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M
mcorcoran19
March 13, 2021
Question

Why did Turbotax limit my student loan interest deduction? I input $33 and only received a $23 deduction.

  • March 13, 2021
  • 1 reply
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1 reply

A
AnnetteB6
March 13, 2021

If your student loan interest deduction was limited to an amount less than what you entered, then your income may be too high to be eligible to claim the full deduction.  There is a phase-out range based on Modified Adjusted Gross Income (MAGI).  Your MAGI is your AGI without taking the student loan interest deduction into account.

 

See the following picture for the phase-out ranges:

 

 

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