I have made student loan payments in 2007 and have received a paper in the mail stating I had paid $500 in interest and to include it in my taxes. What percentage of it will I get back? 50% maybe? or less?
Tags: Back, From, interest, Loan, Much, student, Taxes
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on Saturday, July 4th, 2009 at 12:03 pm and is filed under General.
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July 4th, 2009 at 12:33 pm
It depends on your tax situation – read the instructions for the 1040 at irs.gov.
July 4th, 2009 at 6:40 pm
You won’t get any of it back. The interest is used as an adjustment to income. It will lower your taxable income, so you will pay less tax, but you will not get any of the interest amount refunded to you.