How much can you deduct for Student Loan Interest?

Question

Thanks!

Answer 1

If you meet the qualifications to claim the Student Loan Interest deduction
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the financial institution, from a governmental unit (or any of its subsidiary agencies), from educational institutions, or any other person to whom you had paid student loan interest of $600 or more in the course of their trade or business.
You must do the worksheet to determine how much is actually deductible. The work sheet is in the instructions for form 1040a and 1040
Publication 970
http://www.irs.gov/publications/p970/index.html
http://www.irs.gov/taxtopics/tc456.html

Answer 2

You can deduct up to a maximum of $2,500 of the amount you paid during the year; this deduction is allowed as an "adjustment to income" if you file either Form 1040 or Form 1040A, and the deduction may be limited depending on your income level.

Check out the links below for more details. Good luck! :-)

Answer 3

At the end of the year, they will send you a form showing you how much you paid in taxes. I think there's a minimum you must pay in taxes for them to send you this form. What ever amount you paid in taxes, you will be able to deduct from your taxable income.

Answer 4

What you paid, up to $2500 depending on your AGI.