Student Loan Interest Deduction

• Tax deduction for interest paid on all private and government educational loans

• Limited to first 60 months of repayment

• Maximum deduction determined by year

  • $1,000 in 1998
  • $1,500 in 1999
  • $2,000 in 2000
  • $2,500 thereafter

• Approximate cut off to claim deduction

  • $75,000 AGI for joint filers
  • $55,000 AGI for single filers
    (See IRS publication 970 for more information)

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