![]() If you file a Form 2555, Foreign Earned Income, Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to "Worksheet 4-1, Student Loan Interest Deduction Worksheet" in Publication 970 instead of the worksheet in the Instructions for Form 1040 (and Form 1040-SR). See Publication 970, Tax Benefits for Education, the Instructions for Form 1040 (and Form 1040-SR) or the Instructions for Form 1040-NR to determine if your expenses qualify. Paid or incurred within a reasonable period of time before or after you took out the loan. ![]() For education provided during an academic period for an eligible student and.For you, your spouse, or a person who was your dependent when you took out the loan.Neither you nor your spouse, if filing jointly, can be claimed as dependents on someone else's return.Ī qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:.Your MAGI is less than a specified amount which is set annually and.Your filing status isn't married filing separately.You're legally obligated to pay interest on a qualified student loan.You paid interest on a qualified student loan in tax year 2022.You can claim the deduction if all of the following apply: You claim this deduction as an adjustment to income, so you don't need to itemize your deductions. ![]() The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. It includes both required and voluntarily pre-paid interest payments. Student loan interest is interest you paid during the year on a qualified student loan.
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