#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 ×

How much student loan interest can I deduct in a year?

How much you can deduct for student loan interest depends on multiple factors, including how much you actually paid in interest and your modified adjusted gross income (MAGI).

You may deduct $2,500 or the amount of interest you actually paid (including the interest you were required to pay and anything you voluntarily pre-paid), whichever is less.

The amount of your student loan interest deduction is phased out (gradually reduced) if your 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).

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