Student Loan Interest Deductibility

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Deductions and other Taxes topics.

Can I deduct the interest I paid in 2005 on my student loans?

Student Loan Interest Deductibility

Student loan interest is one of several personal tax deductions that can be claimed on Schedule A if you itemize your federal tax deductions. If you are married filing jointly and your modified adjusted gross income is $100,000 or lower you get to claim the entire $2,500 deduction. If your income is between more than $100,000, the deduction gradually phases out up to modified adjusted gross income of $130,000 at which point the deduction is disallowed. If you are filing single or head of household status and your modified adjusted gross income is less than or equal to $50,000, you can claim the entire $2,500. As with married couples filing jointly, the deduction phases out for singles and heads of household whose modified adjusted gross income is between $50,000 and $65,000.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Taxes Tip Site? Request a Tip Now!


Guru Spotlight
Barbara Gibson