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Should I see a $2,500 if I have paid more than that in student loan interest in 2018?

 
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TomK
Expert Alumni

Should I see a $2,500 if I have paid more than that in student loan interest in 2018?

Your student loan interest deduction is generally the smaller of:

  • $2,500, or

  • The interest you paid during the tax year.

However, the amount determined above may be phased out (gradually reduced) or eliminated based on your filing status and MAGI (Modified Adjusted Gross Income. For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest.)

Effect of the Amount of Your Income on the Amount of Your Deduction

The amount of your student loan interest deduction is phased out (gradually reduced) if your MAGI is between $65,000 and $80,000 ($135,000 and $165,000 if you file a joint return). You can't claim a student loan interest deduction if your MAGI is $80,000 or more ($165,000 or more if you file a joint return).

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