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How do I calculate california portion of student loan interest-I lived in NY 11 mos in 2016
I moved to NY feb. 2016. I pay student loan interest and TurboTax asks how much is the CA portion of my student loan interest? How do I calculate that? The box is blank
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posted
June 4, 2019
4:24 PM
last updated
June 04, 2019
4:24 PM
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How do I calculate california portion of student loan interest-I lived in NY 11 mos in 2016
The easiest method is to just use a proportional calculation since you likely made equal payments every month.
For example, for NY take (11 / 12) x Amount of Interest and for CA take ( 1 / 12 ) x Amount of interest. So, using simple numbers if you paid $1,200 in total interest over the year, then, using the formula above, $1,100 would be attributable to NY and $100 to CA.
If you didn't make equal or somewhat equal payments - i.e you made one big payment for the one month in CA - then you may want to tally up the interest attributable to each monthly payment (you can find the information on your statements).
June 4, 2019
4:24 PM
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