Paying interest in
your student loans may amount to a tax deduction, it is $2,500 max or
whatever is less that you paid in 2016
How to qualify?
Well, it has to be
legally your debt, and your interest on that debt. You DON'T file separate
tax returns while married, and as a household your income is less
than $130,000, $65,000 if single.
You can take this
deduction whether you itemize your deductions or not, which is a huge
deal, because they are really not tax breaks, but rather adjustments
in income.
Any break that you
can get on your taxes is a plus, and this one does not take long to
figure out, since the student loan company must send you
documentation indicating how much interest you paid on student loans
for 2016, you could gain up to $1,000 added to your refund, not bad!
Keep pushing your
congressman to amend the bankruptcy code to allow certain reductions
in student loan debt and forgiveness in a Chapter 13 Plan, this would
greatly reduce the nearly 1.5 TRILLION in federal student loan debt!!
Charles L Basch II,
attorney and counselor at law debtfreedetroit.com
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