By Roland McIntyre, CFPĀ®
š¢ Student Loan Borrowers: Don’t Miss Out on This Tax Break! š¢
š Did you know you can still deduct up to $2,500 in student loan interest from your taxes? š°
Here’s the deal:
* Income Limits: To qualify for the full deduction for your 2024 tax return, your Modified Adjusted Gross Income (MAGI) must be $80,000 or less if you’re single, or $165,000 or less if you’re married filing jointly.
The deduction starts to phase out above these limits.
* What you need: You’ll need Form 1098-E from your loan servicer. This form shows how much interest you paid during the year.
Don’t leave money on the table!
š Share this blog with anyone who might benefit from this information! Let’s help each other conquer those student loans. š¤
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