You only have one choice for deducting your investment interest. It is deductible as an itemized deduction, if you itemize, and the amount of the deduction is limited to the amount of net taxable investment income earned in the same year. You can carry forward any unused investment interest expense.
I believe what you are referring to when you mention deducting on non-qualified dividends is the choice to elect to treat net long-term capital gains or qualified dividends as investment income in order to deduct more of your investment interest. But if you do, that portion of the long-term capital gain or dividend will be taxed at ordinary-income rates.
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