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Student Loan Interest DeductionStudents and parents who are taxpayers and have taken any loans exclusively to pay for the cost of attendance may deduct interest they pay on these student loans. Taxpayers may deduct all interest paid on the loan up to an annual maximum of $2,500. The interest deduction is gradually reduced for taxpayers with modified adjusted gross incomes between $50,000 and $65,000 single filers, or between $105,000 and $135,000 for married taxpayers filing jointly. The deduction is taken as an adjustment to income, which means that taxpayers may claim this deduction even if they do not itemize deductions. Complete information is available in IRS Publication 970, from your tax advisor, or from http://www.irs.gov. |
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