Student Loan Interest Deductions

With the start of school approaching, many families are looking at taking out new student loans.  The tax advantage of qualified student loans is the deduction for student loan interest.  Generally, taxpayers may deduct the amount of interest actually paid on the loan up to a maximum of $2,500.  This deduction is also beneficial because it is an adjustment to income that can be claimed even if the taxpayer does not itemize deductions.  For questions about this deduction and its related requirements for deductibility, check out IRS.gov or give our office a call.