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MOORE’S SERVICES is a full service Tax Preparation Company that provides year-round services. We specialize in both individual and business taxes. We also offer Notary Public Services. Come in and see us today.

Saturday, January 19, 2013

What are the limits for deducting interest paid on a student loan? ALABAMA'S # 1 TAX SERVICE


The maximum deductible interest on a qualified student loan is $2,500 per return.
There is no deduction if any one of the following is true:
  • You file as married filing separately,
  • You are claimed as an exemption on someone else’s return,
  • The loan is from a related party or a qualified employer plan,
  • You are not legally obligated to pay interest on a qualified student loan, or
  • You did not pay interest on a qualified student loan.
There are limits based on your filing status and adjusted gross income.

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