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.
- Small Business Tax Deduction Strategies No matches