The Student Loan
Interest Deductionis a federal tax deduction
which allows you to deduct upto $2,500 of student
loan interest youpaid during the year.
Interest you paid on student
loans you or your spousereceived, or for your child,
or other qualified dependent'seducation, may also be deducted.
This deduction is
available regardlessof whether you itemize
deductions on your federal taxreturn.
To claim the Student
Loan Interest Deductionyou must meet the
• You paid interest on a
qualified student loan.
• Your tax filing
status is any statusother than married
• Your modified adjusted gross
income (MAGI) is less than$80,000 ($165,000 if
filing a joint return).• You, or your spouse
if filing jointly,are not claimed as a
dependent on someoneelse's (such as your
parent's) tax return.
For more information on how
to claim this deduction,visit the IRS website at irs.gov