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TN Form 1098: What You Should Know

You may also deduct interest on some undergraduate Stafford Loans and some graduate and professional student loans during the year. Learn more about the tax deduction for interest paid on student loan interest from the U.S. Department of Education Student Loans website () May 24, 2024 — The new tax law includes a credit for interest on education debt, including graduate and professional student loans but not undergraduate loans. Read about this new tax law in the student loan summary. Sep 19, 2024 — Student Loan Interest Deduction The Student Loan Interest Deduction (SLID) is a credit that may be claimed against future income in the tax year if your total educational expenses (including tuition and fees, books, and equipment) exceed 5% of your modified adjusted gross income for the tax year, as reported on your tax return. A credit, as it is sometimes called, begins in the year for which you file your return or tax return is due (April 15 of the current year, if you file a joint return) and continues through the following tax year, beginning with your next tax return due. For example, if you filed your return for the tax year ended January 1, 2008, and your modified adjusted gross income is 50,000, the interest deduction would start at 500. The deduction continues through the next tax year (2010 for 2024 tax year returns), or until reduced by other credits or deductions. May 17, 2024 — Interest on Student Loans — Paying or Receiving? The interest you pay or receive on your student loans is taxable income, but the Federal Taxation of Interest Deduction is not. See Student Loan Interest Deduction, later. Sep 13, 2024 — Student Loan Interest Deduction The interest tax deduction is an important educational and financial incentive to help alleviate the debt burden on students. Student loans are often seen as a major expense for students and often form the bulk of their student loan payment. The interest tax deduction is a tax preference that can be claimed by people who paid an amount that was more than 5 percent of their adjusted gross income (AGI) for the tax year, as reported on a Federal Income Tax Return. The interest deduction is one type of tax offset by the law and will affect how other tax provisions work for both taxpayers and their families. Another tax offset, the education expenses tax credit, is available for eligible students.

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