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Do You Qualify For The Student Loan Interest Deduction?

DO YOU QUALIFY FOR THE STUDENT LOAN INTEREST DEDUCTION? See how much you can save on your taxes. Do you have student loans in your name? START HERE yes no Are these qualified student loans? A qualified student loan is a loan you took out solely to pay qualified higher education expenses. Sorry. You can't take the student loan interest deduction even if you are making student loan payments for someone else's loans. yes no Sorry. Only qualified loans are eligible. Will someone claim you as a dependent on their tax return? yes Sorry. Neither you nor the person claiming you as a dependent can claim this deduction. -no Did you or someone else make payments towards your student loans for the previous tax year? Sorry. You cannot claim this deduction. no Was your modified adjusted gross income (MAGI) above $80,000 as a single filer or $160,000 as a joint filer for the previous tax year? Is your modified gross income (MAGI) between $65,000 - $79,999 as a single filer or between $130,000 - $159,999 as a joint filer? yes no yes no You may qualify for a partial deduction that's based on You may qualify to deduct the full amount of interest your income as well as the interest you paid. you paid, up to $2,500. This can be worth a refund of up to $625. To find out how much student loan interest you paid, check your 1098-E (if you received one) or with your student loan servicer. See how much you can save by visiting studentloanhero.com/tax-calculator WStudent Loan Hero 1 Source: https://www.irs.gov/taxtopics/tc456.html This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax professional for tax advice.

Do You Qualify For The Student Loan Interest Deduction?

shared by StudentLoanHero on Apr 08
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Each month, only some of the money a borrower sends off goes toward the principal. This is all due to interest. Fortunately, there is a student loan tax deduction that can reduce your taxable income b...

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