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Education Loan Deduction
Can someone please explain the Hope Credit, Lifetime Learning Credit & Education Deduction to me?
I graduated school in 2005. But am currently repaying student loans. My income is under $20,000. What are the conditions to qualify for the above mentioned credits and deductions?
PS- I’m in California.
And if I am eligible, what will I be deducting? The interest paid? Total loan payments?
Wayne Z & HR Block answered my first questions, but I have one more.
If I did not claim my student loan interest deductions in 2007, can I deduct it on my 2008 form?
Thanks to all who take the time to answer.
If you aren’t in post-secondary school during the year you are filing for, you don’t qualify for any of the education credits or deduction.
If you are paying back student loans, you can most likely deduct the interest that you paid.
If you didn’t claim it for 2007, you can amend your 2007 return but can’t just claim it on your 2008 return.
Graduation Debt: How to Manage Student Loans and Live Your Life