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If you’re paying off student loans or funding a 529 plan for your child, you could qualify for other deductions: 529 Plans A 529 plan can help you save up for college expenses for your children.
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 ...
Normally, student loan borrowers can deduct the interest they paid on their loans from their income tax returns, but things haven't been normal for a few years. Federal student loan payment pauses...
You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their ...
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 ...
Here's a breakdown of 12 tax deductions, credits, and exemptions that can help you pay for college. ... There are also tax breaks that help with student loan debt once your days in the classroom ...