It depends. The $85,000 upper-income limit (based on Modified Adjusted Gross Income) is applicable for taxpayers who aren't filing a joint return for 2022. For joint filers, the limit is $175,000. Remember that the maximum you can deduct is $2,500, regardless of income, and that the deduction is gradually phased out for MAGI between $70,000 and $85,000 ($145,000 and $175,000 for joint filers). Click here for more information regarding Modified Adjusted Gross Income (MAGI) and here for more information on the student loan interest deduction.
If you have entered all of your income and you exceed the limit, you may be able to reduce your applicable income if you can claim other adjustments to gross income, such as a contribution to a Traditional IRA if you work but aren't covered by a retirement plan at work. Click here for more information.
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