04.01.09 | Education Loan Deduction, $2500
The maximum tax deduction for interest paid on student loans each year is $2,500.
This benefit applies to all loans used to pay for postsecondary education school expenses. If you’re unsure how much interest you’ve paid on your loans you can contact your lender for further details, although they generally send out a 1098 tax form highlighting those details for you.
In order to qualify for this benefit your adjusted gross income must be less than $70,000 ($145,000 if filing jointly).
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Filed under: Interest Rates
