This guide has been updated for the SECURE 2.0 Act
-
Maximum Annual Deduction: $2,500
-
On Behalf Of: Taxpayer, spouse or dependent
-
Paid or Incurred: Reasonable time before or after expense
-
Eligible Student: At least half time
-
2024 Phase-out:
-
Unmarried: $80,000 - $95,000
-
Married Taxpayers: $165,000 - $195,000
-
MS or Dependent of Another: Not allowed
-
Loans that qualify (cannot be mixed use):
-
Government backed student loans
-
-
Credit card debt Bank loans
-
Personal loans (from unrelated lender)
Related IRC and IRS Publications and Forms Pub 970
-
Pub 970 - Tax Benefits for Education
-
Form 1098-E – Student Loan Interest Statement
-
Form W-9S – Request for Student’s or Borrower’s Social Security Number and Certification
-
