Can Student Loan Interest Be Used As A Tax Deduction If The Loans Are In Deferment/forbearance?
Posted by admin on January 25th, 2010 at 06:45am
I know that student loan interest can be deducted.
My student loans are all either in deferment or forbearance. I’m accruing interest on some of them, but I haven’t actually paid any interest yet. Can I deduct the interest that accrued?
Thanks!
Tags: Deduction, Deferment/forbearance, Interest, Loan, Loans, Student, Used
Under Loans
3 Comments for Can Student Loan Interest Be Used As A Tax Deduction If The Loans Are In Deferment/forbearance?
1. AG | January 25th, 2010 at 7:24 am
No, you can only deduct the interest when you actually pay it, not when it accrues
2. Judy | January 25th, 2010 at 7:35 am
You can only deduct interest that you actually PAID during the tax year, not the interest that is accruing. Sorry to be the bearer of bad news but you have to wait until you start making payments on the loans to be able to take a deduction for any of the interest.
3. TaxGurl | January 25th, 2010 at 7:52 am
$0 paid, $0 deductible.
Leave a Comment for Can Student Loan Interest Be Used As A Tax Deduction If The Loans Are In Deferment/forbearance?
Trackback this post | Subscribe to the comments via RSS Feed