Car student loan interest be carried forward, if so for how long?

Question

Hey folks. Let's say for hypothetical reasons: I have $3500 in student loan interest that I have paid for tax season 2009. The rules state I can use $2500 toward a tax deduction toward 2009 income.

That being said, would that unused portion in 2009 ($1000) be eligible to use toward a deduction in 2010 or beyond assuming my income does not exceed that of the phase out threshold?

Thanks in advance.

Answer 1

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Answer 2

No you can only use what is allowed for the current tax year. So you won't be able to use the 1000.00 for 2010 because you paid the interest in 2009.

Answer 3

There's no carry forward on this. It's use it or lose it, the year you pay it if you don't have income to offset it, and the $2500 limit applies to what you pay each year, that's all you can deduct per year anyway, anything over that has no tax deduction.