I am in college and I know that my annual year income is less than the amount it needs to be to take the deduction but what I don't know is if I can take the deduction if I haven't started paying it back yet. On the tax notification form 1098-t the amount appears in box 2 (amounts billed for qualified tuition and related expenses)
It's confusing because you can only take the deduction within your first four years of college but yet i don't have to repay the loan until I'm out of college but that doesn't mean that I'm not paying for tons of college expenses like books, fees etc??
It's confusing because you can only take the deduction within your first four years of college but yet i don't have to repay the loan until I'm out of college but that doesn't mean that I'm not paying for tons of college expenses like books, fees etc??