how much tax return for student loan interest

Best answer


$2,500

People also ask


  • How much student loan interest can I claim on my taxes?

  • Themost student loan interest you can claim as a tax deduction is $2,500 as of the 2019tax year,and your deduction might be less. It can be limited by your income.

  • How does the student loan interest deduction work?

  • Like other tax deductions, the student loan interest deduction helps you by reducing how much of your income is taxed. In this case, your taxable income is lowered by the amount of student loan interest you paid in 2017 鈥?up to $2,500. It can lower your tax bill by as much as $625.

  • How much is the student loan interest deduction for 2020?

  • How Much Is the Deduction? The maximum student loan interest deduction you can claim is $2,500 as of the 2020 tax year, and it might be less. It can be limited by your income.

  • Which filers get the highest student loan interest deduction?

  • Filers who earn above $50,000 benefit the most from claiming the student loan interest deduction. And the highest average student loan interest deduction ($214) is claimed by those earning both more than $100,000 and less than $10,000.

    Related Posts

    Leave a Reply

    Your email address will not be published.