0
What is the amount the Albrights can take as a student loan interest deduction?
Wiki User
∙ 11y ago
2500
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How do you properly report qualified student loan interest paid?
If you paid interest on a student loan for higher education expenses for yourself, your spouse or a dependent, you can claim a federal income tax deduction. This deduction is claimed as an adjustment to income and you do not have to itemize. Determine whether you qualify for the student loan interest deduction. You must meet the following requirements: 1. Your filing status is any status except married filing separately, 2. No one else is claiming an exemption for you, 3. Your modified adjusted gross income is less than the maximum allowable amount before phase-out ($75,000 in 2009, or $150,000 if you are married filing jointly), 4. You paid interest on a qualified student loan.
What does a student loan consolidation interest rate determine?
A student loan consolidation interest rate determines the amount of your monthly payment on your student loan. Higher interest rates would result in higher monthly payments.
Would paying the interest on a student loan hurt income tax refund?
No the qualifying interest paid during the for a qualifying student can be a above the line deduction on the 1040 income tax return page 1 line 33 as an adjustment to income and would reduce your total income amount when it come to the line 37 for your adjusted gross income. This could possible increase your refund amount if all of the rules and qualification are met for you to take this adjustment to income for the qualifying student loan interest that was paid during the year. This method would reduce your taxable income amount on page 2 of the 1040 tax form because of the reduction to your total income.
Do you get all interest back in taxes in a interest only mortgage?
No, you don't get all interest back in any mortgage in tax. The most you get is a deduction, that is a loering of your taxable income by that interest amount. (So if you are in the 20% tax bracket and have $100 of qualified mortgage interest, your tax is reduced by $20).
What is the interest of education loan for student in sbi?
I think it is between 12.5 to 13.5 % depending on the amount
What would the federal payroll deduction be for married 0 for the amount 1800.00?
The federal payroll deduction for married 0 for the amount 1800.00 would be 0. The federal payroll deduction for married 0 for the amount 1800.00 would be 0.
What are the average interest rates on student loans at Sallie Mae?
Sallie Mae offers student loans to qualifying students attending qualifying schools. The interest rates of the loans vary on the student and loan amount. Sallie Mae offers fixed and variable interest rates. These interest rates are also subject to change. The Sallie Mae website features tools which can help determine the interest rates. Again, average interest rates are determine by loan amount, the school, and the length of the loan. Therefore, there is no standard "average" interest rate.
Can you just pay the principal on your defaulted student loan?
No ... you will need to pay the entire 'financed amount' that includes the interest charged. One needs to call the student loan people and get a 'payoff amount' from them first.
What is the Thurstons' standard deduction amount?
11,600.
Can you get a tax deduction for Roth IRA contributions?
No, you do not get a tax deduction for Roth IRA contributions. You pay regular income tax on the amount your contribute to your Roth IRA. The tax benefit is that any income you generate with the account (interest, dividends, etc.) is not taxed when you withdraw the money.
Which would you expect to be the lowest amount on your pay stub FICA or Medicare deduction?
Medicare Deduction -apex
Where do you put property taxes on the tax form if you do not itemize deductions?
Property taxes can be itemized on the schedule A itemized deduction of the 1040, or if your standard deduction would be more than your itemized deduction, the amount can be used to increase your standard deduction amount on your federal income tax return.
