Solved: If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?
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Patrick8
New Member

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

 
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dmertz
Level 15

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

If you have capital investments that have lost value, you might be able to harvest those losses to offset income.  After being applied against capital gains, you can apply up to $3,000 of remaining capital losses against other types of income in any one year.

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SweetieJean
Level 15

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

"education interest"  Do you mean the Student Loan Interest Deduction?
Patrick8
New Member

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

Yes.
dmertz
Level 15

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

If you have capital investments that have lost value, you might be able to harvest those losses to offset income.  After being applied against capital gains, you can apply up to $3,000 of remaining capital losses against other types of income in any one year.

View solution in original post

SweetieJean
Level 15

If my wife and I make over the phaseout amount, other than 401k & HSA, what are some additional ways we can lower our MAGI to deduct the most education interest possible?

There really isn't anything else you can do, except contribute to a Traditional IRA.  But your income may be too high to allow a deduction for that.

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