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What is the income limit for the student loan interest deduction in 2024? Single filers can claim the full $2,500 with MAGI up to $80,000. Those who made between $80,000 and $95,000 can claim a ...
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 2024 are as follows:
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December 9, 2024 at 7:53 PM. ... then 25% of the next $2,000 spent. So if you have $4,000 or more in qualified expenses, you can get the full $2,500 tax credit. ... you might qualify for the ...
If you qualify for the full deduction, you deduct student loan interest up to $2,500 as long as you actually paid that much in interest. (You don’t need to itemize in order to get the deduction.)
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...
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