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STUDENT LOAN INTEREST
Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.
You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.
The student loan interest deduction can reduce your taxable income by up to $2500
There is a phaseout fro the Student loan niters deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -
• If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.
• If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.
Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2016 (Form 1098E)
https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest
STUDENT LOAN INTEREST
Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.
You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.
The student loan interest deduction can reduce your taxable income by up to $2500
There is a phaseout fro the Student loan niters deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -
• If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.
• If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.
Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2016 (Form 1098E)
https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest
When you start repaying a student loan, you cannot claim a deduction for your entire payment; however, you can deduct the portion that covers your interest charges you paid if you qualify (up to $2,500 per tax year). This information should be listed on your 1098-E Student Loan Interest sent from your lender.
For more information about Student Loan Interest Deduction: https://turbotax.intuit.com/tax-tips/college-and-education/what-is-a-1098-e-student-loan-interest/L8...
Please see FAQ, on where to enter your 1098-E in TurboTax if you qualify: https://ttlc.intuit.com/replies/4801974
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