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Is there a limit in student loan interest deductions?

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beezer137

Junior Member
What is the name of your state? Illinois

I have been deducting student loan interest. As I have been to college and medical school, my student loans exceed $150,000, and the interest I have paid in 2005 on these loans are $6800.

Today, on the IRS website, I came across the fact that student loan interest is deductible only up to $2500.

This is the first time I have heard about this. I believe I deducted more than this last year without any problem, and I had received student loan interest statements in the mail last year which seemed to indicate that the entire amount was tax deductible.

Is there a deductible limit of $2500?

Of note, I am married, filing jointly, with an annual income of less than $100,000.
 


Shay-Pari'e

Senior Member
beezer137 said:
What is the name of your state? Illinois

I have been deducting student loan interest. As I have been to college and medical school, my student loans exceed $150,000, and the interest I have paid in 2005 on these loans are $6800.

Today, on the IRS website, I came across the fact that student loan interest is deductible only up to $2500.

This is the first time I have heard about this. I believe I deducted more than this last year without any problem, and I had received student loan interest statements in the mail last year which seemed to indicate that the entire amount was tax deductible.

Is there a deductible limit of $2500?

Reading your other post, I am wondering if you are confusing this site with the IRS site. Look them up on your search ingine, and get a professional accountant to do your taxes at a nominal fee.
 

Snipes5

Senior Member
Yes, there is in fact such a limit. I love it when people do things and then when they don't hear from the IRS immediately they think what whatever they did was a)legal and b)they won't be caught.

Snipes
 

You Are Guilty

Senior Member
There is a limit and it's on a sliding scale. Although, if your AGI is under $100k, you will probably qualify for the full ($2500) amount.

You may want to think about filing some amended returns in the near future.
 

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