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Paid over $7,000 for student loan interest. Asked to allocate student loan interest between wife/husband for VA state return. How to allocate when $2500 is limit?
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If the student loan belongs to just one of you, then allocate the full amount to the one it belongs to. If you each have a student loan, I would suggest you allocate the $2,500 based on your percentage of the total loan interest.
For example, if your loan interest is $6,000 and your spouse's loan interest is $4,000, then you would have a 60/40 split of the $2,500 you are allowed to deduct.
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