I paid over $6,000 of student loan interest in 2017, but due to my AGI I was only qualified for $2,500 federal deduction.
I lived and worked in MD for the first half of the year and moved to CA for a new job. When I allocate the student loan interest deduction, should I allocate $1,250 to each state? Or should I allocate $2,500 to each because I paid $6,000 interest? I'm reporting partial residence in both states so I assume I shouldn't allocate the full amount to each. Thanks!
You'll need to sign in or create an account to connect with an expert.
You would allocate the student loan interest based on the days that you were a part year resident of each state. So if in MD for 6 months then in CA for 6 months, allocate $1,250 to each state. (You cannot allocate more in total than is allocated as a federal deduction (federal max is $2,500)).
You would allocate the student loan interest based on the days that you were a part year resident of each state. So if in MD for 6 months then in CA for 6 months, allocate $1,250 to each state. (You cannot allocate more in total than is allocated as a federal deduction (federal max is $2,500)).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mbdowty
Level 1
mpiseter
New Member
osgood53
New Member
snoblack
Level 2
9137421619
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.