Student Loans

Options
Quicken Windows Subscription Member
in Budgeting and Planning Tools (Windows)
When creating my budget and adding a Student Loan category for each of my student loans, should I list is as a tax line item? If so, how would I go about ensuring the program properly tracks just the interest and not the principal (as the interest is the only thing that can be a tax deduction)?

Thanks!
Tagged:

Best Answer

  • Quicken Windows Subscription Member ✭✭✭✭
    edited December 2020 Answer ✓
    You should be using a split transaction when entering loan payments that include and entries for interest and principal.  The category you used for interest should be associated with the Form 1040: Student loan interest tax line-item.

    In the budget, I suggest including the loan payment: select Manage Budget Categories and Detailed Loan Payments.

Answers

  • Quicken Windows Subscription Member ✭✭✭✭
    edited December 2020 Answer ✓
    You should be using a split transaction when entering loan payments that include and entries for interest and principal.  The category you used for interest should be associated with the Form 1040: Student loan interest tax line-item.

    In the budget, I suggest including the loan payment: select Manage Budget Categories and Detailed Loan Payments.
This discussion has been closed.

Welcome!

It looks like you're new here. Sign in or register to get started.
Sign In
Register

Quick Links

Categories