I would like to learn more about student loans and taxes. Can I claim a student loan deduction for paying down my loan?
To answer your question about student loans and taxes, you can’t deduct amounts you paid or prepaid on the principle.
However, a student loan deduction is available for you to deduct up to $2,500 in interest paid on a qualifying student loan.
The student loan interest deduction begins to phase out if your adjusted gross income (AGI) is:
- $65,000 if filing single, head of household, or qualifying widow(er)
- $130,000 if married filing jointly
The deduction is completely phased out if your AGI is:
- $80,000 if filing single, head of household, or qualifying widow(er)
- $160,000 if married filing jointly
Learn if unmarried couples can files taxes together with advice from the tax experts at H&R Block.
How much is the tax credit for having a baby? And what about claiming a newborn on your taxes? Learn more about filing taxes with a baby at H&R Block.
Learn whether a noncitizen can claim the standard deduction tax credit with advice from the tax experts at H&R Block.
Learn if two people, including roommates can claim head of household with help from the tax experts at H&R Block.