• James D. Lynch

Student Loan Interest Deduction

If you are repaying student loans, you can deduct up to $2,500 of student loan interest paid during the year. You will receive Form 1098-E (Student Loan Interest Statement) in the mail from the loan company showing the amount of interest you paid on your eligible student loans during the previous tax year.

Note that if your adjusted gross income on your tax return is $80,000 or more if single, head of household, or qualifying widow(er), or $160,000 or more if married filing jointly, you cannot take this deduction. If you file as married filing separately, you cannot deduct any student loan interest, regardless of your income. In addition, if you are a dependent for whom someone else claims an exemption for you on a tax return, you may not deduct your student loan interest.

If interest was not paid for the year (for example, because the loans were in deferment or forbearance), you cannot take this deduction, despite the fact that interest may continue to accrue during the deferment or forbearance period. You can only deduct interest that was paid.

  • LinkedIn Social Icon
  • Facebook Social Icon
  • Twitter Social Icon
  • alignable_square
  • Yelp Social Icon
  • avvo
  • Justia-Icon
  • lawyer_com favicon
  • taxbuzz
  • ptin-seal
  • 170927-usnsquarelogo-design
  • favicon-32x32
  • mail icon

Law Office of James D. Lynch, PLLC

3000 Joe Dimaggio Blvd #90, Round Rock, TX 78665


(512) 745-6347

(714) 745-3875

©2020 by Law Office of James D. Lynch, PLLC. The information contained in this website is for informational purposes and is not to be considered legal advice.  Any correspondence between you and the Law Office of James D. Lynch is not intended to create an attorney-client relationship.  Please do not send confidential information to us until after an attorney-client relationship has been established by an engagement letter signed by the proposed client and our attorney.