Its tax return time! Any tax pro's here???

[SilverBullet00]

To make a long story short, I am online right now trying to do my taxes through turbotax. I just graduated college in December and I have a butt load of student loans. I am trying to figure out if I can claim my 2007 loans as a college expense.. I have paid for some classes out of pocket, because my loans wouldnt cover eveything- but it says to claim tuition as a college expense you have to have paid it at the time of enrollment.. so can I count my loans or not?

I start paying them back in June, and I would like to have my car paid off by then. Thats where my return is going, to help pay off the car..This will help me make student loan payments for the next 10 years...

Can anyone help!?

 

[SilverBullet00]

ah come on, no one has any advice?

 

[Mustang225]

TurboTax should be guiding you on what is a tax deduction.

 

[SilverBullet00]

it does, but all it says is for me to be able to claim it as a college expense is I had to pay it at the time of enrollment.. so I am wondering if paying by a loan counts?

 

[SVT32VDOHC]

Don't know about that. MY accountant asked me for license plate fees. He deducted those. I have 4 cars that are licensed and insured right now, so every bit helps. Don't forget yours!!

 

[forum155pl]

turbo tax only gave me $1650 back for my student loans, i thought that was going to save me but nope!.. i paid about 9,000 for school this year..

the site told me that that was the maximum.. i hope there is another way, i'll be watching this thread!

 

[SilverBullet00]

did you pay 9,000 in cash to the university to claim it though, or did you pay 9,000 with loans?

 

[Black'02]

You actually claim loans as college expenses as long as you arent claimed as a dependent on your parents return. Check to see if you qualify for the Lifetime learning credit though, if you can take full advantage of that credit (2,000) it would benefit you more then a 4,000 deduction would.

Look here to read details about each
http://www.irs.gov/publications/p970/index.html

 

[forum155pl]

i pay for my school as i go, in cash..

 

[BLOWN00GT]

i would always claim my loans when i was in school and i would get more back. as a matter of fact i remember my tax person asking me if i had any paper work for it every year. as long as i took the loan out in the year that i was doing the taxes. for instance my last loan was in december of 05 so i didnt get anything for them in 06 even though i attended my last semester. but i claimed them for 05 and got extra back. also when i started paying them back i had a huge return this year. because i have paid so much in interest. but i think you also need to make under a certain amount to claim the interest. i just pay someone... so good luck!

 

[SilverBullet00]

damn, well I still paid for some in cash, so I will claim that I guess... every little bit helps!