DaKine Taxes » student loan interest http://www.dakinetaxes.com Hawaii Income Tax News ~ Federal And State Tax News Tue, 11 Jan 2011 10:05:44 +0000 en hourly 1 http://wordpress.org/?v=3.1.3 Student Loan Interest Deduction http://www.dakinetaxes.com/2008/student-loan-interest-deduction/ http://www.dakinetaxes.com/2008/student-loan-interest-deduction/#comments Tue, 23 Dec 2008 20:24:07 +0000 Admin http://www.dakinetaxes.com/?p=279 For 2008, the amount of the student loan interest deduction is phased out (gradually reduced) if your filing status is married filing jointly and your modified adjusted gross income (MAGI) is between $115,000 and $145,000. You cannot take the deduction if your MAGI is $145,000 or more.

For all other filing statuses, your student loan interest deduction is phased out if MAGI is between $55,000 and $70,000. You cannot take a deduction if your MAGI is $70,000 or more.

For more information, see chapter 4 in Publication 970, Tax Benefits for Education

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