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Student Loan Interest Deduction

   Also found in: Acronyms 0.01 sec.
Student Loan Interest Deduction
A reduction in one's taxable income by the amount one spends in interest payments in the process of repaying student loans. For example, if one's student loan payments included $800 in interest for the tax year, one is does not pay taxes on that $800. The student loan interest deduction is subject to certain restrictions, such as a modified adjusted gross income under a certain amount. Additionally, one may only take the deduction if one was legally obligated to pay interest on the loan. The maximum deduction one could take was $2500 in 2008.

Student Loan Interest Deduction
An adjustment to income for interest paid during the year on qualified higher-education loans. The deduction may be limited if income exceeds a specified amount.


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However, they are $10,000 ($125,000 - $115,000) into the $30,000 phaseout range for joint filers, so their student loan interest deduction for the year is limited to $667 [($30,000 - $10,000) + $30,000 x $1,000].
For example, taxpayers can apply for a student loan interest deduction, tuition and fees deductions and even moving expenses.
For example, the student loan interest deduction will allow you to take up to $2,500 as a deduction on any interest you paid on a student loan debt.
 
 
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