Question : Can student loan interest be an itemized deduction on your taxes?
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.
- asked by msphenom83
All Answers:
Answer #1
It's an above the line adjustment, not an itemizeddeduction. The limit is $2,500, however, so ifyou paid more than that you get no benefit fromthe excess.
- answered by bostonianinmo
Answer #2
Student loan interest is an adjustment, you don'thave to itemize to claim it. It goes on the frontpage of the tax return as an adjustment.
- answered by irongrama
Answer #3
Student loan interest is not an itemized deductionline item, but rather a deductin on the face ofyour tax return.It is subject to incomelimitations however, so follow the worksheets toensure you can take the deduction. Below is alink to help you.
- answered by Ken B
Answer #4
It's better than an itemized deduction. Assumingyou are within the income limits to deduct it, youput it in the Adjustments section of your return,so you don't even have to itemize to take it.
- answered by Judy
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