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The student loan interest deduction is generally the smaller of $2,500 or the interest payments paid during the tax year. This amount may be reduced or eliminated based on the taxpayer's filing status and modified adjusted gross income (MAGI).
For most taxpayers, determine the deduction using the Student Loan Interest Deduction Worksheet in Form 1040 or Form 1040A Instructions. Some taxpayers, however, may be required to complete Worksheet 4-1 in Publication 970, Tax Benefits for Education.
Complete the Publication 970 Worksheet for taxpayers who file Form 2555, Foreign Earned Income; Form 2555-EZ, Foreign Earned Income Exclusion; or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or if income is excluded from sources within Puerto Rico.
| If your filing status is... |
AND your MAGI is... |
Then your student loan interest deduction is… |
Single,
Head of Household, or
Qualifying widow(er)
|
$55,000 or less |
Not affected by the phaseout. |
| More than $55,000 but less than $70,000 |
Reduced because of the phaseout. |
| $70,000 or more |
Eliminated by the phaseout |
| Married Filing Jointly |
$115,000 or less |
Not affected by the phaseout. |
| More than $115,000 but less than $145,000 |
Reduced because of the phaseout. |
| $145,000 or more |
Eliminated by the phaseout |
| These deduction limits are shown under the Adjustments tab of the Volunteer Resource Guide. |
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