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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.
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 ...
Learn how your student loans could qualify you for a tax break. 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 ...
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 ...
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