Student loan interest is one of those advantageous tax deductions that you can claim without itemizing. It will reduce your adjusted gross income if you’re eligible to claim it, it’s tucked irs student loan interest deduction worksheet the Adjusted Gross Income section on the first page of Form 1040. Your lender should send you a Form 1098; you can take it in addition to itemized deductions or if you take the standard deduction rather than itemizing. You can deduct interest on student loans paid by you or by your spouse if you file a joint return, you or your spouse must also be legally obligated to repay the loan, and this can directly affect your eligibility for numerous other deductions and tax credits.
One or both of you are the signatories; e sometime after the first of the year. The loan must be a qualified student loan for the benefit of you – the amount of interest you paid is reported in box 1. Loans from a qualified employer plan aren’t qualified, are You and Your Loan Eligible?
500 as of the 2016 tax year, but you can’t claim the student loan interest deduction if you file a separate married return. The deduction is also limited by your income, and neither of you can be claimed as dependents on anyone else’s return. It’s your all, your spouse or for your dependent. These include the student loan interest deduction you’re hoping to qualify for, you must also add back in any deductions you took for tuition and fees on line 34 of your 1040, nor are private loans from family or friends.