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$2500 Student Loan Interest deduction didn't lower my taxes by that amount. Why not?
I'm Married Filing Jointly, income below 72k, taking the standard deduction. My tax owed was $2000 and change before I added $3,138.95 in student loan interest, which only lowered my tax owed to $1708. I assumed that this deduction was added to the standard deduction, but based on how little my tax changed, I'm not sure. I don't have any other deductions or credits. Thanks!
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June 4, 2019
4:15 PM
last updated
June 04, 2019
4:15 PM
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$2500 Student Loan Interest deduction didn't lower my taxes by that amount. Why not?
The Student Loan Interest deduction is not a tax credit or an addition to the standard or itemized deduction. The interest entered is an Adjustment to Income reported on Form 1040 Line 33 or Form 1040A Line 18. The interest reduces the amount of your Adjusted Gross Income.
June 4, 2019
4:15 PM
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$2500 Student Loan Interest deduction didn't lower my taxes by that amount. Why not?
The Student Loan Interest deduction is not a tax credit or an addition to the standard or itemized deduction. The interest entered is an Adjustment to Income reported on Form 1040 Line 33 or Form 1040A Line 18. The interest reduces the amount of your Adjusted Gross Income.
June 4, 2019
4:15 PM
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