Student Loan Debt Relief Eligibility

The tax laws do not allow you to amend from a joint return to separate returns after the filing deadline.

@xmasbaby0 

Bingo ... that answers that question on trying to go around the loan forgiveness rules.  So if you have already filed a joint return amending to file separately to get the loan forgiveness is not possible.  

Thx. 
what about not amending the status, 

but amending from itemized to standard deduction. 
Would that move the charitable contributions to before the AGI line ?

That would not work on the 2021 return ... 

But could be done on the 2020 return but will the $300 adjustment actually be enough ???

Why would the adjustment only be $300 on the 2020 return ?

Because that was the law for the 2020 return ... in 2021 it was increased to 600 for married couples.   Please read the 1040 instructions for clarity.

OK.  Thank you..

For Schedule 1, Tuition and Fees Deduction, and Student Loan Interest Deduction, Are there Income limits where those are phased out  ?

Yes ... if you read the form instructions for those items  you will see those have always had an income phase out which the TT program does automatically. 

Ok..

So basically, If I am $3,000 over the $250k AGI limit for Married filing jointly, it seems as if there is no way to get below there, and therefore not qualify for forgiveness, for 3 separate student loans.   

Loans in my name, Loans in my wife's name, and loans in my daughter's name, who is a current senior in college.

Any thoughts or ideas on how to reduce AGI by $3,000 ?

To confirm, it looks like there is no way to reduce AGI by roughly $3,000, would that be correct ?

Nope.   Not after the end of the tax year. 

Now the daughter ... she may be eligible even if she was a dependent ... check the application on the DOE website. 

It seems as if dependents go by parents income   

If I would have known about the final limit, I could have contributed extra to either 401k or Traditional IRA by April 15, to reduce AGI, correct ?

Hindsight is 2020.