Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Adjustments to Income

Student Loan Interest

Deduction Limits

Case Study

Rick, who files as Head of Household, paid $2,650 in qualified interest on his student loan. His total income, Form 1040, line 22, is $35,000. He has no other adjustments on lines 23 through 35.

Rick is entitled to deduct $2,500 in interest paid on student loans. Rick's MAGI is below the phase-out range, so he is entitled to the maximum $2,500 deduction.

Click here to see Rick's completed Student Loan Interest Deduction Worksheet.

 

 

 

 

 

 

Line 4 (MAGI)

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Photo of Rick with Form 1040, which shows $35,000 entered on lines 22 and 37
Student Loan Interest Deduction Worksheet

Student Loan Interest Deduction Worksheet