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Student loan interest is deductible above the line
Student loan interest is generally deductible as an above the line deduction, meaning you do not have to itemize in order to claim the deduction on your federal income tax return. There is a student loan interest deduction of up to $2,500 for paying interest on a student loan used for higher education. The amount of the student loan interest deduction is gradually reduced if the taxpayer’s modified adjusted gross income is within a certain range.
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February 2018
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