- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can i claim student loan interest and the standard deduction
Topics:
June 4, 2019
9:16 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
Yes, you can. You do not have to "itemize" in order to claim your student loan interest.
Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.
You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.
The student loan interest deduction can reduce your taxable income by up to $2500
Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2016 (Form 1098E)
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
June 4, 2019
9:16 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
YES
<a rel="nofollow" target="_blank" href="https://www.cometfi.com/blog/new-tax-plan-student-loans-2018">https://www.cometfi.com/blog/new-tax-p...>
<a rel="nofollow" target="_blank" href="https://www.cometfi.com/blog/new-tax-plan-student-loans-2018">https://www.cometfi.com/blog/new-tax-p...>
June 4, 2019
9:16 PM