My interest paid on student loans totals $3,147.00 for 2024, but I am only receiving a deduction of $1,531 listed. Why am I not receiving a deduction of $2,500?

What's New. Student loan interest deduction. For 2024, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $80,000 and $95,000 ($165,000 and $195,000 if you file a joint return).

The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.   

For 2024, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $80,000 and $95,000 ($165,000 and $195,000 if you file a joint return). You can’t claim the deduction if your MAGI is $95,000 or more ($195,000 or more if you file a joint return).   See Pub 970.