KrisD15
Expert Alumni

Deductions & credits

If he reported all the interest on his return, you will need to leave yours blank, or you both would need to file an amended return. 

 

Something to keep in mind, every taxpayer claims either the Standard deduction OR Itemized deductions. The Standard deduction has been increased over the years and is pretty significant. If you both end up taking the Standard deduction, the interest does no good to either of you. 

If one of you CAN Itemize deductions, that person should pay, and claim, the interest. 

 

TurboTax explains Itemized and Standard deductions

 

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