Interest On Qualified Education Loan May Be Used As a Tax Deduction.
Qualification For Student Loan Interest Deduction
A qualified education loan serves to pay only qualified education expenses for you, your spouse or your dependent you claim for that taxable year.
In order to get this tax deduction, a student must be enrolled at least half the time, in a degree program during the loan plan.
If you qualify, you may be eligible to receive a maximum amount of $2,500 of the interest you pay.
Student Loan Interest Deduction Income Limit
The Student Loan Interest Deduction is phased out for taxpayers with modified adjusted gross income between $60,000 and $75,000 if they file separately, and between $120,000 and $150,000 for taxpayers who file a joint return.
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