Your Ask Joey ™ Answer

Is student loan interest tax deductible?

Yes. Taxpayers may deduct up to $2,500, but there are limitations and phase outs. The maximum $2,500 deduction begins to phase out for joint filers with modified gross income in excess of $135,000 and for single filers with gross income that exceeds $65,000.

The deduction will be completely phased out for joint filers that have a modified adjusted gross income in the amount of $165,000 and $80,000 for single filers.

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