Hi,

I am currently having educational loan from US based bank. I am currently working on L1 visa. So will I get tax exemption based on educational loan and how much tax exemption will I get?

Thanks,
Kshama.

Will you get 1098E from the bank?
Normally both residents and nonresidents can get student loan deduction up to $2,500 (if they meet the requirements) even if they don't itemize the deductions.

Agreed.

However, note that there IS an income limitation, which means the interest deduction phases out and is eventually lost if you make too much money.

Quote:

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Originally Posted by MukatA

Will you get 1098E from the bank?
Normally both residents and nonresidents can get student loan deduction up to $2,500 (if they meet the requirements) even if they don't itemize the deductions.

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Hi,

I have received 1098E from the bank. So what I need to as I have got 1098E? Do I have to submit when I submit tax returns?

Guide. Thanks.

Quote:

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Originally Posted by AtlantaTaxExpert

Agreed.

However, note that there IS an income limitation, which means the interest deduction phases out and is eventually lost if you make too much moeny.

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Thanks. When do I have to submit the 1098E for getting tax benefit?

Do NOT submit the Form 1098-E; the IRS already has it on file under your SSN.