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The IRS provides a student loan interest deduction that lets borrowers subtract some of the payments from their taxable income. Find out if you're eligible. ... 1040-SR, or 1040-NR on their ...
If you paid $600 or more in student loan interest, you should receive a Form 1098-E, Student Loan Interest Statement, from the account holder. You can’t deduct any interest that your employer paid.
The student loan interest tax deduction is for students and their parents who are repaying federal student financial aid. It’s the “above the line” adjustment to your adjusted gross income ...
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.
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 please call: 800-290-4726 more ways to reach us. Mail ...
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.