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Posted by Bill on February 18, 2007, 3:30 am
Please log in for more thread options 123@456.com (Shhhh) posted:
> I graduated college in May 2005; I began
> paying back my student loans in January
> 2006. I recieved a 1098 E for the interest I
> paid towards these loans. upon some reading
> online I read where the deduction for interest
> can only be taken if I am currently a student?
> Is this correct? Am I ineligable to deduct any
> of my student loan interest since I am
> currently graduated?
You can deduct student loan interest payments (adjustment to
income, line 33, Form 1040), as long as you continue to make
them -- even if it continues for 10 or 20 years (which is
quite common in these days of $30K+ annual tuition).
I think your doubt may stem from a confusion of student loan
interest with "education" credits (such as Hope or Lifetime
Learning) or deductions, which are tied to student status
for a 5-month period of the tax year in question.
Bill
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