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What is the income limit for the student loan interest deduction in 2024? Single filers can claim the full $2,500 with MAGI up to $80,000. Those who made between $80,000 and $95,000 can claim a ...
There’s a deduction you can take when filing your taxes if you paid student loan interest. ... A qualified student loan is one you took out to pay for qualified education expenses for an ...
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 ...
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.
Tax deductions and personal loans A tax-deductible expense is money a taxpayer can subtract from their gross income to reduce their reported income and, therefore, the taxes they have to pay.
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...