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What are the qualifications for the Student Loan Interest Deduction?

You can generally take the student loan interest deduction if all of the following apply: You paid interest during the tax year on a qualifying student loan. Your filing status is not married filing separately. You are legally obligated

What types of loans DO NOT qualify for the student loan interest deduction?

You cannot deduct student loan interest if the loan was from one of the following sources: A related person, OR A qualified employer plan. Related Person: You cannot deduct interest on a loan you received from a related person. Related

What is a "qualified student loan"?

, or Qualifying relative.You can find more information about dependents in Publication 501 , Exemptions, Standard Deduction, and Filing Information. Exceptions. For purposes of the student loan interest deduction, there are the following

Form 1098-E: What do I do with my Student Loan Interest Statement?

Any interest that you paid on qualifying student loans is generally reported to you on Form 1098-E, Student Loan Interest Statement by the financial institution to which you made the payments. If you received a 1098-E, you can generally

What is "investment interest"?

: Interest that you paid on securities in a margin account Interest you paid on a loan that you took out to invest in a business with someone else Interest you paid on a loan that you used to buy stocks

Interest You Paid - Overview

Home mortgage interest is interest that you pay on a loan secured by your main home or a second home. The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. A home can be a house

State and Municipal Bond Interest received

Adjusted Gross Income. Income from all bonds, notes or other obligations issued by the State of Oklahoma, the Oklahoma Capital Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority, and the Oklahoma

Enter interest on US Government Obligations exempt from Virginia state tax

Enter the amount of any income, included in your federal tax return, that is from interest, dividends and gain from US obligations and issued by the following organizations: Tennessee Valley Authority Federal Deposit Insurance Corporation

Enter Federally Exempt Interest Income from US obligations taxable to Virginia

Enter the amount of income received while a resident of Virginia (interest, dividends and gain) derived from obligations or the sale or exchange of obligations of the United States and on obligations or securities of any authority

Interest You Paid - How do I enter Points NOT Reported on 1098?

If you did not receive a Form 1098 from the recipient (bank, mortgage lender, individual, etc) of the points that you paid, contact that recipient to determine if you will be receiving a 1098 for this. In most cases, home mortgage interest