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
Do you know which business travel expenses are eligible for deductions? Learn more about how to deduct travel expenses and get tax answers at H&R Bloc
Whether you have to file state taxes depends on a few factors. In some cases, you may not be required to file state taxes if you only lived in the state a short time or if your income is below a certain level.
Do you own real property in Ohio? Learn more about Ohio property tax as well as the state’s income tax rates, with help from H&R Block.
Learn more college student tax credits from the tax experts at H&R Block.