ABCs of deducting student loan interest — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

ABCs of deducting student loan interest

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Q. My son is paying off about $22,000 in student loans. Can he deduct all the interest? O.M., Bradley Beach, N.J.

A. It depends. The annual deduction for student loan in­­terest is limited to $2,500. Furthermore, the deduction begins to phase out in 2014 for single filers with a modified adjusted gross income (MAGI) of $65,000 and $130,000 of MAGI for joint filers. It is claimed “above the line” so it is available to nonitemizers as well as itemizers.

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