ThomasM125
Employee Tax Expert

Education

Once your income is over $70,000, your adjusted gross income is reduced by a factor that increases as your income increases. To calculate the phase out amount, you multiply your interest deduction by a fraction, the numerator of which is your MAGI minus $70,000 and the denominator is $15,000.

 

Since your income is just slightly over $70,000, the adjustment is not very much.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"