This article was quoted on Mic.com by Tanvier Peart. Click the link below to view this article in its entirety:
Get Richer This Tax Season: 10 Easy Ways Millennials Can Maximize Refunds and Avoid Costly Mistakes
- Joseph Carpenito's Featured Quote:
4. Use student loans — to your advantage
Sadly, it feels like student loan debt is just a universal part of being a millennial.
But there's a silver lining: Millennials contending with student loans have the opportunity to deduct interest paid on student loans.
"Many millennials rush to get their taxes done online as soon as they get their W-2s and don’t wait for their 1098-Es from their student loan providers," Joseph Carpenito, a licensed financial advisor at Raymond James and founder of the financial site MyPlan2Day.com, explained to Mic. "[For] a young person with limited deductions, student loan interest may potentially be one of their largest deductions."
You can deduct up to $2,500 of student loan interest paid in a given year.There are, however, income limits for this deduction, so be sure to check out tips for claiming the student loan interest deduction on the IRS website.
Views expressed in this article are the current opinion of the author and are subject to change without notice. Information contained in this report was received from sources believed to be reliable,but accuracy is not guaranteed. Opinions expressed are not necessarily those of Raymond James or your financial advisor. Changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James & Associates we are not qualified to render advice on tax or legal matters.