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How to Claim Interest on Federal Taxes


Obtain Federal Income Tax Form 1040. This form is mailed to all taxpayers at the beginning of each new year, when tax season begins. If you don’t have the form the IRS mailed to you, you can acquire the Form 1040 on the Internal Revenue Service’s website at or at your local tax or post office.


Enter any taxable interest income located on your 1099-INT on line 8a of your Federal Form 1040. Taxable interest is located on line 1 of your 1099-INT. Tax-exempt interest is located on line 8 of Form 1099-INT and is reported on line 8b of your federal income tax return.


Report mortgage interest, located on line 1 of your Form 1098 Mortgage Interest Statement, on line 10 of Schedule A. Schedule A is used by taxpayers that elect to itemize their deductions rather than take the standard deduction. If you are not itemizing, you do not need to report your mortgage interest to the IRS.


Enter any student loan interest you paid into the Adjusted Gross Income Section of Form 1040. Student loan interest that you paid is shown in box 1 of your 1098-E, Student Loan Interest Statement, sent to you from your student loan holder. Claiming any student loan interest you paid lowers your total income, which in turn lowers your taxable income.

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