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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Student loan deduction.My wife has a 60k student loan. Because

Customer Question

Student loan deduction.
My wife has a 60k student loan. Because of our combined income me 100k and my wife 40k per year we do not qualify for any student loan detection or forgiveness program's.
Some company calling here all the time to sing us up for one of these programs.
They telling me all we have to do is file our tax return separately and use my wife's return only to apply for one of these programs.
1. is this correct?
2. can you recommend a company to work with to get a deduction processed?
thanks
Peter
Submitted: 7 months ago.
Category: Tax
Expert:  Tyrone J. Taylor replied 7 months ago.
Good afternoon Peter, I am an Enrolled Agent with 9 years of professional tax experience.Just to clarify - are you asking about the student loan interest deduction specifically? Because that is the only deduction available for you if you are currently not enrolled in an eligible higher education program.Filing Married Filing Separate excludes you from this deduction, and many other types of deductions and credits by the way.
Customer: replied 7 months ago.
No not the deduction, there are some company offering a federal student loan forgiveness program. These could lower the payments dramatically.
Our combined income is to high to enter one of these programs.
A agent told me if we file separately only my wife's income will count.
Is this statement correct?
Peter
Expert:  Tyrone J. Taylor replied 7 months ago.
Hello Peter,Although they have told you this, this is based on qualifying for their loan forgiveness program. We are experts at taxes, not the qualifications for loan forgiveness programs.I would be highly wary of someone who suggests you file separately. I would also contact your current student loan servicer and discuss to see if these are legitimate programs. I know a few exists, but they are primarily based on taking a position such as working for a non-profit. Good luck with your search for information.
Customer: replied 7 months ago.
Are there other experts available that might have experience with student loans?
Expert:  Tyrone J. Taylor replied 7 months ago.
Ill see if I can have you sent to another category. I'll have to refer you to the moderator to see if they can help you.

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