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Married filing separately, separating student loan interest w/ standard deduction
I'm filing separately on the same form with my spouse. The hitch comes in with separating our student loan interest. We've taken the standard deduction which reduces our student loan interest credit, but now TurboTax wants me to separate the reduced amount between the two of us. Do I separate it by percentage? Do I just shove it all on his side since the standard deduction doesn't even cover all of his interest payments? For ex: he paid $3000, I paid $1000. Standard deduction reduces it to $2500. TurboTax gives it all to me and asks me to subtract his amount and it'll adjust it on my side. Hmmmmmm...
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‎June 4, 2019
6:22 PM