Is it worth paying $60 for deluxe only to enter $1,700 in student loan interest if at this point I’m only getting back $147? Will that interest be enough to validate $60?

Forum|Forum|7 years ago
June 5, 2019
2 replies
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Irene2805

Level 15

Yes, it's worth it to pay $60 to increase your refund (unless you are already getting back all the federal taxes that were withheld).

The student loan interest will reduce your taxable income by $1,700, so your benefit should be 1,700 x your tax bracket. If your tax bracket is 10% your benefit will be $170. The higher your tax bracket, the more you benefit.

Since you don't pay for the return until you're ready to file, you could always upgrade and then if you don't benefit, start a new return in Free.

Mavourneen

Level 2

Definitely!

Is it worth paying $60 for deluxe only to enter $1,700 in student loan interest if at this point I’m only getting back $147? Will that interest be enough to validate $60?

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