JayS - Its not interest free. These folks are losing money on it, in a few ways.
What was the value of the dollar at this time last year… When someone gave it to the gov’t to spend? Whats the value of a dollar now?
Not to mention the interest that they lost on not [at least] putting it into a savings account; Roth or 401k; or interest lost by not paying off the credit card that they used to turbo their lexus; etc.
And so on…
:mamoru:
No, I understand anyone who pays in too much is losing money. What I was saying is the government is basically getting a loan from the Bank of You, with 0 percent interest.
err, word. been a rough morning.
MY taxes are going to be fun this year, I worked to jobs in NYS, now work in FL, a permenent resident of IL, I get to deduct student loan interest, as well as my moving down here expenses. The gustimator that I worked out says I get everything back from NYS, Owe IL about $400, and am getting $5k back from the feds, but I don’t really think I could have planned this any better than what I did
I usually end up paying like 50.00 to state and getting like 100-200 back from fed.
never understood how people get 1-2K back… (without dependents)
They have more taken out that needed
i pay about 15,000 in income taxes a year. 
but thats the thing… I’ve claimed both 1 and 0 at different jobs and never got much back, yet I have friends that have lower paying jobs and seem to get a bunch of cash back (unless it’s the employer?)
I HATE TAXES. I got about 80 bucks a week taken out of my check last year and I may get back 1K which I am hoping for. I am claiming zero but that is going to change. I rather have my cash up front. what are you guys claiming???
I understand and agree with you. My situation for this tax year was beyond my control. I received a settlement for a case I was involved in. The settlement was handled as back wages and I literally got raped on the taxes the took from that ‘paycheck’. This was all right at the end of December as well, so the govt. didn’t get to keep my money for too long.
Normally, I end up getting $150 or less back from the Fed and owe the state around $50.
I claim 1. The only thing that saves me from paying a few hundred is the interest I claim from my school loans.
thumbs down to being financially responsible enough avoid the “free money” effect of taxes 
i have a wife and 2 kids, yet claim 0…
likewise
Still waiting on some W-2s to arrive. Should be a decent amount back, don’t want the mistake of paying out my ass like last year.
+1 I get butt slammed without any type of lubrication before hand. :ham:
:lolham:
how much of a difference does paying back school loans make?
You can claim all the interest paid as a deduction. If you just started paying off the loan you’re paying basically all interest and very little principle for the first few years, so you get a bigger deduction.