If you have student loans, you may be able to deduct up to $2,500 per year in loan interest on your federal tax forms. You do NOT have to itemize deductions to claim it. This deduction is instead classified as an adjustment to your gross income,
For any loan on which you paid $600 or more in interest during the year, you should receive a Form 1098-E from the loan issuer to help you prepare your federal return.
The student loan interest deduction is phased out for individual taxpayers with a modified adjusted gross income above $65,000 (or $135,000 for joint filers). Additional IRS rules may affect whether your loans qualify for the deduction.
My practice is in Severn, MD.
I specialize in the following services for both businesses and individuals:
Tax Preparation & Tax Planning
Accounting & Bookkeeping Services:
Outsourced Accounting and Bookkeeping
QuickBooks Set up and Support Services
We have special expertise in serving the following industries:
Contact me for any help needed at:
Lisa D Church, CPA, EA, NTPI Fellow, MBA
7865 Clark Station Rd
Severn, MD 21144
877-727-6577
email: lisa@waterfronttax.com
website:https://waterfronttax.com/home/
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