Student Loan Interest Deductibility

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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.



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