| 释义 |
Student Loan Interest Deduction
Student Loan Interest DeductionA reduction in one's taxable income by the amount one spends in interest payments in the process of repaying student loans. For example, if one's student loan payments included $800 in interest for the tax year, one is does not pay taxes on that $800. The student loan interest deduction is subject to certain restrictions, such as a modified adjusted gross income under a certain amount. Additionally, one may only take the deduction if one was legally obligated to pay interest on the loan. The maximum deduction one could take was $2500 in 2008.Student Loan Interest DeductionAn adjustment to income for interest paid during the year on qualified higher-education loans. The deduction may be limited if income exceeds a specified amount.AcronymsSeeSLID |