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Student Loan Interest Deduction



DISCLAIMER: I am a CPA, but I am not your CPA. This article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.

It’s been well over a decade since a lot of taxpayers have graduated from college. The memories of all those days may be a little fuzzy already; but each month you are reminded that you indeed did get a college education. The loan company you financed your education through sends you on this lovely trip down memory lane via a monthly payment reminder on your college loans.


For today’s episode I will be discussing on how to make those student loan payments just a bit more bearable by taking a deduction on your tax return for student loan interest.


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2019 Maximum Student Loan Interest Deduction - $2,500


No deduction available for:

  • Taxpayers filing as Married Filing Separately

  • Taxpayers claimed as dependent on another taxpayer’s return

Income Thresholds:

Married Filing Jointly

  • Deduction phased out for income between $140,000 - $170,000

  • No Deduction for income over $170,000


Single or Head of Household

  • Deduction phased out for income between $70,000 - $85,000

  • No Deduction for income over $85,000

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