Navigating Student Loan Interest Deductions: Understanding Income Limits

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Navigating Student Loan Interest Deductions: Understanding Income Limits
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In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, discusses the crucial aspects of student loan interest deductions. The focus is on the income thresholds that affect eligibility for this deduction. For single filers, the deduction begins to phase out at $75,000 and is completely phased out at $90,000. For married couples, these limits are set at $155,000 and $185,000, respectively. Dr. Friday emphasizes the importance of being aware of these income limits, as exceeding them means losing eligibility for the deduction. For personalized tax assistance, Dr. Friday encourages listeners to contact her directly. Also, she reminds listeners to tune into the Dr. Friday Call and Show every Saturday afternoon for more tax insights.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Student loan interest deductions lets borrowers write off up to $2,500 for their taxable income if paid interest on their student loan. Now this is one of those that is means tested guys, so that means that if you earn between $75,000 and $90,000, by $90,000 you’re not going to get the deduction for single individuals. It starts means testing at $155,000 up to $185,000 for a married couple. Very important numbers because obviously if you’re claiming this, you make them too much money, the interest isn’t going to be a tax deduction. Need help with taxes? Call me. 615-367-0819.

You can catch the Dr. Friday Call and Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.