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Question

Why am I only deducting $368 from student loans when I paid $2660 in interest to student loans this year?

Forum|Forum|1 year ago
January 29, 2025
1 reply
0 views

I entered my 1098-E which says I paid $2660.42 in interest for student loans in 2024. But when I look my tax overview from TurboTax, I see "You also had a $368 deduction for student loan interest.". Why aren't I deducting $2500?

Employee

The usual reason:

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).