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Deduction for Student Loan Tax

Tax Deductible Donations and Write-Offs With all the different tax deductions out there, its easy to see how some could be missed, but sometimes its these hard to miss tax deductions that can give your tax return the boost it needs. One of these often overlooked deductions is the one you can take on the interest of a student loan.Short and Long Term Capital Gains Tax BracketsThere are certain circumstances you have to meet to be able to qualify to deduct your student loan interest:¢You paid the interest on a qualified student loan last year ¢Your filing status isnt married filing separately ¢Your modified adjusted gross income is less than $70,000 ($145,000 if filing jointly)Social Security Withholding Tax Calculator¢Neither you or your spouse are claimed as a dependent on someone elses tax returnRemember, a qualified loan is only a qualified loan if it was taken out for the use of qualified higher education.

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