What are the limits for deducting interest paid on a student loan?
The maximum deductible interest on a qualified student loan is $2,500 per return. If the parents of a year old child never married but live together with the child for the tax year, and both contribute to the cost of maintaining the household for the child and themselves, may they both file as head of household? Only one taxpayer may claim the child as a qualifying child for purposes of filing as head of household. Also, a taxpayer filing as head of household must furnish over half the cost of maintaining the household. Therefore, both parents may not file as head of household.
The maximum deductible interest on a qualified student loan is $2,500 per return. There is no deduction if you file as married filing separately, if you are claimed as a dependent, or if the loan is from a related party or a qualified employer plan. There are limits based on your filing status and adjusted gross income. For more information, refer to Publication 970, Tax Benefits for Education, and Tax Topic 513, Educational Expenses .
The maximum deductible interest on a qualified student loan is $2,500 per return. There are no deduction if: • You file as married filing separately, • You are claimed as a dependent, or • If the loan is from a related party or a qualified employer plan. • There are limits based on your filing status and adjusted gross income.
