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I have student loan interest totaling 8706.84 My return only shows about 1100. why?

 
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Phillip1
New Member

I have student loan interest totaling 8706.84 My return only shows about 1100. why?

Student loan interest deduction is limited to a maximum of 2,500 dollars. The deduction is also subject to a phaseout limitation. If your income was over 65,000 dollars (or 130,000 for married joint returns) the deduction starts being phased out. If your income is over 80,000 dollars (or 160,000 for married joint returns) the deduction is completely eliminated.

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Phillip1
New Member

I have student loan interest totaling 8706.84 My return only shows about 1100. why?

Student loan interest deduction is limited to a maximum of 2,500 dollars. The deduction is also subject to a phaseout limitation. If your income was over 65,000 dollars (or 130,000 for married joint returns) the deduction starts being phased out. If your income is over 80,000 dollars (or 160,000 for married joint returns) the deduction is completely eliminated.

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