PDA

View Full Version : Loan interest deductions: H1B


aiyer100
Apr 8, 2007, 04:34 PM
Folks,
I am an Indian citizen and in the US on an H1 B visa and paid interest for a student loan (from a bank in India) last year. Can I claim deductions for that in Form 1040A?
2 of my concerns are :
1. Can this be applied for student loans from other countries?
2. Can a person on H1B visa claim this exemption?
Thanks
Anand

AtlantaTaxExpert
Apr 17, 2007, 10:40 AM
1) To claim student loan interest on a U.S. tax return, the loan MUST be from a U.S. financial institution.

2) You can deduct student loan interest whether you file as a resident, non-resident or dual-status alien, provdied you meet the income restrictions.