Deduction for Student Loan intrest.

#8 01-19-2005, 03:10 PM

"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:
- quote -

> David Woods, EA, ChFC, CLU wrote:
> > "Kevin Blackwell" <akblackwel[at]yahoo.dot.com> wrote:

> > > I currently have student loans, but I don't currently make
> > > the payments. Interest is accruing on my loans though. Am I
> > > able to make deductions on the interest that occurred this
> > > year?

> > No......and if you are supposed to be making payments,
> > shame on you.

> Hmmm.... uh... when students have such loans and have not
> yet graduated, are they supposed to be making payments?

1) I said IF he was supposed to be making payments.
2) How can you tell if he is or isn't based on what
he said? Hence, refer to #1.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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#7 01-19-2005, 02:51 PM

Harlan Lunsford wrote:
- quote -

> David Woods, EA, ChFC, CLU wrote:
> > "Kevin Blackwell" <akblackwel[at]yahoo.dot.com> wrote:

> > > I currently have student loans, but I don't currently make
> > > the payments. Interest is accruing on my loans though. Am I
> > > able to make deductions on the interest that occurred this
> > > year?

> > No......and if you are supposed to be making payments,
> > shame on you.

> Hmmm.... uh... when students have such loans and have not
> yet graduated, are they supposed to be making payments?

It's not graduation that is the test, but if they are going
to school, probably some minimum amount of courses is
necessary. It's only after they stop going to school (with
some grace period - it used to be nine months but I think
I've heard it's now six) that payments are required to
commence.

Stu

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#6 01-18-2005, 02:05 AM

David Woods, EA, ChFC, CLU wrote:
- quote -

> "Kevin Blackwell" <akblackwel[at]yahoo.dot.com> wrote:

> > I currently have student loans, but I don't currently make
> > the payments. Interest is accruing on my loans though. Am I
> > able to make deductions on the interest that occurred this
> > year?

> No......and if you are supposed to be making payments,
> shame on you.

There are many legitimate reasons for a graduate not
making any payments on student loans. see:
http://www.fafsa.com/deferments.htm

--

Alan
http://taxtopics.net

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#5 01-16-2005, 09:23 PM

David Woods, EA, ChFC, CLU wrote:
- quote -

> "Kevin Blackwell" <akblackwel[at]yahoo.dot.com> wrote:

> > I currently have student loans, but I don't currently make
> > the payments. Interest is accruing on my loans though. Am I
> > able to make deductions on the interest that occurred this
> > year?

> No......and if you are supposed to be making payments,
> shame on you.

Hmmm.... uh... when students have such loans and have not
yet graduated, are they supposed to be making payments?

ChEAr$,
Harlan Lunsford, EA n LA
Sat, 15 Jan 2005

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#4 01-15-2005, 07:01 PM

Kevin Blackwell wrote:

- quote -