student loan interest-tax deductible??

[APACHE3]

Once I start working, can I deduct my interest I pay on my student loans..which will be a sh&% load!!!!

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[OldPsychDoc]

Once I start working, can I deduct my interest I pay on my student loans..which will be a sh&% load!!!!

You can deduct $2000 of it.

 

[APACHE3]

That $2000 deduction is yearly or just a one time deal? But it's better than nothing..thanks OldPsychDoc.

 

[I-eye]

There is an income limit. Check out this page http://www.irs.gov/faqs/faq-kw187.html. If you are under the limit you can take a $2500/yr deduction.

The income limit should not be a problem during residency unless your spouse works too (if no spouse, no problem). However, after residency you will likely not be able to take any deduction for the interest unless the tax laws change in this area.

 

[APACHE3]

Thats very good advice. I'll check out the site.

 

[KidDr]

Thats very good advice. I'll check out the site.

I did my 2004 taxes through TurboTax online and it figured out all my deductions for me, including student loan interest, based on my income level. It was really helpful, and I got a big tax return.

 

[APACHE3]

I used Turbo tax a couple of time when I actaully earned something. Its great. Its good to know I can use it and get my deductions too. sweet

 

[TheThroat]

Turbotax rocks the kasba (sp).