very user friendly and I can file my taxes electronically and get it back via rebate. I also do direct deposit so it is deposited like a week later. Last years worked great and it was in my bank within 5 business days.

I'm going to look into TT! I haven't paid on the student loan yet. They decided 5.5 yrs later to start asking for it again :roll: But for next year, I'll have some student loan deductions. I want to do our taxes myself, not pay HR Block $80. I really need the refund, not enough in escrow to cover the homeowner insurance.

Hey Mick. Yes, it's SL interest and it's deductible. I deducted all the interest and fees paid to Windham and even verified it with the 800 1040 number w/the IRS. I worked for them during the 1996 tax season as a tax examiner and it's not a problem. A collections agency will also give you a monthly statement showing what your interest and principal is on your SL.

Great, thanks for your replies Car!

Just some information to pass on.....If anyone is uncertain whther the government may take your income tax return money for a defaulted student loan debt or other government debt, you can contact the Financial Managment Service through the Treasury Department at (800) 304-3107. The website is http://www.fms.treas.gov/.....

Please can you resend the URL ?? the link doesn't work..
Thanks Gio

http://www.fms.treas.gov/
under questions and answers click on "offsets and Icome withholdings"

what sticks is that it is a graduated deduction (no pun intended) so over 100K filing jointly you get very little.

does turbo tax work if i'm filing as an overseas worker? been out of the states over 350 days, working. have no idea how to file, i skipped last year.
i know i deserve a slap for that but i gonna fix it this year.. can turbo tax help?

I'm a bit confused. Can you file the interest on your student loans if they are in deferrment status, or do you have to acutally be paying the interest in order to claim the interest? My loans are in deferrment until July04. Need to know asap!! i can be emailed at kjunior@t4.com as well.

kjunior

You can only deduct interest on a student loan that you have paid on.


fla-tan