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What are the potential pitfalls of annuities?

Although annuities have their advantages, in terms of tax-deferred growth and an unlimited contribution levels, annuities also have a number of pitfalls that you must be aware of before you opt to purchase an annuity. If you rely on annuities as an estate or retirement planning tool, you may encounter limited investment opportunities, high costs and […]

Does An Individual Have To Itemize His/Her Income Tax Deductions To Claim The Student Loan Interest Deduction?

No. The student loan interest deduction is available regardless of whether an individual elects to take the standard deduction or to itemize deductions.

Are There Any Limits On Who May Take The Student Loan Interest Deduction?

Yes, there are income restrictions. To claim the maximum deduction, a taxpayer must have modified adjusted gross income of $40,000 or less ($60,000 for married taxpayers filing jointly). The amount of the taxpayer’s deduction is gradually reduced for taxpayers with modified adjusted gross income between $40,000 and $55,000 (between $60,000 and $75,000 for married taxpayers […]

May A Parent Claim The Student Loan Interest Deduction If The Parent Borrows To Pay His/Her Childs Costs Of Attending College?

Yes. A parent may claim the student loan interest deduction if the parent borrows money to pay the costs of attending college for members of the individual’s family or household and incurs the debt in a year in which the individual supplies more than half of the student’s support.

Is A Student Loan Interest Deduction Available If The Student Loan Is Not Federally Guaranteed Or Otherwise Subsidized?

Yes. As long as the loan was used to pay the costs of attendance at an eligible educational institution and the other eligibility requirements are met; the deduction is available for the interest on the loan. The deduction does not depend on whether the loan is federally guaranteed or subsidized.

Is The Deduction Available For Interest Paid On Loans Used To Pay For Graduate School?

Yes.

What Happens if I Default on an Installment Agreement?

During the tax season, people might discover that they owe more in taxes than they can afford to pay. When this happens, the Internal Revenue Service allows taxpayers to set up installment plans to pay their tax burden. In most cases, a taxpayer must make a deposit and pay interest on the outstanding balance. It […]

If A Student Is Claimed As A Dependent By His/Her Parent In A Particular Taxable Year, May The Student Take The Student Loan Interest Deduction For Student Loan Interest That He/She Pays In That Year?

No. The student may not claim the student loan interest deduction in any taxable year in which he/she is claimed as a dependent on another taxpayer’s return. However, if the student continues to pay interest on a student loan and meets the other eligibility requirements, the student may claim the student loan interest deduction for […]

Are Tax Benefits Available If The Student Repays His/Her Loan By Performing Community Service Rather Than Making Cash Payments?

There may be. Loan forgiveness provided in return for community service is tax­free when it is part of certain lending programs run by the Federal, state, or local government, educational institutions, or charitable organizations. Students should consult a tax advisor to determine whether they qualify.

Disclaimer or modification of implied warranties

The Act prohibits anyone who offers a written warranty from disclaiming or modifying implied warranties. This means that no matter how broad or narrow your written warranty is your customers always will receive the basic protection of the implied warranty of merchantability. However, there is one permissible modification of implied warranties. If you offer a […]