Deducting Student Loan Interest
In 2006, you could deduct up to $2,500 of interest paid on student loans covering qualified education expenses, whether you took the standard deduction or itemized deductions. However, this only applied to single filers with modified adjusted gross incomes (MAGIs) under $50,000 and joint filers with MAGIs under $105,000. Single filers with MAGIs less than $65,000 and joint filers with MAGIs less than $135,000 qualified for partial deductions.
Before tax year 2002, only interest payments made within the first 60 months of loan repayment qualified for the deduction, but the IRS has now eliminated this provision.
Disclaimer
The information provided in our website is intended to inform our clients, colleagues and friends about Matthews, Cutrer & Lindsay, P.A. and the services we offer. It is not intended nor should it be used as a substitute for tax, audit, accounting and consulting advice. You should seek advice directly from a MC&L professional before making any decision or taking any action on accounting-related issues.
Our Certified Public Accountants hold current Mississippi State CPA licenses.
Privacy
MC&L will not disclose your personal information to any third party for their use without receiving your permission.
The information provided in our website is intended to inform our clients, colleagues and friends about Matthews, Cutrer & Lindsay, P.A. and the services we offer. It is not intended nor should it be used as a substitute for tax, audit, accounting and consulting advice. You should seek advice directly from a MC&L professional before making any decision or taking any action on accounting-related issues.
Our Certified Public Accountants hold current Mississippi State CPA licenses.
Privacy
MC&L will not disclose your personal information to any third party for their use without receiving your permission.