Are there any income limitations on the student loan interest expense deduction?
Yes, there are income restrictions. To claim the maximum deduction, a taxpayer must have modified adjusted gross income of $60,000 or less ($120,000 for married taxpayers filing jointly). The amount of the taxpayer's deduction is gradually reduced for taxpayers with modified adjusted gross income between $60,000 and $75,000 (between $120,000 and $150,000 for married taxpayers filing jointly).
Taxpayers with modified adjusted gross income above $75,000 ($150,000 for married taxpayers filing jointly) may not claim the student loan interest deduction.
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