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April 12, 2021
Solved

Can anyone explain to me how to allocate federal amounts regarding the Student Loan Interest Deduction between a Married couple in Maryland.

  • April 12, 2021
  • 1 reply
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Both my husband and I paid interest on our student loans and now Turbotax is asking me to list what portion of the total, $2500, belongs to my husband. There is no description of how to determine that.
Best answer by DavidD66

If you both paid more than $2,500, you can split the amount evenly, or you can determine the percentage of the total interest paid by each of you, and then multiply that percentage by $2,500.  For example if you paid $1,600 and he paid $1,400, then he would have paid 46% x $2,500 = $1,167.

1 reply

DavidD66Answer
April 13, 2021

If you both paid more than $2,500, you can split the amount evenly, or you can determine the percentage of the total interest paid by each of you, and then multiply that percentage by $2,500.  For example if you paid $1,600 and he paid $1,400, then he would have paid 46% x $2,500 = $1,167.

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