While your student loans typically cost you money, there are several ways your student loans can help you save money on your federal income tax return. It’s important to make sure you review how each potential tax break works and whether it has recently changed before you file your taxes o...
Department of Treasury and Intuit Inc. that will make it easier for postgraduates paying federal student loans to obtain information about lowering their loan payments. The partnership is intended to spread awareness of income-driven and other student loan repayment through Intuit's TurboTax online ...
This is a complicated tax process, but we break it down here: Student Loan Forgiveness and Insolvency. Finally, if you think you may have built some savings, you can always plan for your tax bomb. No matter what, it will be significantly less than you owe on your student loans. Stay ...
In addition, you do not need to pay taxes on your student loan. Student loans are not considered taxable income because you’re obligated to pay them back. Student loan interest deduction Depending on your income and tax-filing status, you may be able to deduct up to $2,500 in student ...
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Sometimes students need to take time off from college. Learn more about what happens to your student loans when you take a semester off.
Steve is about to be the lucky recipient of a large sum of money from his family. He intends to use this money to pay down his student loans. He would like to know if there are any tax consequences of the gift. Steve writes: ...
Follow the 80/20 rule: Put 80% of your extra income towards clearing your student loans, and keep 20% for taxes or even a small reward for yourself to stay motivated. Review the impact of your extra payments: Keep an eye on how each extra payment contributes to your student loan debts...
Did you know that you can save money on your student loans by refinancing? We compared the best student loan refinancing and consolidation companies!
The good news for borrowers is that this help falls into the category of gift taxes. For the recipient of the gift, there isn’t a tax bill. However, the gift-giver may have to pay a gift tax. In the case of student loans and gift taxes, there are several exceptions that can help...