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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 ...
Then you might be able to deduct up to $2,500 worth of the interest you paid for either a federal or private student loan — or both. You can claim the deduction on your federal income tax return ...
Federal student loan debt increased 267.1% between 2006 and 2023, according to the Education Data Initiative. In December, the House introduced legislation to increase the deduction limit to ...
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 ...
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.
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.
There are also tax breaks that help with student loan debt once your days in the classroom are over. ... it's important to be up to date on all the rules all the time. Here's a breakdown of 12 tax ...
Qualified filers can take a student loan interest deduction of up to $2,500 atop the standard deduction. Most private and federal student loans are fair game. Learn More: