No student loan interest deduction :'(

So I got my W-2’s back and was really excited about doing my taxes. My coworkers thought I was nuts. I usually get a big refund, that’s why I’m excited! But. Then. This may be the year I owe big. Huge sad face. 😦 😦 😦

On the plus side, I’m making more than I ever have. On the other hand, it bumps me into a new tax bracket. More than the $75,000 threshold where you can deduct any student loan interest!!! Wah!

So….I have yet to punch in the numbers officially (I’ve always done my own taxes) but a simple online tax calculator estimated that I would owe $2300 or so. Wah! I hope it’s wrong!!!

Anyone do their taxes yet? Getting a refund or owing money??

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10 thoughts on “No student loan interest deduction :'(

  1. I haven’t done mine yet, but last year we paid around $2000 in taxes and I just about had a heart attack, because we weren’t expecting to pay that much. I don’t know what’s going to happen this time since my hubby’s salary changed and his 401k didn’t start until this year. I’ll definitely be posting about whether I’ll pay or get a refund once we figure that out.

  2. oh man I didn’t know there was a threshold! is it different for married couples? my husband and i always take the standard deduction anyway since we don’t have anything close to the $11k+ required for itemized.

    1. I believe it’s under $155,000 for married and filing jointly! I actually make more than Mr Bacon so we may be under the threshold whenever we get married…

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