#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

I paid student loan interest. Why can’t I claim this deduction?

If your income was too high, you might not be able to deduct student loan interest.

This 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. The amount of your student loan interest deduction is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $65,000 and $80,000 ($130,000 and $160,000 if you married, filing jointly). You can't claim a student loan interest deduction if your MAGI is $80,000 or more ($160,000 or more if your married, filing jointly).This includes both required interest and voluntarily pre-paid interest that was paid during the year on education loans for higher education.

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