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Personal loans’ tax deductions depend on how you use the money. You cannot deduct payments from your annual income for tax purposes when personal loans are used for personal needs, such as: Debt ...
Personal loans’ tax deductions depend on how you use the money. When personal loans are used for personal needs, you are not able to deduct payments from your annual income for tax purposes.
The Tuition and Fees Deduction was phased out, but two main credits are currently available: the American Opportunity Credit and the Lifetime Learning Credit.
Income-contingent repayment is an arrangement for the repayment of a loan where the regular (e.g. monthly) amount to be paid by the borrower depends on his or her income. This type of repayment arrangement is mostly used for student loans, where the ability of the new graduate borrower to repay is usually limited by his or her income.
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.
The stated goal of the credit was to, "cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students." [ 2 ] H.R.106: The American Opportunity Tax Credit Act of 2009
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