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If you take out student loans to pay for college, you might qualify for the student loan interest deduction. This deduction allows you to reduce your taxable income by up to $2,500 per year.
The ability to deduct student loan interest isn’t automatic, however; you must meet certain qualifications. If you’re paying down your student loan debt, you know your total monthly payments ...
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...
To be eligible to deduct student loan interest, individuals must meet the following requirements: You paid interest on a qualified student loan (a loan for you, your spouse, or a dependent) during ...
In addition, Form 1098-E, which is the student loan interest statement, is due at the same time to anyone who paid $600 or more in student loan interest in the previous year. Despite discussions ...
You paid interest on a qualified student loan in tax year 2023. ... You can take the student loan interest deduction even if you don’t itemize deductions. ... you should receive a Form 1098-E ...
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