Which federal tax form do I fill out...?

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Which federal tax form do I fill out...?

if I have interest from both student loans and mortgage? Thanks.

2007-01-10 13:46:25 · 2 answers · asked by deedeedonuts 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

Just to expand on Wayne Z's answer, the student loan interest is reported on line 33, Page 1, Form 1040, and the mortgage interest is reported on Schedule A, Itemized Deductions. Review the applicable form instructions for what is allowable. You can find the instructions at www.irs.gov

2007-01-12 03:59:06 · answer #1 · answered by Dirk M 2 · 0⤊ 0⤋

1040 long form.

The student loan interest is an adjustment to income and the mortgage interest is an itemized deduction.

Both are deductable but they go on different areas of the return.

2007-01-10 22:11:41 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋