I have a loan from the federal college under the U.S. Department of Education has an interest rate of 6.8% to $ 6,900 in capital. I also have a car loan at 3.99% on $ 13K in capital. I filled a 1040ez (standard deductions.) Do I have to repay the loan or loans from the school’s first car, taking into account the taxes? Can I deduct the interest I pay on student loans or denied, as I standard deductions? Thank you!
Depending on your income and filing status, interest is deductible as an adjustment to income on Form 1040 on student loans. Auto loan interest is not deductible.
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