Student Loan Payments Tax Deductible. However, you may not qualify to deduct your student loan payments each year., The Student Loan Interest Deduction is an above-the-line deduction, which means that you do not need to itemize deductions in order to claim it., Whether you need help determining what you can deduct or your eligibility for education-related benefits, we can help.
Can Student Loan Payments Be Deducted From Taxes - Tax Walls, image source
However, you may not qualify to deduct your student loan payments each year. Student loans have become a tremendous burden for many young adults and parents today. It includes both required and voluntarily pre-paid interest payments. Unfortunately, your student loan interest isn't deductible at all if your income is more than the ceiling where the phase-out ends. Student loan interest is still tax deductible.
It includes both required and voluntarily pre-paid interest payments.
The current federal tax code permits student loan borrowers to claim a portion of their student loan interest paid during the year as a deduction. However, you may not qualify to deduct your student loan payments each year.
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This is your all-important adjusted gross income (AGI) before you take other tax deductions into account, including the student loan interest deduction you're hoping to.,Because this is a tax deduction and not a credit, it reduces your taxable income instead of your tax bill.,It is not treated as an expense item in your tax return.
