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What is a 1098-E?

A Form 1098-E reports the student loan interest you have paid throughout the tax year. To see an example of this form please click the link provided below. 1098-E Example

What are "qualifying education expenses"?

For purposes of the student loan interest deduction , these expenses are the total costs of attending an eligible educational institution, including graduate school. They include amounts paid for the following items. * Tuition and fees

Please explain deductions and credits that are available related to Education.

are that you are paying interest. If so, you can generally use this interest as an additional deduction on your return. You can claim the interest deduction if all of the following apply: * You paid interest on qualified student loan in tax year

What is a Form 1099-C? Cancellation of Debt (View a sample form)

A Form 1099-C is received when you have a debt (home, credit card, student loan, etc.) cancelled. This happens when you receive money initially but are not required to pay all or an amount back to the borrower. Because you are not paying

Tax Tips for Students and Parents Paying College Expenses

expenses for an eligible student if your modified adjusted gross income is below $80,000 ($160,000 if married filing jointly). 4. Student Loan Interest Deduction - Generally, personal interest you pay, other than certain mortgage interest

Tax Benefits for Education

income limits are higher than the thresholds for the American Opportunity Tax and Lifetime Learning Credits. Are you paying Student Loan interest ? You may be able to deduct up to $2,500 from your income per tax return. Student Loan interest

1099-C: Discharge of Indebtedness. What is this form and what do I do with it?

If you received a Form 1099-C, this amount is generally reported as income on your return. A 1099-C is received when you have a debt (home, credit card, student loan, etc.) Cancelled. When this happens, it means that you received money

Federal Adjustments to Income

savings account deduction Moving expenses One-half of self-employment tax Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid IRA deduction Student loan interest deduction Tuition and fees Domestic

Federal Section > Deductions > Adjustments

· Health Savings Account (Form 8889) · Moving Expenses · Contributions to SEP, Simple and Qualified Plans · Self-Employed Health Insurance · Penalty on Early Withdrawal · Alimony Paid · IRA Deduction · Nondeductible IRAs · Student Loan

IRS Has Delayed Processing Returns with Form 8863 (Education Credits - American Opportunity and Lifetime Learning Credits)

for processing. Note : Tuition and Fees Deduction as well as Student Loan Interest Deduction have not been affected by this delay.