You can’t deduct student loan interest payments if your parents or another person can claim you as a dependent—even if they choose not to claim you for the tax year in question.

For now, the student loan interest deduction remains available for the 2024 tax year. Borrowers should check their eligibility, obtain their 1098-E form and consult a tax professional to maximize ...

Student loan interest is tax deductible up to $2,500, whether you have federal or private loans.So long as it was to pursue higher education, the money could have been for yourself, a spouse or a ...

You can deduct up to $2,500 paid in student loan interest during the tax year. It’s important to note that the deduction does not directly lower your tax bill by the amount you deduct. It simply ...

The student loan interest deduction is not a game-changer given that the maximum potential savings is $550 on an individual federal tax return (this assumes a borrower who paid at least $2,500 in ...

Itemizing your tax deductions this year? If you're one of the many, many Americans paying off student loans, there's a deduction directly tied to those payments you need to know about.

Student loan interest is the money you paid during the year for a good student loan. It includes the interest payments you have to make and also the extras you choose to pay. You can deduct up to ...

"You don't want to get a letter from the IRS because you wanted a $2,000 tax deduction that you didn't actually qualify for," says Paul Miller, a CPA and managing partner at Miller & Co. in New York.

For now, the student loan interest deduction remains available for the 2024 tax year. Borrowers should check their eligibility, obtain their 1098-E form and consult a tax professional to maximize ...