Dr. Friday explains that qualified student loan interest may still be deductible up to annual limits. She also covers income restrictions and why documentation is required.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Student loan interest is still deductible, up to $2,500 per year per qualified taxpayer.
There are income limitations, so you have to make sure you understand what those are. You also need Form 1098-E that will tell us exactly how much interest you paid.
You can’t do it on your own without documentation. It needs to have been turned into the IRS, otherwise it will be disallowed.
So if you need help, or you’re filing your own taxes, just make sure you’re looking at what’s being filed and you understand the boxes that you’re saying yes and no to. If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.