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Tuesday, February 7, 2017

Student Loans and Tax Deductions

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

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