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.

Additional Information:

• Publication 970, Tax Benefits for Education
• Tax Topic 513, Educational Expenses

 

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