Question : How much of my student loan interest do I get back from taxes?
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?
- asked by nancy
All Answers:
Answer #1
It depends on your tax situation - read theinstructions for the 1040 at irs.gov.
- answered by DJ
Answer #2
You won't get any of it back. The interest isused as an adjustment to income. It will loweryour taxable income, so you will pay less tax, butyou will not get any of the interest amountrefunded to you.
- answered by artillerygirl01
| 
