Tax Tips and Benefits If You’ve Got Student Loans from H&R Block

H&R Block Presents: Tax Tips If You’ve Got Student Loans A college education cost a lot of money If you have loans, you’re not alone

Let’s talk taxes Tip One Make sure it’s a “qualified education loan” What qualifies? Well, if you took the loan to pay tuition, room and board, or other related expenses for attending most post-high school educational institutions, you should be good Still not sure if the meal plan was worth it? Neither are we

Tip Two Loan interest is an “above the line” deduction This is good for two reasons It helps determine your adjusted gross income Also, you don’t have to itemize the expense Hey, one less thing to do

Tip Three There’s a $2,500 cap The maximum amount of student loan interest you can deduct is $2,500 Sorry That’s the rule

Even for PhDs Tip Four The deduction phases out As you hopefully begin to make more money, the deduction does start to “phase-out” as your income reaches certain thresholds But hey, we suppose that’s good news, bad news

Tip Five Talk to Block If you have more questions, which most people do, we’re here to help You can visit us online or in person We’ll use every single advantage in the tax code to get you every single dollar you deserve

Education leads to income, which leads to taxes Let us know how we can help

Source: Youtube

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