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Anonymous
June 1, 2019
Question

Student loan interest deduction

  • June 1, 2019
  • 1 reply
  • 0 views
During deductions, it states that the entire interest paid is deductible, but only a very small amount of Federal Taxes Due is actually subtracted (about 4%). Why isn't the entire interest paid subtracted from the Due amount shown?

1 reply

Carl
Level 11
CarlLevel 11
Level 11
June 1, 2019

The interest you pay is not a credit for your tax liability. The interest you pay is deducted from your taxable income, thus reducing your tax liability.

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