Finance Maxxing
Deductions & Credits
Student Loan Interest Deduction
Up to $2,500 above-the-line deduction.
You can deduct up to $2,500 of student loan interest per year as an above-the-line deduction (no itemizing required).
Eligibility & Phase-Outs (2025)
| Filing Status | Full Deduction | Phase-Out Range | No Deduction |
|---|---|---|---|
| Single / HOH | MAGI < ~$80,000 | $80,000–$95,000 | > $95,000 |
| MFJ | MAGI < ~$165,000 | $165,000–$195,000 | > $195,000 |
| MFS | — | — | Not available |
Key Rules
- Applies to qualified education loans (federal or private)
- The loan must be for you, your spouse, or a dependent
- You must be legally obligated to make payments
- Married Filing Separately filers are not eligible
Sources
Related Terms
More in Deductions & Credits
Standard Deduction
Fixed deduction amount based on filing status.
Itemized Deductions
Schedule A deductions that replace the standard deduction.
Above-the-Line Deductions
Deductions taken before AGI, regardless of itemizing.
SALT Deduction
State and local tax deduction, capped at $40,000 for 2025.
Mortgage Interest Deduction
Deduction for interest on up to $750K of mortgage debt.
Charitable Contributions
Tax deduction for donations to qualifying organizations.
Medical Expense Deduction
Deductible medical costs exceeding 7.5% of AGI.