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Qualified education expenses for the student loan tax deduction include tuition, fees, room and board, books, supplies and equipment. But room and board can’t exceed the amount included in the ...
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.
A qualified student loan is one you took out to pay for qualified education expenses for an eligible student: you, your spouse or a dependent. ... You can take the student loan interest deduction ...
Qualified filers can take a student loan interest deduction of up to $2,500 atop the standard deduction. Most private and federal student loans are fair game. Learn More:
Student Loan Interest Deduction: If you made a payment on your student loans in 2024, you may deduct the amount of interest you paid on them or $2,500 from your taxable income, whichever is less.
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 ...
Learn how your student loans could qualify you for a tax break. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail ...
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