Best answer
$2,500
People also ask
How much student loan interest can I deduct from my taxes?
If you made interest rate payments on your student loans during the tax year, you could deduct up to $2,500 in interest paid. If you happen to qualify for the 22% tax rate, you have the best deal because your maximum deduction is $550.
Can my student loans affect my tax refunds?
Having a tax refund offset on your student loans could result in less money than expected during tax season, setting you back on your financial goals. Before you end up with a student loan default tax garnishment, here鈥檚 what you need to know.
Can I claim my student loans on my taxes when married?
When married and filing jointly, you have two choices. You can claim the student loan tax interest rate deduction or one of the above education credits.
Will student loans take my tax refund in 2021?
Will student loans take my tax refund in 2021? First, it鈥檚 important to note that, due to the COVID-19 pandemic, the government has halted tax refund garnishment on student loans dating retroactively from March 13, 2020. This action remains in effect until January 31, 2022.