If i am filing single and taking the standard deduction and i am reporting interest on a student loa

how does reporting interest on a student loan help my return? What other deductions can i claim to help me out on my taxes? I have no children, no dependents live alone

If i am filing single and taking the standard deduction and i am reporting interest on a student loan.?

You would put the interest that you paid on line 33 of the 1040. You do not need to itemize this. It is considered an adjustment to your income and not a deduction. If you paid $2,000 in student loan interest, then you will be able to lower your taxable income by $2,000. This will save you money on most state tax returns as well.

If you are single, have no kids, and are not itemizing, there is not too much more you can deduct. If you had any tuition expenses that you paid for with loans or out of pocket, then you can claim the lifetime learning tax credit. If you paid for certain improvments to your home (doubtful if you do not own your home), then you may be able to claim the energy tax credit. If you contributed to a retirement account, then you may be able to claim the Retirement Savings tax credit (assuming that your adjusted gross income is $26,000 or less, see line 38 on your 1040).

You can still contribute to an IRA or a Roth IRA before April 15 and have it apply to last year's taxes. Whatever you contribute to a traditional IRA will reduce your taxable income (must like student loan interest). So you could contribute to a traditional IRA right now and have it lower your tax burden. If your adjusted gross income is just a tad over $26,000, then you may want to contribute enough money to a traditional IRA to make it $26,000, then you will be able to also claim the retirement credit.

If i am filing single and taking the standard deduction and i am reporting interest on a student loan.?

It is an above the line deduction reducing your income even if you do not itemize.

If i am filing single and taking the standard deduction and i am reporting interest on a student loan.?

Ey sups jesse

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Anyways Gud Luck!