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Federal student loan debt increased 267.1% between 2006 and 2023, according to the Education Data Initiative. In December, the House introduced legislation to increase the deduction limit to ...
Taxes 2023: Credits, deductions and tax breaks for student loans and college costs ... The American Opportunity Tax Credit allows you to lower your income tax bill by up to $2,500 per student, per ...
This year, the standard deduction is $12,950 for those filing single or married filing separately. Married couples filing together can deduct $25,900, and heads of household can deduct $19,400.
The pandemic-era relief provided by the student loan payment moratorium ended in 2023, and by 2024, borrowers were back in the routine of paying their college debt — with interest.
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 ...
Tax credits and deductions were already confusing many of us before all of this year's substantial changes. Good Question: What Is the Standard Deduction for People Over 65 in 2023? FICO Fix: 3...