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L
llebel1959
April 6, 2020
Question

How does a $360 interest pain on a student loan effect tax return?

  • April 6, 2020
  • 1 reply
  • 0 views
I need to submit an additional form, what does that cost?

1 reply

T
ThomasM125
April 6, 2020

The tax benefit you would receive from deducting an expense of $360 would depend on your tax rate. The lowest federal tax rate for a single individual is 10%, for taxable income up to $9,700, and the next bracket is 12% (taxable income up to $39,475, then 22% (income up to $84,200).

 

So, the federal tax benefit would typically be from $36 to $79. TurboTax Deluxe version is listed at $60 online from Intuit.

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