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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.
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You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their ...
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Medical expenses: You can claim a deduction for medical and dental expenses greater than 7.5% of your adjusted gross income if you itemize your deductions. Student loan interest: If you made ...
The standard deduction is a dollar-for-dollar reduction of your taxable income. Nearly all taxpayers are entitled to this deduction. The standard deduction amounts for tax year 2023 are as follows:
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