Can student loan interest be an itemized deduction on your taxes?
msphenom83 asked:
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
Ricardo
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
Ricardo
March 5th, 2009 at 3:28 am
Angela
It’s an above the line adjustment, not an itemized deduction. The limit is $2,500, however, so if you paid more than that you get no benefit from the excess.
March 8th, 2009 at 11:56 am
Melissa
Student loan interest is an adjustment, you don’t have to itemize to claim it. It goes on the front page of the tax return as an adjustment.
March 8th, 2009 at 7:04 pm
Barry
Student loan interest is not an itemized deduction line item, but rather a deductin on the face of your tax return.
It is subject to income limitations however, so follow the worksheets to ensure you can take the deduction. Below is a link to help you.
March 11th, 2009 at 3:10 pm
Harry
It’s better than an itemized deduction. Assuming you are within the income limits to deduct it, you put it in the Adjustments section of your return, so you don’t even have to itemize to take it.