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Massachusetts Student Loan Interest

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Massachusetts Student Loan Interest

Answer

Student Loan Interest Deduction

Enter the amount from U.S. Form 1040, Schedule 1, line 33, not to exceed $2,500. This deduction is only allowed if not claiming the same expenses in line 12 of Schedule Y, Undergraduate Student Loan Interest Deduction.

Undergraduate Student Loan Interest Deduction A deduction is allowed for interest paid on a qualified undergraduate student loan. To be eligible for the deduction, the “education debt” must be a loan that is administered by the financial aid office of a two-year or four-year college at which you, or a qualified dependent, were enrolled as an undergraduate student. Additionally, the loan must have been secured through a state student loan program, a federal student loan program, or a commercial lender, and must have been spent solely for the purposes of paying tuition and other expenses directly related to the school enrollment. Enter the amount of such interest paid in Schedule Y, line 12. This deduction is only allowed if not claiming the same expenses in line 10 of Schedule Y, Student Loan Interest Deduction.


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Views: 2788 Created on: Jun 15, 2013
Date updated: Dec 24, 2018
Posted in: States, Massachusetts

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