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Category: Education: Tax Breaks Related to School

What are the qualifications for the Student Loan Interest Deduction?

You can generally take the student loan interest deduction if all of the following apply:

  • You paid interest during the tax year on a qualifying student loan.
  • Your filing status is not married filing separately.
  • You are legally obligated to pay interest on a qualified student loan.
  • Your modified AGI is less than a specified amount which is set annually ($75,000 for Single, Head of Household, or Qualifying Widow(er) or $155,000 for Married Joint), and
  • You or your spouse, if filing jointly, are not claimed as a dependent on someone else's tax return.

This deduction can reduce the amount of your income subject to tax by up to $2,500.

The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040).


For further information, please click on this link: Student Loan Interest.