Claiming Canadian Student Loan Interest on US Taxes

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manhoraNew Member
Topic author
Posts: 5
Joined: 31 Mar 2009

Claiming Canadian Student Loan Interest on US Taxes

Post Sat Sep 25, 2010 3:58 pm

Hi folks,
I am a Canadian who is working in the United States on an H-1 visa. I am a resident for tax purposes herein the US.
I had a query regarding repaying student loans during my last tax submission as a resident for tax purposes in the USA but due to time limitations let it go. This time, I thought I will pose my query early on to folks who may have the answer.
I accumulated a huge student loan with OSAP (Ontario Student Assistance Program) and a student line of credit with a Canadian bank. I repay both these student loans monthly and was wondering if I can claim it in my US return as a resident. I know that form 1040 has a section on Student Loan Interest Deduction but I am not sure if repaying loans to taken for studies in Canada (rather than the US) can be used.
Any feedback or thoughts will be appreciated.
Thanks.
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nishantSenior Member
Posts: 82
Joined: 5 Aug 2006
Location: Ontario

Re: Claiming Canadian Student Loan Interest on US Taxes

Post Sat Sep 25, 2010 6:29 pm

Yes. You can claim OSAP loan interest in 1040. It has a income limit but Turbotax will calculate correctly.

You can file 1040X for last year to correct and get your refund for last year.
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agnelsonCanuckAbroad VIP
Posts: 3263
Topics: 1
Joined: 26 Aug 2009

Re: Claiming Canadian Student Loan Interest on US Taxes

Post Sun Sep 26, 2010 6:50 pm

nishant is correct. The source of the loan is unimportant, neither is the country in which the expenses were incurred.
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maCTNew Member
Posts: 1
Joined: 21 Jan 2011

Re: Claiming Canadian Student Loan Interest on US Taxes

Post Fri Jan 21, 2011 10:16 am

Can you also claim interest paid on student line of credit from a Canadian bank?
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agnelsonCanuckAbroad VIP
Posts: 3263
Topics: 1
Joined: 26 Aug 2009

Re: Claiming Canadian Student Loan Interest on US Taxes

Post Fri Jan 21, 2011 11:29 am

If the interest is incurred on expenses that are eligibl, yes. Not beer money, in other words.
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AGNCanuckAbroad VIP
Posts: 818
Joined: 21 Jun 2011

Re: Claiming Canadian Student Loan Interest on US Taxes

Post Fri Jul 08, 2011 6:23 am

How about jumping in a lake, a-hole? That is what I'm praying for. Think it will work?
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