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
How do you claim a per diem tax deduction? Learn more from the tax experts at H&R Block.
Can you get a tax deduction for your student loan interest payments? Learn how student loan interest affects your taxes and get tax answers at H&R Blo
How much federal tax should you withhold? Learn the answer from the tax experts at H&R Block.
Learn whether you can deduct medical expenses paid with a loan or credit card from your federal return with advice from the tax experts at H&R Block.