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How do I do the student interest part of taxes?
We have already done our joint federal taxes but I still need to do my state taxes. I just realized that I have paid student loan interest for at least 350 dollars, but I don't know if I should try to file for those and how. Would I have to do my whole federal over again or is it another form or what?
3 Answers
- StephenWeinsteinLv 71 decade agoFavorite Answer
You are NOT allowed to redo your federal tax filing with the same form or electronic filing method as you used originally.
Once you have filed once, the ONLY way to make changes or additions is to use Form 1040X. This form cannot be e-filed and tends to be processed rather slowly. If you complete it properly and send it by U.S. mail, you will receive your refund eventually, but not right away.
- Anonymous1 decade ago
Are you asking (1) how to take the student loan interest deduction on your state taxes OR (2) whether you need to file an amended Federal return to claim those expenses on your 1040 because you forgot to?
If (1)...what state are you living & working in? If (2)...see Form 1040X and related instructions.
Source(s): Tax practice, retired lawyer - chatsplasLv 71 decade ago
It's a part of your federal return, a reward for repaying your student loans, you get a deduction for interest paid.
There's a half page worksheet you complete, p.33 1040 instructions booklet, completing it, put amount on L.33 of 1040.
Source(s): tax pro