If I get a student loan interest deduction, is that on top of the standard minimum deduction? Or do I just end up getting the standard minimum regardless of what my loan deduction amount is?
I'm paying about $3,700 per year in student loan interest. I believe last year I got the standard minimum deduction because I don't have any other major deductions that would push it higher than that. Does this mean that even if I didn't pay that student loan interest, I'd have the same deduction amount regardless?
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1 Best answer
Phillip1
New Member
Jun 3, 2019 1:26:51 PM
The student loan interest deduction is separate from the standard deduction - you claim student loan interest regardless of whether you use the standard deduction or itemize.
Keep in mind the maximum student loan interest deduction is 2,500 dollars.
1 Replies
Phillip1
New Member
Jun 3, 2019 1:26:51 PM
The student loan interest deduction is separate from the standard deduction - you claim student loan interest regardless of whether you use the standard deduction or itemize.
Keep in mind the maximum student loan interest deduction is 2,500 dollars.