what info do i need for taxes if i am living off student loans?
1. i have an undergraduate debt, that i began to pay off for a year with a part time job from summer 2008-summer 2009. then i entered med school (fall 2009), so those payments are currently in deferment. right now, i’m living completely off a large student loan, and will continue to do so for the next 3 years. what i’m asking is, in addition to my W-2 for the 2008-2009 year, what else do i need to file my taxes? something that shows my undergrad loans? my current loans? thanks.
December 28th, 2009 at 6:21 pm
If you made any payments this year on loans, then the interest might be deductible, so if you got a form 1098-T for that, you might be able to use it. Payments for tuition and fees can be used for the Lifetime Learning credit even if they were paid with loans. Depending on how much income you had, the credit might or might not be worth anything to you – it only will if you have some total tax.
January 10th, 2010 at 9:34 am
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