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Answer:
Tax law provides certain benefits for student loans who obtain higher education for expenses that occur when they attend qualified higher education. The expenses are paid when they borrow money from bank or any student loan program.
Also loan amount is provided for a person who is legally eligible to pay the interest amount and not any dependant person can obtain the amount.
Qualified educational loan is one obtained for payment for higher education claimed by the taxpayer on behalf of their spouse or any person dependant on the individual. This loan amount should be used only for educational expense and no other payment will be entertained.This loan amount is disbursed 3 months before or after the completion of academic period and the education may be undergraduate or graduate level of study.
Thus, qualified educational loan refers to payment incurred by the taxpayer for educational purpose and they are solely responsible for repayment of the amount within the given time period.
Answer:
Health savings account is a tax exempted account that are created to meet the medical expense of a taxpayer, their spouse or any person dependent on them. The contributions to the account are made by the taxpayer which are tax free and its distributions are also tax exempted.The taxpayers have certain criteria to be met with to qualify for the deduction over health savings account and have to be a part of high deductible health plan.
An individual can become eligible for deduction of health savings account when-
• They are above 65 years and self employed
• They have to be employed in a company that does not provide any insurance coverage.• Employee of an employer who maintains high deductible health plan.
• An employee who has purchased a high deductible policy.
These criteria have to be met to qualify for deduction over the account and its interest. Also, the taxpayer should not be dependent over any other individual financially.
Thus the criteria for an employee to claim deduction over health savings account is that they can be self-employed or employee of a company that provides no health insurance cover or for an employer who holds high deductible health plan.
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There is no answer for this question