taxmax services | tax services sacramento

You are eligible to deduct student loan interest if you meet the following criteria:

  1. - For the filing year, you paid interest qualifying student loans

  2.  

    - You are required to pay the interest

  3.  

    - You are not filling separately from your spouse if married

  4.  

    - You and/or your spouse cannot be claimed at dependents on another’s return

- You do not exceed the income thresholds (single $85,000, $170,000 married filing jointly)
Be advised that once you meet incomes of $70,000 for single filers and $140,000 for married
filing jointly filers, your deduction amount begins to reduce.