[kshwip]

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.

[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.

[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 money.

[kshwip]

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.

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.

[kshwip]

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.

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

[AtlantaTaxExpert]

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