Guides

• The Car Loan Interest Phaseout: $200 per $1,000 Over $100,000 — The deduction drops $200 for each $1,000, or part of $1,000, of modified AGI over $100,000 ($200,000 joint). It's gone at $150,000 ($250,000 joint).
• Negative Equity, Add-ons and Refinances: What Car Loan Interest Counts — Interest on negative equity rolled in from a trade-in or on a refinance's cash-out isn't qualified. Split it pro rata by the loan balance.
• Form 1098-VLI and the CP321N Notice: Getting the VIN Right — Lenders report $600 or more of vehicle loan interest on Form 1098-VLI by January 31. A missing or wrong VIN on Schedule 1-A gets a CP321N notice.

Tools

• Car loan interest deduction for every loan in one worksheet
• Schedule 1-A Part IV, line by line
• Does your car loan qualify for the interest deduction?

Comparisons

• When you have more than one car loan: an alternative to Does My Car Qualify