If you file as " Married Filing Separately", you can not deduct the student loan interest.
Here are the consequences of filing your returns separately:
- In 2019, married filing separately taxpayers only receive a standard deduction of $12,200 compared to the $24,400 offered to those who filed jointly.
- If you file a separate return from your spouse, you are automatically disqualified from several of the tax deductions and credits mentioned earlier.
- In addition, separate filers are usually limited to a smaller IRA contribution deduction.
- They also cannot take the deduction for student loan interest.
- The capital loss deduction limit is $1,500 each when filing separately, instead of $3,000 on a joint return.
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