How much do I have to pay in student loans to get a tax deduction?
I am working as a consultant and file joint taxes. I am paying student loans but don’t know what is the minimum you have to make a year to get a tax deduction for it. Any ideas?
Tags: Deduction, Loans, Much, Student, Student Loan
There isn’t a minimum. The deduction is for the interest you pay.
You have this backwards.
You pay the student loan. Some of this is interest.
The interest can be an adjustment on your taxes if your income is less than 145000 on a joint return.
The most you can deduct is $2500, but this is phased out if you income is above $115,000.