Tax disclaimer

Nothing on this site is tax advice, legal advice, or a tax opinion. The calculator does not prepare Form 1040 or Schedule 1-A for filing. It applies published dollar limits — a $10,000 annual cap and a $200 reduction for each $1,000, or part of $1,000, of Schedule 1-A MAGI over the threshold for your filing status — to numbers you type and to eligibility answers you select.

A “yes” on the checklist is your statement, not a finding that the loan qualifies. A VIN result is NHTSA’s plant country, not a reading of the vehicle label and not an IRS ruling. Estimated interest from a loan amount, APR, term, and first payment date is a schedule of on-time payments. It is not Form 1098-VLI, box 1.

The federal rules described here apply to tax years 2025 through 2028. State tax law may differ. The savings figure, if you enter a marginal rate, is that rate times the federal deduction. It ignores credits, the alternative minimum tax, the net investment income tax, self-employment tax, and state tax.

Confirm the current form, instructions, and regulations before you file. Primary documents are listed on the sources page. If you need advice about your loan, ask a qualified tax professional who can look at the contract.