Student Loan Interest Deduction Phase Out. Learn how to deduct student loan interest with H&R Block., The phase-out ranges for this tax credit depend on your filing status., Student loan interest is interest you paid during the year on a qualified student loan.
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Like many tax breaks, the student loan interest deduction is designed to provide tax relief to Americans with low to moderate incomes. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status. The student loan interest deduction could help you reduce your federal tax liability for every one of those years — provided you meet income limits and other qualifications for claiming How can I claim the student loan interest deduction? If the student loans are in your name, you take the deduction for the interest, even if your parents or someone else actually made your student loan payments. When you need money for college, you might take out a student loan.
Learn all about interest deduction, MAGI, AGI, tax returns and more in this article.
Paid or incurred within a reasonable period of time before or after you took out the loan. Student loan interest deduction : *This entry is required.
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Learn how to deduct student loan interest with H&R Block.,The student loan interest tax deduction.,Married couples filing jointly should note that the student loan interest deduction applies per tax return.
