2007-02-02 08:05:07 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The maximum annual deduction for student loans is capped at $2,500. That applies fully to individuals who make less than $50,000 per year. There is a "phase out" segment for individuals that make betwee $50,000 and $65,000 per year, meaning that they are able to deduct a portion of the interest on student loans. The deduction is however completely "phased out" for all individuals making over $65,000 per year. Your income limit does not allow you take this deduction. Sorry. But at least you're making 80K!
2007-02-02 08:18:19 · answer #1 · answered by jwardle006 2 · 0⤊ 1⤋
Yes, it will deduct from the amount you owe.
2007-02-02 08:13:46 · answer #2 · answered by Kandy 6 · 0⤊ 2⤋
Not likely.
2007-02-02 08:09:05 · answer #3 · answered by whymewhynow 5 · 0⤊ 2⤋