Can you deduct student loan interest on your tax return?

Can you deduct student loan interest on your tax return?

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student loan interest deduction

The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

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There’s a deduction for student loan interest … but do you qualify for it?

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student loan tax

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your adjusted gross income (AGI) exceeds certain levels, and as explained below, the levels aren’t very high.

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You may have loads of student debt, but it may be hard to deduct the interest

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student loan interest

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

Continue Reading: You may have loads of student debt, but it may be hard to deduct the interest

Student loan interest: Can you deduct it on your tax return?

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student loan interest deduction

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit.

Continue Reading: Student loan interest: Can you deduct it on your tax return?