Student Loan Interest Deduction Worksheet

970 To Figure Your Deduction.

Enter the total interest you paid in 2021 on qualified student loans (see the instructions for line 21). Subtract line 5 from line 4 6. Student loan interest is interest you paid during the year on a qualified student loan. Enter the amount shown below for your filing status.

Don't Enter More Than $2,500.

Enter the total interest you paid in 2020 on qualified student loans (see instructions for line 20). You can’t deduct as interest on a student loan any interest paid by your employer after march 27, 2020, and before january 1, 2026, under an educational assistance program. It includes both required and voluntarily prepaid interest payments. To calculate your deduction, you can use the student loan interest deduction worksheet included in the irs instructions for form 1040.

970 To Figure Your Deduction.

Enter the total interest you paid in 2018 on qualified student loans (see the instructions for line 33). This is known as a student loan interest deduction. Enter the total interest you paid in 2022 on qualified student loans (see instructions for line 21). Complete lines 10 through 13 of the student loan interest deduction worksheet to find the allowable deduction amount.

For Additional Information, Go To The Student Loan Interest Deduction Section Of.

You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. Is the amount on line 4 more than the amount on line 5? Be sure you have read the exception in the instructions for this line to see if you can use this worksheet instead of pub. This is an opportunity to make the money you’ve paid work for you.