Burbank CPA Tax Musings: Deducting Student Loan Interest (Even If You Don’t Pay It)

Time for everyone to go back to school.  Also you are probably making those student loan payments.  Remember that the interest on these payments may be a tax deduction.  See this posting in Forbes by Kelly Phillips Erb for more details on the writeoff:

http://www.forbes.com/sites/kellyphillipserb/2014/09/19/back-to-school-2014-deducting-student-loan-interest-even-if-you-dont-pay-it/

The only potential issue is there are some qualifications (Surprise!)  But because this interest is deducted on the front of the form 1040, you don’t have to have itemized deductions to take advantage of it.  So take a look at it when you file your taxes.

Student Loans Dollar Pointing For financial,  accounting and tax musings,

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