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Topic: Student loan interest deduction  (Read 892 times)

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Student loan interest deduction
« on: September 01, 2009, 02:36:09 PM »
Hiya. I'm struggling through some old tax filing (no excuses, I should have done them on time, but I didn't... at least I know I'm not going to end up owing anything) and I've got some questions about interest on student loans.

1. Is it worth claiming it as a deduction (i.e. if I don't actually owe anything, will I actually get some money back??) - we're not talking huge amounts - round about $1740 or so.

2. Do I have to include the worksheet 4.1 with the rest of my papers - the instructions I've seen online say that if you're filing a 2555 you also have to complete the worksheet (which incidentally I can't find as a pdf to print)

If I'm honest, I really really struggle with anything to do with figures and part of me thinks I should just forget it and chalk it up as too complicated to bother with. But if it might mean I get some money... I might consider it.


Re: Student loan interest deduction
« Reply #1 on: September 01, 2009, 02:58:54 PM »
Nevermind. I just found the more detailed instructions and it says that you can claim student loan interest if you're filing under any status EXCEPT married filing separately. Oh well....  ::)


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