When filing your income tax, what would I use these forms for?

Question

In the mail I received my mortgage tax statement and one from having the timeshare and one from student loans. What would these forms do when I file my taxes? Should I use these forms, do I have to file them. Thanks

Answer 1

You might qualify to take the adjustment to income with the student loan interest statement, If itemizing your deductions is more beneficial to you than claiming the standard deduction the mortgage interest that you paid during the year might qualify you to itemize your deductions.
To see if you qualify call the Internal Revenue Service, they will ask a few questions and help you determine which is more beneficial to you
1-800-829-1040

Answer 2

If you are taking the standard deduction and not itemizing, then you won't do anything with the mortgage tax and interest statement. But even if you don't itemize, interest on student loans can be taken as an adjustment which will decrease your taxable income, and cut your taxes a little. If you don't put it on your return, nothing will happen, but you'd pay more taxes, so you might as well use it.