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H
horanskyea
April 27, 2020
Question

I'm attempting to determine my student loan interest deduction. My MAGI is 80,795. Paid 661 in interest. TurboTax says my deduction is 185. How is this calculated?

  • April 27, 2020
  • 1 reply
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A
AnnetteB6
April 27, 2020

You can use the worksheet on page 37 (Worksheet 4-1) of the 2019 Publication 970 to calculate the student loan interest deduction for your situation.  

 

If your filing status is Single, subtract $70,000 from your MAGI and divide the result by $15,000 to get the decimal portion of the student loan interest deduction that will be dis-allowed due to the phase-out.

 

 

@horanskyea

 

 

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    Hal_Al
    Hal_Al
    Employee
    April 27, 2020

    80,795 - 70,000 = 10,795

    10795 / 15000 = 0.7197

    0.7197 x 661 = 476

    661 - 476 = 185

     

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