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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 ...
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.
The credit is available up to $2,000 annually with no limit to the amount of times you can claim it. ... the student loan interest deduction. This deduction allows you to reduce your taxable ...
Some welcome news for student loan borrowers: House lawmakers introduced a bill in Congress last month to expand the existing student loan interest deduction from $2,500 in annual interest to $10,000.
Also, you should note that there are income limits for the student loan interest deduction as well. Singles with incomes above $85,000 or joint filers with incomes above $170,000, for example, do ...
Here are the 2024 income limits to qualify for a Roth IRA: ... The student loan tax deduction isn’t a magical discount that’s taken off your monthly student loan payment like a coupon at the ...
You can take the student loan interest deduction even if you don’t itemize deductions. That’s because it’s claimed as an adjustment to income. The deduction can ... the deduction limit to ...
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 ...