Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

In 2006, I became eligible Security because of disability. I…

Customer Question
In 2006, I became eligible...
In 2006, I became eligible for Social Security because of disability. I was in Pharmacy school prior to that and had a strokes and had to drop out. I thought all my school loans had been discharged, but it turn out a couple with Well Fargo did not. They were federal loans. In 2014 after submitting these loans for discharged, they were found to be dischargeable. I received a 1098-E Student Loan Statement showing tax year 2014. I did not have to pay taxes on the other loans that were discharged. The 1098-E did not say the loans were taxable as income, are they?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
2/25/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,687
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

1098E is to report student loan interest - a deduction, not an income. It looks like the government paid off the Wells Fargo, including some interest. Because you didn't pay off the loans yourself, you are really not entitled for deduction. And gain, this is not a reportable income.

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 years ago

Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Ask Your Own Tax Question
Was this answer helpful?
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,687
3,687 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I made an error and filed wrong school credit..American
I made an error and filed wrong school credit..American school credit , and they penalized me and took child tax credit away I owe them 2500 for this penalty. May I amend and pay the difference instea… read more
emc011075
emc011075
Tax adviser
3,687 satisfied customers
What is the 2018 Federal capital gains tax rate for married
What is the 2018 Federal capital gains tax rate for married filing jointly with combined incomes of <$325K? Also, same question for California. We are selling our home and expect a capital gain of … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
My husband has a disability tax credit where ido I enter
My husband has a disability tax credit where ido I enter this on tax form Audrey … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
The federal government gives you a tax credit for foreign
The federal government gives you a tax credit for foreign taxes paid in another country Does New York State offer a tax credit for the same If yes , where would it be found, on what form… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
What are the requirement to claim the disability deduction
what are the requirement to claim the disability deduction on the short form … read more
abci168
abci168
Principal
27 satisfied customers
I'm on Federal Disability, on my Federal Tax forms there are
I'm on Federal Disability, on my Federal Tax forms there are special provisions for this income. How do I handle it on my California State Income tax filling Married Joint? … read more
emc011075
emc011075
Tax adviser
3,687 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
A quick? Received a notice of credit for income tax
Good afternoon. A quick ? Received a notice of credit for income tax purposes. Notice says if we declared amt of disability as income on prior years taxes. And we did. We now can show that as an. Offs… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Taxes: Where could I claim interest charges from Credit
Taxes: Where could I claim interest charges from Credit Cards and Fees from Banks and the fee that I pay to be able to pay the rent thru the Internet. Thank you . I am doing a Married filling jointly … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
According to federal income taxes rules, can a non-
According to federal income taxes rules, can a non- custodial parent fund a bank account with pre-tax dollars to pay child support … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
How much the government give back from de taxes deducted
Second opinion] how much the government give back from de taxes deducted from a lottery ticket?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
How much the government give back from de taxes deducted
how much the government give back from de taxes deducted from a lottery ticket? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Are ERISA disability lawyer fees deductible? The ERISA
Second opinion] Are ERISA disability lawyer fees deductible? The ERISA lawyer says it's an above the line deduction but I can't find it on my form.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
My federal taxes got withheld for unpaid federal school
My federal taxes got withheld for unpaid federal school loans. It's been like 6 years the loans have been delinquent. Is there anyway I can fight to get partial of my refund. It was 5000… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Are there federal or California tax credits for installing a
Second opinion] Are there federal or California tax credits for installing a new furnace, A/C system and attic and wall insulation?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Are there federal tax credits for installing a new furnace,
Are there federal tax credits for installing a new furnace, A/C system and attic and wall insulation? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
My employer only pays 70% of government mileage rate.....on
My employer only pays 70% of government mileage rate.....on what form can I claim the rest? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x