The Student Loan Interest Deduction
With student loan payments resuming after a long hiatus (due to, well, you. know), millions of borrowers are facing monthly student loan payments, which for many, can be burdensome. However, most people who owe student loan debt and make interest payments can deduct those interest payments from their taxable incomes.
This video describe the Student Loan Interest Deduction. Which loans qualify, which borrowers qualify, and where to report the deduction on form 1040
0:00 Introduction
0:31 Which loans qualify for the Deduction?
1:58 Which borrowers qualify?
4:58 1098E and Reporting the Deduction
5:45 Conclusion
To learn more about adjustments in general, click here: • What is Adjusted Gross...
To learn about other tax benefits for post secondary education click here: • Do you Qualify for a L...
and here: • The American Opportuni...
Additional Information and Resources:
IRS Publication 970: "Tax Benefits for Education" (This publication contains the Student Loan Interest Worksheet): www.irs.gov/pub/irs-pdf/p970.pdf
IRS Schedule 1: "Additional Income and Adjustments": www.irs.gov/pub/irs-pdf/f1040...
IRS Form 1098-E: "Student Loan Interest": www.irs.gov/pub/irs-pdf/f1098...
Nerdwallet: "How to Get the Student Loan Interest Deduction": www.nerdwallet.com/article/lo...
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
The images of "Samantha," "Mom," "Elwood," "Marvin," and "Sophia" were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZread Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZread Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
Пікірлер: 11
The BEST tax videos on KZread!
I can't believe youtube didn't notify me! Always great content
@TheTaxGeek
8 ай бұрын
KZread can be spotty when it comes to sending notifications, but I'm glad you finally found the video.
Top of the morning coach
Say you paid ALOT more than $2,500 in interest one year. can you continuously claim the $2,500 in the following years until you reach what you have truly paid in interest? for example if I paid 10k in interest in 2023. Can I claim 2.5k for the next 4 years for the interest I paid in 2023?
@TheTaxGeek
6 ай бұрын
No, unfortunately. The interest can only be deducted in the year you pay it.
Does contributing to a 401k count towards reducing my MAGI for this tax deduction?
@TheTaxGeek
6 ай бұрын
Diverting more money to your 401(k) will reduce your Adjusted Gross Income, as will contributing to an IRA.
Can a tax payer able to claim qualifying relatives if they are younger (under the age of 19 to 24)?
@TheTaxGeek
2 күн бұрын
Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents kzread.info/dash/bejne/nYyYta1pfKvOoZs.html helps to clarify this.
@durgavishnu362
2 күн бұрын
@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?