How would you like to write off all your student debt as a tax write-off? Yeah, I know it's a unique question and I get asked that question all the time. So, I thought I got to shoot a video on this and addressed what the options are. They're not great, but at least you're going to get the straight answer. Music, my name's Mark Kohler. I'm a CPA attorney, best-selling author, radio show host, blah blah blah, but I help small business owners and taxpaying Americans around the country save taxes better live their dream. Well, going into college debt is a huge part of a lot of people's dream, and there are a lot of people, thousands of Americans, with six-figure student debt. Well, we need to talk about how to maybe get a tax write-off when you're starting to pay it down and some ways to attack it, but let me just say right off the bat, straight answer, there's no way to just get a tax write-off for paying off your student debt. Now, you can write off the student loan interest, but it phases out. Now I'm going to get creative with some other options here in a minute, but you can't generally write off your student debt as an expense. There's no line item for that on your tax return without a little bit of creativity. But you can write off the student loan interest, yeah, up to a whopping twenty-five hundred dollars worth of student interest. But the bad news is, it phases out if you're single and make more than eighty grand, no write-off. Married filing joint, more than a hundred and sixty grand, no write-off. So, if you went to school to make a lot of money in a profession that...
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Student loan interest deduction 2024 Form: What You Should Know
How to Claim Student Loan Interest Deduction as a Dependent Taxpayer Oct 1, 2024 — Student Loan Interest Deduction — Dependent — IRS Income is qualified student loan interest if both of the following are true: The tax year was beginning in December 2024 or in December 2024 and the loan amount was not more than 2,500 The student(s) had to attend at least half of a course that took at least 120 semester units What is a Dependent Taxpayer — IRS? An individual who is not a citizen or resident of the United States and is not treated as having income in any other manner as provided by section 7623(c) of the Internal Revenue Code (Code). A taxpayer is a dependent if the taxpayer is under 18 and the taxpayer is physically or mentally incapable of acting because the taxpayer: Has physical or mental infirmities or is a physically or mentally defective individual. Has a physical or mental disability that seriously limits one or more major life activities. The student loan interest deduction is available if you are a U.S. citizen. The dependent for a 2024 tax return must consist of your spouse as of November 25, 2017, who is not a U.S. citizen or resident or dependent as defined by section 152 of the Code The student loan payments must be from your and your spouse's qualified education loans, qualified health care loans, or qualified tuition and related expenses. The student loan interest deduction is available at a graduated rate beginning at 25%. For the 2024 tax year, the dependent will not be eligible for the deduction if the student loans received on behalf of the dependent were in the form of either direct or indirect subsidized loans (see Qualified education and direct or indirect subsidized loans). Qualified education and direct or indirect subsidized loans include: If you or your spouse is an unmarried dependent for the 2024 tax year, a dependent may not be eligible for the deduction if the student loans received on behalf of the dependent were for education and were obtained as a result of the dependent's enrollment in a program of education or training provided by an eligible educational institution (see Qualified education and direct or indirect subsidized loans). If no qualified education and direct or indirect subsidized loans are claimed, then all interest paid on qualified education loans is eligible for the Dependent Deduction. For Tax Year 2019, the dependent must be an eligible dependent.
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