Is there a limit in student loan interest deductions?

[beezer137]

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]

[quote=beezer137]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]

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]

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.