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.
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.