 Regarding Stimulus Package? |
| I am a little confused with this stimulus package, I did not file taxes in 2007 because my checks are tax exempt, am I still eligible?... |
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 How many people know the truth about the Stimulus Checks? |
After reading this I had to laugh:
http://answers.yahoo.com
The stimulus check is an advance on next years tax refund. You will have to ... |
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 Can i deduct a gun and computer i bought 4 work on my taxes? |
| i had to buy a gun 4 work and i bought a computer 4 my avon business can i deduct cost on my ... |
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 If you have a child for 7 months and his dad had him for 5 months who can file him as a dependent on taxes? |
| i have legal custody of him at this point also i will be filing soon if his dad tries to file after I do will the form be rejected or what will happen.He is 360 behind on child support and I think he ... |
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 Do you think your generation has evolved? |
| as technology has? I find it interesting that those that are younger than me seem to have ears that fit the ear pieces that go to the portable cd players and even the cell phones. Mine always fall ... |
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 I have not filled out tax forms for awhile. Am I in BIG trouble? |
| My income tax refund was intercepted because of outstanding student loans. The following year, I had a back injury and couldn't work. I lived in low income housing and depended on a church food ... |
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 My mother hasnt gotten her stimulis check/rebate check from the IRS why? |
| she filed it on april 15, at the post office in providence Rhode Island and she hasnt gotten it and she hasent received a notice when it was coming.she was suppost to get it around the middle of june.... |
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 Can you deduct the interest paid on your home for the year before? |
| I went to H&R Block last year to get my taxes done and they told me I could not deduct the taxes or interest paid on my home because it was under $10,000 but I was told later that this was untrue.... |
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| Report winings to IRS taxes are how much? |
| OKay, I entered myself into a radio contest for a chance to win a 10,000 dollar shopping spree to a mall. Well, I know i'd have to report my winning to the IRS and pay taxes. I just want to know ... |
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 If UK was handed over to the EU completely ..........? |
| would the vast ammountof taxes be brought into line with EU policy.... |
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 Gambling winnings and state tax question? |
Okay, so gambling winnings must be declared as taxable income for federal and state taxes.
What happens if you happen to win a big prize on the exact same day you move from one state to ... |
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 I worked two jobs this year one job I only worked two months I haven't received my w2? |
| The job I worked 2 months on has closed down and I'm having a hard time obtaining my W's I only made 5500 dollars should I just scrap it?... |
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 Who should claim my new daughter me or my boyfriend? he worked and made 3K but i only worked 2 weeks?? |
| how does it work we live together but arent married i want the maxium amount back and will we get the EIC also?... |
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 If one was not employed but a full time student with a dependant, are you able to still do taxes? |
| Full time student throughout the whole year and did not work. I have a dependent and student loans. Will I still get a return like for the child tax credits and refund money for schooling?... |
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 How much would it cost to import better weather? |
As much as we pay in taxes, I would think we could use some of that money to get a better climate.
Maybe we could buy Hawaii's surplus weather. Has UK ever made them an offer?... |
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 I'm self-employed. If I make quarterly estimated tax payments, do they include Medicare and Social Security? |
Do I pay separately for Medicare and Social Security or is this included in a quarterly estimated tax payment?
Thanks!... |
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 What do you think about Bush's tax rebate plan? |
| I mean a check for $800 would be nice, but 150 billion dollars for a "shot in the arm" not sure how I feel about that. What do you think??... |
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~*~*Jen~*~*~ | Can you claim your 2006 taxes that the govt took for student loans on your 2007 return as a deduction? |
I had defaulted student loans in 2006 so the govt took my whole refund in order to help pay off my student loans. Well my loans are no longer in default and I know there's a place for student loan interest to be taken off of your AGI but I wasn't sure if I could claim this amount or not. I know the money that I have paid off to get them out of default I can claim but I'm wondering about the money that the govt took.
And if so where could I find some info on this subject, I've looked high and low and the irs. gov website doesn't really give you a clear defition of what counts and what doesnt. |
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PepsiLime
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sorry, but you can't deduct the refund that the govt took at all. Federal refunds can't be deducted anyways, and state refunds are taxable on the federal returns if you itemized the previous year. And if they took the refund to pay the loan that you defaulted on, loans themself are not deductible, just the interest on the loans. |
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Dr. Deth
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The interest you paid in 2006 can only be deducted on your 2006 tax return. Didn't you do that? I would imagine the lender would send you a 1099-int statement at the end of each year telling you how much interest you paid |
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ninasgramma
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Some of your loan repayment in 2007 was made through your tax refund. You are considered to have paid those amounts. Any part of that amount that was paid that is interest can be deducted by you on your 2007 tax return, assuming your income is below the threshold for the student loan interest deduction.
You need to get a statement from the lender as to what payments were made in 2007 and how much of that was interest. You will likely get a 1098 from the lender with this information, which will include interest payments that were part of the refund. |
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goldenboyblue
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you can only deduct additional interest.
the repayment of the loan is exactly that - a repayment of money that was never yours. Therefore you cant deduct the repayment regardless of whether it came from your tax refund. |
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Wayne Z
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Do deduction for seized refunds.
The interest you pay going forward is deductible. It is possible that some of the amount seized was to pay back interest. That amount will be reported to you on a 1098 and is deductible. |
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Judy1
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No you can't claim the amount - it was taken for overdue payments. Part of it was probably applied to interest, but unless you got some paperwork from the lender showing it as interest, you can't claim it.
I'm not sure where you got the info that you can deduct the money you paid them to get out of default. If some of it was interest you could probably deduct that, but not anything that went toward the principal. |
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OC1999
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"I know the money that I have paid off to get them out of default I can claim "...If you are saying you can deduct the principal amount you paid to get your loan out of default, then that is inaccurate. ONLY interest is deductible, and that is deductible only for the first 5 years.
If you had interest charged in 2006 you would have had to file that on your 2006 taxes. You can not claim interest for 2006 on your 2007 taxes. In order to claim the interest(if any) you will have to file an amended return for 2006.
For 2007 at the end of the year the company administering your loan will send you a statement as to the interest charged/paid in 2007. This is the only amount you can claim on your 2007 taxes. If you want to have an idea of that amount you should be able to call them and they can give you a year to date statement. |
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Non Sequitur
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Assuming that your 2006 Tax Refund was seized in 2007, then technically speaking it should be the same as if you had sent that amount of money directly to your student loan lender. Next January or February you should receive a 1098-E which should show how much interest was paid on your student loan. Assuming you otherwise qualify, you should be able to deduct the interest paid by you (or at least on your behalf) from your 2007 income taxes.
The big question you have to answer is what happened to the money taken from your tax refund. If you're lender has online account management, you should be able to see this payment reflected.
Additionally, student loan interest, if deductible, is taken out before AGI is calculated.
Also, I need to clarify that the 5-year limit was removed from the tax code, and the student loan interest deduction is based on interest paid and not interest charged. Any other fees related to your default, may not qualify as interest. |
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