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Only $2500 of your student loan interest is deductible.
You can deduct up to $2,500 of student loan interest paid in a given year. As with many tax rules, there is an income limit to this deduction. Your modified adjusted gross income cannot be more than $80,000 (or $160,000 for married couples filing jointly).Jun 2, 2015.
This is the only deduction available in the Federal return. There are no additional credits for these payments. If you file married separate, you get no deduction.
The state has some variations in what they allow based on filing status, amount deducted in the Federal , and you'll need to break down your interest by undergraduate and graduate amounts. The deductible amounts are about the same but there's no income limit. You 'll be able to make these entries as you go through the state program.
Only $2500 of your student loan interest is deductible.
You can deduct up to $2,500 of student loan interest paid in a given year. As with many tax rules, there is an income limit to this deduction. Your modified adjusted gross income cannot be more than $80,000 (or $160,000 for married couples filing jointly).Jun 2, 2015.
This is the only deduction available in the Federal return. There are no additional credits for these payments. If you file married separate, you get no deduction.
The state has some variations in what they allow based on filing status, amount deducted in the Federal , and you'll need to break down your interest by undergraduate and graduate amounts. The deductible amounts are about the same but there's no income limit. You 'll be able to make these entries as you go through the state program.
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