Are the requirements for the Massachusetts student loan interest deduction different than the ones for the federal based deduction?
The Massachusetts Undergraduate Student Loan interest deduction allows taxpayers to deduct the full amount of interest payments on education debt for undergraduate studies only. The loan must have been obtained and spent to pay tuition and other expenses related solely to the school enrollment. Taxpayers may take the deduction on Schedule Y, line 12. The federal based student loan interest deduction applies to interest payments for both undergraduate and graduate studies. It is based on the federal rules in effect on January 1, 2005. The Maximum deduction allowed is $2,500, but the amount is phased out for taxpayers with federal modified adjusted gross income of $55,000 to $70,000 ($115,000 to $145,000 for joint returns). Taxpayers can claim this deduction on Schedule Y, line 10. Generally, taxpayers can claim either the federal student loan interest deduction or the Undergraduate Student Loan interest deduction, but not both. However in certain instances, the same taxpayer may take bo
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