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Student Loans on income taxes?

Posted by on Jan. 12, 2013 at 6:56 PM
  • 8 Replies

We started making small payments on our student loans this past year.

We were set up to pay 75 a month and I have been paying 100 a month.

I wanted to pay a little extra but couldn't afford more than that.

Well, they emailed me a form today telling me we may be eligible to claim what we paid in on taxes.

Apparently out of the 800 we paid in(didnt start paying until May)765 of it went straight to interest.

O.O

HOLY SHIT! LOL

Anywho, apparently if you pay more than 600 in interest throughout the yr, you may be able to claim it on taxes.

I hope they are right and I wonder if I will get any of it back! LOL



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by on Jan. 12, 2013 at 6:56 PM
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Replies (1-8):
steffielou_who
by on Jan. 12, 2013 at 6:58 PM
You will get the statement from the patent people and if you go through turbotax, it should factor in everything and go it for you! It will ask if you paid interest!
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jbyrd898
by Jessica on Jan. 13, 2013 at 5:11 PM

I think you can claim your interest on taxes. I should know, I have been paying for years on mine now. Urgh. Never ending it feels like!

TwinsFanMama
by on Jan. 13, 2013 at 8:23 PM
1 mom liked this
Yep! Whenever I have enter student loan interest on my taxes it has upped my return.
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Iluvmy2kiddies
by on Jan. 13, 2013 at 9:59 PM

Yes, I was able to claim the interest I paid on my student loans last year. If you don't mind me asking (you don't have to answer) how much do you owe on student loans? Because they set me up to pay $250 per month =(

lenoxclan
by on Jan. 13, 2013 at 10:42 PM
Quoting Iluvmy2kiddies:

Yes, I was able to claim the interest I paid on my student loans last year. If you don't mind me asking (you don't have to answer) how much do you owe on student loans? Because they set me up to pay $250 per month =(







We owe 30k but we applied for income based repayment. That is why our payments r so low right now. Before that they were 350 a month



save the date

jbyrd898
by Jessica on Jan. 14, 2013 at 4:38 PM

Mine are around 120 a month and I owe 20000. If only I could pay it off. I keep telling myself my education was worth it :)

Quoting lenoxclan:

Quoting Iluvmy2kiddies:

Yes, I was able to claim the interest I paid on my student loans last year. If you don't mind me asking (you don't have to answer) how much do you owe on student loans? Because they set me up to pay $250 per month =(







We owe 30k but we applied for income based repayment. That is why our payments r so low right now. Before that they were 350 a month


baby
eds6619
by on Jan. 14, 2013 at 4:46 PM

 good luck

Iluvmy2kiddies
by on Jan. 14, 2013 at 6:29 PM

oh ok...thank you for replying! 

Quoting lenoxclan:

Quoting Iluvmy2kiddies:

Yes, I was able to claim the interest I paid on my student loans last year. If you don't mind me asking (you don't have to answer) how much do you owe on student loans? Because they set me up to pay $250 per month =(







We owe 30k but we applied for income based repayment. That is why our payments r so low right now. Before that they were 350 a month


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