In order to qualify for the student loan interest deduction the following must apply:
- You cannot be married filing separately
- Neither you nor your spouse can be claimed as dependents on someone else's return
- Your Modified Adjusted Income must be less than $95,000 if not married and less than $195,000 if you are married
If you meet the criteria to claim the student loan interest deduction, then you can go back and revisit your answers to be sure they are correct.
The student loan interest deduction is a deduction, not a credit. This means it can reduce your taxable income, but not below $0. You may not notice a difference in your tax refund, if you already had no tax liability.
Student Loan Interest Deduction
Credits and Deductions
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