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Posted by alisha_england on February 13, 2007, 1:49 am
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I had been receiving student loans for 2 years when i found
out that you can deduct them from your taxes. Can I go back
to claim that deduction or is it lost?
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Posted by Dick Adams on February 13, 2007, 5:41 pm
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> I had been receiving student loans for 2 years when i found
> out that you can deduct them from your taxes. Can I go back
> to claim that deduction or is it lost?
I hope you did not pay for that advice! The loans were NOT
income to you. If you declared them as income, you need to
file amended returns.
Did you take the appropriate educational credits?
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Posted by Phil Marti on February 13, 2007, 5:41 pm
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> I had been receiving student loans for 2 years when i found
> out that you can deduct them from your taxes. Can I go back
> to claim that deduction or is it lost?
There's a deduction for paying interest on student loans,
but no deduction for receiving them. There are tax benefits
which arise from expenses paid from student loans.
Step one is to get a copy of IRS Publication 970 and see
what education tax benefits were available to you. Then you
can amend 2003 and later. Anything earlier is lost, and the
deadline for amending 2003 is 4/17/2007. To amend you'll
need Form 1040-X, its instructions, and possible Form 8863
for Education Tax Credits. Make sure you get the 8863 for
the correct year. The rules have changed.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on February 13, 2007, 5:41 pm
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> I had been receiving student loans for 2 years when i found
> out that you can deduct them from your taxes.
You can't deduct student loans received. You can however,
take some educational credits or deductions for qualified
tuition and fees ~paid~ during the year.
> Can I go back to claim that deduction or is it lost?
You would have to file Form 1040X to amend your returns,
attaching any corrected or new forms or schedules to support
the changes.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on February 13, 2007, 5:41 pm
Please log in for more thread options alisha_engl...@yahoo.com wrote:
> I had been receiving student loans for 2 years when i found
> out that you can deduct them from your taxes. Can I go back
> to claim that deduction or is it lost?
You can amend your returns for tax years 2003 through 2005.
The deadline for amending 2003 and getting a refund of over
paid taxes is April 17, 2007.
Use form 1040X available at
http://www.irs.gov/formspubs/lists/0,,id=97817,00.html. File
each amended return in a separate envelope. Do NOT mail them
all together.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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