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Level 3

Question

student loan

Forum|Forum|3 years ago
November 16, 2022
1 reply
8 views

Is student loan interest deduction still applicable? If so, is there an income limit to claim that?

Level 5

Hi NN15,

Thank you for reaching out to Intuit's TurboTax Ask the Experts Event! Yes there is still a deduction of up to $2,500 for student loan interest paid. There are income limits to taking this deduction. The income limits are:

Student loan interest is deductible if your modified adjusted gross income, or MAGI, is less than $70,000 ($140,000 if filing jointly). If your MAGI was between $70,000 and $85,000 ($170,000 if filing jointly), you can deduct less than than the maximum $2,500.

Have a great day!

AnthonyC_CPA

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