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.
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.