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Student Loan Services Lahaina HI

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Robert Gary Attorney At Law A Law Corp
(808) 667-7741
808 Wainee St Ste 201
Lahaina, HI
Brunton James E Patent Attorney
(808) 665-5866
4471 Lower Honoapiilani Rd
Lahaina, HI
Poelman & Langa Attorneys At Law
(808) 242-7222
Parkview Square 1129 Lower Main St #104
Wailuku, HI
Credit Associates Of Maui Ltd
(808) 244-3711
PO Box 1074
Wailuku, HI
Aluli Hayden
(808) 244-3434
2145 Wells St Ste 302
Wailuku, HI
Watson Valentina Stewart Attorney At Law
(808) 667-5886
930 Wainee St Ste 5
Lahaina, HI
Mccarty James Richard
(808) 661-7293
2530 Kekaa Dr Ste B6
Lahaina, HI
Consumer Credit Counseling Service Of Hawaii
(808) 242-8399
95 Mahalani St Rm 6
Wailuku, HI
Barbin Ryther L
(808) 242-9702
24 N Church St Ste 407
Wailuku, HI
Cary Virtue Attorney At Law
(808) 283-0015
1931 E Vineyard Street, Suite 201
Wailuku, HI

Student Loan Interest Deduction - Article by Business Tax Recovery

Time Limits No Longer Apply To Student Loan Deductions

A dramatic change to the Student Loan Interest Deduction has been implemented for the 2002 tax year. Previously, a taxpayer was only allowed to deduct interest paid during the first 60 months of the repayment of the loan. Starting in 2002, this is no longer the case. You can now take the deduction for every year that you make payments on the loan. If it takes you 10 years to pay off the loan, you can take a deduction each year.

The Student Loan Interest Deduction ["SLID"] is a tax deduction that is allowed under the Internal Revenue Code for interest paid on qualified education loans. The maximum deduction each taxpayer can take on their 2002 taxes is $2,500. The deduction is taken against your gross income and will lower your adjusted gross income by up to $2,500 depending on the amount of interest you paid in 2002. This is a significant tax savings for individuals with student loans!

Unfortunately, there are fairly strict caps on the SLID based on adjusted gross income. Specifically, you can claim the deduction if your adjusted gross income is $65,000 or less if you are filing as a "single" person. The cap on the restrictions is raised to $130,000 if you are filing jointly.

If you fall within the income restrictions, the loan in question must also have been taken out solely to pay qualified education expenses and cannot be from a related person or qualified employer plan. Qualified education expenses include:

1. Tuition and fees.
2. Room and board.
3. Books, supplies and equipment.
4. Other necessary expenses such as transportation.

As long as the loan in question was used to pay the costs of attending an educational institution at which you were enrolled at least half time, you are eligible to claim the deduction. The institution that you attended must be a college, university, vocational school or secondary education institution that qualifies for such loans. The loan need not be federally gua...

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