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For tax year 2020 (filing in 2021), the student loan interest deduction was worth as much as $2,500 for a single filer, head of household or qualifying widow/widower with a MAGI of under $70,000.
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 ...
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 ...
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...
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