You can take this deduction only if all ofthe following apply. You paid interest in 2016 on aqualified student loan (defined later). Your filing status is any status exceptmarried filing separately. Your modified adjusted gross income(AGI) is less than: $80,000 if single,head of household, or qualifyingwidow(er); $160,000 if married filingjointly. Use lines 2 through 4 of theworksheet in these instructions to figureyour modified AGI. You, or your spouse if filing jointly,aren't claimed as a dependent onsomeone else's (such as your parent's)2016 tax returnSee the Form 1040 Instructions page 37 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=37

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How much can I earn and still be able to claim my student loan interest? if there is a cap what is it and why is there one?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by Celery63

Yes, there is a cap and you can find it in IRS Pub. 970,
Tax Benefits for Education at this link;
http://www.irs.gov/pub/irs-pdf/p970.pdf

Why is there one? Because that is the way Congress wrote the tax law. To find out why they did that you would need to ask your elected representative.

C

Celery63Answer

Yes, there is a cap and you can find it in IRS Pub. 970,
Tax Benefits for Education at this link;
http://www.irs.gov/pub/irs-pdf/p970.pdf

Why is there one? Because that is the way Congress wrote the tax law. To find out why they did that you would need to ask your elected representative.

DoninGA

Employee

You can take this deduction only if all of the following apply.

You paid interest in 2016 on a qualified student loan (defined later).
Your filing status is any status except married filing separately.
Your modified adjusted gross income (AGI) is less than: $80,000 if single, head of household, or qualifying widow(er); $160,000 if married filing jointly. Use lines 2 through 4 of the worksheet in these instructions to figure your modified AGI.
You, or your spouse if filing jointly, aren't claimed as a dependent on someone else's (such as your parent's) 2016 tax return

See the Form 1040 Instructions page 37 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=37