DavidD66
Expert Alumni

Education

The program may be adjusting your entry due to the limit on the amount of interest you can deduct, and or for your income.

 

The deduction for interest on student loans is limited to the lesser of $2,500 or the amount of interest you actually paid during the year.  As of 2024, the deduction is available to the following filers:

  • Single filers with MAGIs of $95,000 or less
  • Married Filing Jointly couples with MAGIs of $195,000 or less

However, the deduction amounts are reduced for:

  • Single filers with adjusted gross incomes between $80,000 and $95,000
  • Married Filing Jointly couples with incomes between $165,000 and $195,000
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