🎓 Student Loan Interest Deduction 🎓

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If you receive Tax Form 1098-E, it reports the amount of student loan interest that was paid by you during the year on a qualified student loan. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. You don’t need to itemize it to claim it. • If you are filing married jointly, the amount of $2,500 is still the maximum for both of you. If you are filing married filing separately the deduction is not allowed. There are two different Modified Adjusted Gross Income phaseouts for taxpayers who can deduct it. For the tax year 2021, single, head-of-household taxpayers could deduct the entire amount if they made less than $70,000 in MAGI. They would not be able to deduct anything if they made above $85,000. For taxpayers who are MFJ, they could make less than $140,000 and deduct the entire amount and if they made more than $170,000, none would be deductible. Anything between the two ranges would be reduced. • —————CHAPTERS————————— • 00:00 - Intro • 01:56 - Where does 1098-E go on tax returns? • 03:31 - Deduction not Credit • 04:43 - Loans for Dependents • 05:20 - IRS Interactive Tax Assistance to check if you qualify • 06:00 - Maximum deduction of $2,500 • 06:22 - Income Limits • 07:45 - Claiming as Married Filing Separately • ————————LINKS————————— • IRS Student Loan Interest Deduction Info: • https://www.irs.gov/taxtopics/tc456 • Student Loan Interest Deduction Taxpayer Friendly Info: • https://www.nerdwallet.com/article/lo... • https://www.usnews.com/education/blog... • IRS Form 1098-E: https://www.irs.gov/pub/irs-pdf/f1098... • Form 1098-E instructions: • https://www.irs.gov/pub/irs-pdf/i1098... • Can I Claim Student Loan Interest Deduction? • https://www.irs.gov/help/ita/can-i-cl... • IRS Publication 970 Tax Benefits for Education: • https://www.irs.gov/forms-pubs/about-... • • #taxguide101 #akistepinska • ---------------------------DISCLOSURE------------------------------------------ • The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional. • The information in this video is based on current tax law and IRS regulations as of date of recording and is subject to change.

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