John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Education Deductions and Credits

 

Student Loan Interest Deduction 

• Interest on a qualified student loan is deductible above the line.

• The maximum deduction is $2,500

•  Not available for married filing separate taxpayers.

• The deduction phases out at Modified Adjusted Gross Income (MAGI) between $60,000 and $75,000 (single or head of household) and $120,000 and $150,000 (married filing joint).

• Give us the information on your student loan interest expense on sheet 24.