Student Loan Interest Deduction Calculator

How much can you claim for the student loan interest tax deduction?

The Student Loan Interest Deduction Calculator helps you determine if you’re eligible for the student loan interest deduction on your tax return. If you’re eligible for this tax deduction, the calculator will display how much your refund could be worth due to this tax deduction based on your income and how much interest you paid.

Student Loan Interest Deduction Calculator FAQs

If someone else made payments on my loans on my behalf, can I claim this deduction?

Yes. According to the IRS, ” If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest.”

What is modified adjusted gross income (MAGI)?

MAGI is similar to your adjusted gross income (AGI). However, MAGI is calculated without some of the adjustments included in AGI.

For most taxpayers, the values for AGI and MAGI should be close in value.

How do I find or calculate my MAGI?

Calculating your MAGI can be tricky. The only reliable way is to complete your tax return or to follow all the instructions from the IRS for calculating MAGI.

You MAGI is typically less than your gross income.

If you finances haven’t changed much, you may be able to estimate your MAGI based on the last tax return you filed.

How does my MAGI affect my eligibility for this deduction?

There are income limitations for who can claim this deduction. These limitations are:

Taxpayers with a MAGI of less $60,000 (filing single) or $120,000 (married filing jointly) are eligible for the full $2,500 deduction.

Taxpayers with a MAGI between $60,000 and $80,000 for single filers (or $120,000 and $160,000 when married filing jointly) are eligible for a partial deduction.

Taxpayers with a MAGI equal to or greater than $80,000 (filing Single) or $160,000 (married filing jointly) are not eligible.

How do I find how much student loan interest I paid?

If you paid over $600 in qualifying interest, your student loan servicer is required to send you a 1098-E for (or equivalent) to tell you how much interest you paid.

If you did not receive this form, you can find out directly from your servicer how much interest you paid.

Can I still claim this deduction if I didn’t receive a 1098-E form?

Yes.

Can I use the results from this calculator on my tax return

Everyone’s tax situation is different. While this Education loan Interest should give you an estimate of your tax refund, you should consult a tax professional when filing your taxes.

Source: https://studentloanhero.com/calculators/student-loan-interest-deduction-calculator/