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You can deduct up to $2,500 paid in student loan interest during the tax year. It’s important to note that the deduction does not directly lower your tax bill by the amount you deduct. It simply ...
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.
If you paid $600 or more in student loan interest, you should receive a Form 1098-E, Student Loan Interest Statement, from the account holder. You can’t deduct any interest that your employer ...
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 ...
The ability to deduct student loan interest isn’t automatic, however; you must meet certain qualifications. Tax Form 1098-E: How to Write Off Your Student Loan Interest Skip to main content
Student loan holders receive an important tax break in the form of the student loan interest deduction. Per the IRS, when you pay interest on a qualified student loan, either through voluntary or ...
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