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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.
Millions of federal student loan borrowers just made payments for the first time in years — or ever. What does that mean for 2023 taxes? Student loans eligible for tax deductions
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This benefit has grown as education debt has increased. According to the Washington Post, student debt has nearly tripled since the early 1990s and averaged $35,000 in 2015. [2] Only about 3% of companies currently offer employer student loan contributions, according to a survey by the Society for Human Resources Management from June 2015. [2]
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
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 ...