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Can I Claim a Deduction for Paying on My Student Loans?

> > Can I Claim a Deduction for Paying on My Student Loans?

Can I Claim a Deduction for Paying on My Student Loans?

Many wonder if student loan payments qualify as a deductible on their tax returns. You can deduct up to $2,500 in interest paid on a qualifying student loan. The US Dept. of Education (Sallie-Mae, Navient, etc) will prepare what’s called a 1098-E Student Loan Interest Statement that is available via mail or online statement usually by year-end but no later than mid January.

The student loan interest deduction begins to phase out if your adjusted gross income (AGI) is:

  • $65,000 if filing single, head of household, or qualifying widow(er)
  • $130,000 if married filing jointly

The deduction is completely phased out if your AGI is:

  • $80,000 if filing single, head of household, or qualifying widow(er)
  • $160,000 if married filing jointly
2018-01-14T21:39:21+00:00