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
Should you take the standard mileage deduction or claim actual expenses? Learn more from the tax experts at H&R Block.
Learn if you can you deduct your homeowners insurance premium from the tax experts at H&R Block.
If your business uses gasoline or diesel fuel, you may earn a tax credit. Learn more about excise tax credit for fuel and get tax answers at H&R Block
If you made a contribution to a candidate or to a political party, campaign, or cause, you may be wondering if your political contributions are tax deductible. The answer is no – donations to political candidates are not tax deductible on your personal or business tax return. The same goes for campaign contributions.