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
Expats are subject to recent changes under the Tax Cuts and Jobs Act much like any other taxpayer. Read on to learn more about how to prepare in the Tax Information Center.
Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.
Are political contributions tax deductible? Before signing a check, learn the difference between charitable giving and political donations at H&R Block.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.