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Student Loan Interest Deduction
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| Taxpayers who have taken loans to pay the cost of attending a postsecondary institution
(for spouse, dependent, or himself/herself) may deduct the interest they paid on the student loan(s). The interest
paid on qualified education loans used for higher education expenses is gradually reduced (phased out) for single
taxpayers with incomes between $55,000 ($115,000 for joint returns) and $70,000 ($145,000 for joint returns). This
deduction can reduce the amount of income subject to tax by up to $2,500. See www.irs.gov/pub/irs-pdf/p970.pdf for additional information. |
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