ALL THE MONEY NEWS YOU NEED TO KNOW | | | |
As of Sunday, Americans are just over three weeks away from hitting the dreaded tax deadline. |
If you already filed and got your refund, congratulations. But for those taxpayers who have to pay Uncle Sam, better get moving. |
If you've been paying off student loans for a while, you likely know the drill. You might receive a document detailing how much interest you paid the previous year, which you'll then include on your tax return. |
What does this mean for my taxes? |
Because payments are paused, there's no interest to collect, said Jo Willetts, director of tax resources at Jackson Hewitt. "There's really nothing to deduct right now," she said. |
If your student loans qualified under the moratorium, then you have no interest to deduct on your tax return. However, if you have a loan from a qualified banking organization not included in the pause, you could still deduct that interest. Double check with your lender to confirm. |
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