What this line means
The total of lines 8a through 9 — your combined deductible mortgage interest, points, and investment interest. This amount flows into your total itemized deductions on line 17. For most homeowners, mortgage interest on line 8a is the largest component.
Does this apply to you?
- Everyone completing the interest section of Schedule A calculates this total
- This is a simple addition: line 8a + line 8b + line 8c + line 9
Easy to overlook
Credit card interest and personal loan interest are never deductible Only mortgage interest on a qualified home and investment interest qualify for this deduction. Interest on credit cards, car loans, student loans (those go on Schedule 1), and personal loans is not deductible on Schedule A. This has been the rule since the Tax Reform Act of 1986. 1 [SOURCE: General filing pattern — interest deduction total]
Student loan interest is deducted elsewhere Student loan interest up to $2,500 is deducted on Schedule 1 line 21 as an adjustment to income, not on Schedule A. The Schedule 1 deduction is available even if you do not itemize. Do not include student loan interest in your Schedule A interest total. 2 [SOURCE: IRS Schedule A instructions — Line 10]
Watch out for this
Including non-deductible interest types on Schedule A. Car loan interest, credit card interest, and personal loan interest do not belong here. Only interest on qualifying home mortgages (lines 8a-8c) and investment interest (line 9) are deductible on Schedule A. Including other interest overstates your deductions.
Related lines on your return
- Line 8a — Schedule A — Mortgage interest from Form 1098
- Line 9 — Schedule A — Investment interest
- Line 17 — Schedule A — Total itemized deductions
Footnotes
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IRS Schedule A (Form 1040) Instructions. See also IRS Publication 17, Your Federal Income Tax. https://www.irs.gov/pub/irs-pdf/p17.pdf ↩
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IRS Schedule A (Form 1040) Instructions, Line 10. https://www.irs.gov/instructions/i1040sca ↩