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The loan was for a dependent: If you took out a loan in your own name for someone else like a child or other dependent, you can take the student loan interest deduction.
The ability to deduct student loan interest isn’t automatic, however; you must meet certain qualifications. If you’re paying down your student loan debt, you know your total monthly payments ...
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.
Learn how your student loans could qualify you for a tax break. 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 ...
Despite discussions during the most recent tax overhaul to cancel the student loan deduction, the tax deduction for student loan interest is still in play for the tax year ending Dec. 31, 2018.
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 ...