Millions of Americans have student loan debt, and the student loan interest deduction can help to alleviate some of the burden of paying it back. The limit of the amount of income you can make and still qualify for the student loan interest deduction , based on your filing status, for the 20tax year is: Single: $8000. Married filing jointly: $16000.
Head of household: $8000. You may deduct the lesser of $5or the amount of interest you actually paid. For more information about the student loan interest deduction and how your . Determine if you can deduct the interest you paid on a student or educational loan.
The amount of the student loan interest deduction is reduced proportionately within the income phase-outs and eliminated entirely when . Learn the answer from the tax experts at HR Block. The student loan interest deduction can be claimed by a taxpayer who takes out a student loan solely to pay . The maximum deduction is $500. Given the income limits , the maximum the federal student loan interest deduction can save you is $6annually. This assumes that you make .
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