<p>I guess I mean the interest paid on them, as mortgage interest is.</p>
<p>Well, you get a statement sent to you about that and then you have to take that very seriously if you do your taxes yourself (like I do) and obey it. You can look up the rules online at the official irs web site and even call folks to make sure.</p>
<p>If you have a question or something about the statement you recieve about your taxes and your student loan interest, immediately contact an accountant.</p>
<p>Thanks merlinjones. I looked a little already on the IRS site… of course it’s quite a bit to get thru… I’ll do more research on that.</p>
<p>Relatedly, someone told me that I might be able to deduct something for payments I make for my child for college expenses (tuition, housing, books, supplies, whatever). I know, you’re either going to tell me to go to the IRS site again, or “no way”, but I just wondered if you had any insight.</p>
<p>I do not know anything about that, cuzisaidso, because I haven’t children:) I am sure someone on this site who has children could help you.</p>
<p>Thanks merlinjones.</p>
<p><a href=“http://www.irs.gov/publications/p970/ch02.html#d0e1552[/url]”>http://www.irs.gov/publications/p970/ch02.html#d0e1552</a></p>
<p>Here is what one can do with the Hope Credit, w/r/t Y2K5. I do not know anything about how it applies to youngsters at University.</p>
<p>Interest paid on student loans is deductible under…a certain…income. I don’t know what the income is, sorry. It’s question #33 on the 1040</p>
<p>Get a tax program. Even last year’s tax program would work. Many are free and they will have the income limits for interest deductions on PLUS loans. The programs are quite extensive and break the 970 down into manageable and pertenient topics. </p>
<p>For Staffords- interest is deductable to the child or self only if the child/self is independent from the parents. For a child/dependent to file a 1040 does not make that person independent.</p>