Today, what if you are partnered and you may filing jointly. You paid $dos,500 in the student loan attract this past year, plus nonexempt earnings was $165,000.

• $165,one https://paydayloansconnecticut.com/compo/ hundred thousand $140,00 (or $twenty-five,one hundred thousand / $31,100 = 0.833 or 83.3%)
• Multiply $2,five hundred from the 0.833% to have all in all, $dos,083
• Subtract $dos,083 on the $2,500 you paid in student loan focus

Bringing the student loan attract deduction is surprisingly easy. Get a duplicate of the 1098-Age taxation function. It’s a student loan attract report from your student loan servicer that reports just how much your paid-in student loan interest having the season. You might constantly download they from them, however, these are generally expected to send it for you.