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What is the income limit for the student loan interest deduction in 2024? Single filers can claim the full $2,500 with MAGI up to $80,000. Those who made between $80,000 and $95,000 can claim a ...
Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.
February 1, 2024 at 8:30 AM. ... Student loans eligible for tax deductions. ... the House introduced legislation to increase the deduction limit to $10,000, plus $500 for dependents. It would also ...
Normally, student loan borrowers can deduct the interest they paid on their loans from their income tax returns, but things haven't been normal for a few years. Federal student loan payment pauses
The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...
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Also, you should note that there are income limits for the student loan interest deduction as well. Singles with incomes above $85,000 or joint filers with incomes above $170,000, for example, do ...
Then you might be able to deduct up to $2,500 worth of the interest you paid for either a federal or private student loan — or both. You can claim the deduction on your federal income tax return ...
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