What is the best way to do my tax returns when I payed over $12,000 this year in student loan interest?
by Mortgage Rates on Wednesday, November 10th, 2010 | 5 Comments
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1040 long form. Schedule E
Turbotaxonline.com will give you the best deductions you are entitled to.I also had loan interest and they really helped me get my deductions to offset all the interest.
That’s all that’s deductible because that’s what the law allows. FYI, most of those lawmakers had hefty student loans of their own that they’ve paid off so they really DO know what you’re dealing with. That’s probably why they came up with the deduction in the first place. When I had mine 30 years ago, none of it was deductible.
Geez, how much did you borrow to owe that much just in interest?
Remember, you (or your parents) got hefty education credits while you were in college, to subsidize your schooling.
File a 1040 or 1040A to claim the student loan deduction – it will go in the adjustments section. You can’t file a 1040EZ
It seems like an excessive amount of interest.