For 2024, the standard deduction is $14,600 for married filing separately and single filers. Head of household filers have a standard deduction of $21,900 for the 2024 tax year.

The mortgage interest tax deduction allows taxpayers to deduct from their taxable income the amount of interest they paid for the year on up to $750,000 of their home loan debt.

Do you make student loan payments? Here’s what you need to know about this deduction that could save you hundreds of dollars on your tax bill. Image source: Getty Images. Nobody enjoys making ...

Specifically, for the 2019 tax year (the return you’ll file in 2020), the ability to claim the student loan interest deduction starts to go away if your MAGI (modified adjusted gross income) is ...

For tax year 2024, the interest deduction starts phasing out if your MAGI is between $80,000 and $95,000 (or $165,000 to $195,000 if filing jointly). If it's $95,000 or above ($195,000 if filing ...

Learn about tax deductions, what you can deduct, and how deductions work to lower your taxable income. Maximize your tax savings with our comprehensive guide. ... Student loan interest deduction.

Key points Personal loan interest is not tax-deductible on a general basis, but certain uses could potentially qualify you to deduct interest or expenses paid. Certain lenders may restrict your ...

Those uses won't qualify, so be careful in your approach (and what you use to justify a tax deduction). "Interest on home equity loans and lines of credit are deductible only if the borrowed funds ...

Image source: Getty Images. Nobody enjoys making student loan payments, but there’s a tax break known as the student loan interest deduction that can make it a little less painful. If you ...

You can deduct the interest you paid on the first $750,000 of your mortgage. For married couples filing separately, the limit is $375,000, If you took out your mortgage between Oct. 13, 1987, and ...