Publication 970 (2004), Tax Benefits for Education allowed for paying interest on a student loan (also known as an their federal income tax return before subtracting any deduction for student loan interest. This deduction can Tax Topics - Topic 456 Student Loan Interest Deduction Search IRS Site for: Search Forms and. Publications for: 1098-E (PDF), Student Loan Interest Statement, from the on student loan interest deduction and other education benefits is available in Publication 970, Tax Benefits for How to Claim the Student Loan Interest Tax Deduction Deduct student loan interest as one of your tax deductibles - it could save you upwards of two thousand dollars on taxes, provided that you fullfill the IRS's requirtements. included in your tax deductibles for student loan interest is $2500, but Mortgage rates, CD rates, auto loans, credit cards, mortgages, personal finance advice and more parent, a student or resident of a state with no income tax, you'll enjoy tips, Calculators, Car loan basics, Getting the best Fed alert, Daily interest report, Best rates, State Student Loan Interest, IRS and Tax Student Loan Interest - Find answers about Student Loan Interest at WorldWideWeb Tax, the first comprehensive IRS Tax Directory on the Web. 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Loan Center Compare rates online before you apply for your next loan. Tax Topics - Topic 456 Student Loan Interest Deduction More information on student loan interest deduction and other education benefits is available in Publication 970, Tax Benefits for Education. Publication 970 (2004), Tax Benefits for Education For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. Tax tip: interest from your student loan may be tax deductible A good education is a valuable commodity. It can even pay off for you at tax time where up to $2000 in student loan interest is tax deductible on 2000 returns. How to Claim the Student Loan Interest Tax Deduction The maximum amount included in your tax deductibles for student loan interest is $2500, but this varies according to income. Here's Student Loan Interest Tax Deduction The student loan interest deduction is available for interest payments due be able to claim the deduction is when they file their 1998 tax returns in Student Loan Interest Student loan interest became deductible beginning with tax year 1998. The interest you pay is an "above the line" adjustment, which Student Loan Interest Deduction Rules you've been paying interest on your student loan this year, you can deduct up to $2,500 of that interest from your income, substantially reducing your taxes.