stanw
New Member
Joined: Apr 17, 2011 20:38:41 GMT -5
Posts: 34
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Post by stanw on Mar 20, 2012 12:08:23 GMT -5
Is the total amount paid on student loans deductible, or is it just the interest paid?
Thanks.
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Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
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Post by Rocky Mtn Saver on Mar 20, 2012 12:15:07 GMT -5
Student loan interest. If you paid more than $600 interest, you should have received a Form 1098-E from the lender specifying the amount of interest. I don't know if it's applicable, but if you paid any education expenses, you may also be able to claim an education credit separately.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Mar 20, 2012 12:54:18 GMT -5
interest only.....
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stanw
New Member
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Post by stanw on Mar 20, 2012 21:26:13 GMT -5
Thanks!
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cpadvisor
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Post by cpadvisor on Mar 23, 2012 8:52:45 GMT -5
Student loan interest. If you paid more than $600 interest, you should have received a Form 1098-E from the lender specifying the amount of interest. I don't know if it's applicable, but if you paid any education expenses, you may also be able to claim an education credit separately. You get a 1098-E if you pay less than $600 as well.
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lynnerself
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Post by lynnerself on Mar 27, 2012 14:17:49 GMT -5
Student loan interest. If you paid more than $600 interest, you should have received a Form 1098-E from the lender specifying the amount of interest. I don't know if it's applicable, but if you paid any education expenses, you may also be able to claim an education credit separately. You get a 1098-E if you pay less than $600 as well. DDs boyfriend got one 1098 E, but 2 private companies said he had to request the form before November of last year. Is this probably because they were less that $600?
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Rocky Mtn Saver
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Joined: Dec 23, 2010 9:40:57 GMT -5
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Post by Rocky Mtn Saver on Mar 27, 2012 14:35:39 GMT -5
Student loan interest. If you paid more than $600 interest, you should have received a Form 1098-E from the lender specifying the amount of interest. I don't know if it's applicable, but if you paid any education expenses, you may also be able to claim an education credit separately. You get a 1098-E if you pay less than $600 as well. Really? Because the instructions for the 1098-E give the $600 threshold. ~~~~~~ www.irs.gov/instructions/i1098et/ar02.htmlFile Form 1098-E, Student Loan Interest Statement, if you receive student loan interest of $600 or more from an individual during the year in the course of your trade or business. The $600 threshold applies to each borrower regardless of the number of student loans obtained by that borrower. However, you may file a separate Form 1098-E for each student loan of the borrower, or you may file one Form 1098-E for the interest from all student loans of the borrower.
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cpadvisor
Junior Member
Joined: Jan 14, 2011 11:46:00 GMT -5
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Post by cpadvisor on Mar 27, 2012 20:41:40 GMT -5
Maybe I should have said you could get a 1098. All my customers with less than $600 of student loan interest have had a 1098 so far this year.... personally, I paid $177.20 and I received one this year.
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alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
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Post by alabamagal on Mar 30, 2012 8:47:29 GMT -5
I got three 1098-Es from three different companies that were all less than $600. The companies are not required to send them if it is less than $600, but it sure makes it easier if they do!
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